- X Money is now available to Premium and Premium+ subscribers in the United States, offering an account with returns of up to 6% per year.
- The account includes a debit card with 3% cashback on purchases, free ATMs, and instant payments between X users.
- Deposits are backed by Cross River Bank and FDIC insured up to $250.000, with additional coverage of up to $10 million through the IntraFi program.
- The launch is part of Elon Musk's plan to turn X into a WeChat-style super app, although there is no date yet for its arrival in Spain or Europe.
Elon Musk has taken another step in his ambition to transform X (formerly Twitter) into a comprehensive services platform. The tycoon has activated his X Money bank account for paying subscribers in the United StatesThis move brings the social network closer to becoming a super app in the style of China's WeChat. The proposal allows users to make payments between individuals, maintain deposits, make transfers, and pay bills without leaving the application.
The account functions as a financial tool integrated into the social network, backed by Cross River Bank, an entity based in New Jersey. Deposits are protected by the Federal Deposit Insurance Corporation (FDIC) up to $250.000 per customerHowever, X promises additional coverage of up to $10 million through the IntraFi Cash Service program, which distributes capital among a network of banks in the system.
What does X Money offer?
The account offers a return of up to 6% annually, well above the US national average of 0,38% according to the latest FDIC data. That interest rate applies to deposits made by Premium+ subscribersWhile users of the basic Premium subscription can also access the service, albeit with some limited benefits. Additionally, purchases made with the associated debit card earn 3% cashback, with certain exclusions that should be reviewed.
The card, both physical and virtual, works in any establishment that accepts Visa, without surcharge for operating abroad, although the currency exchange to dollars applies. ATMs are free: if the operator charges a fee, X Money refunds it within three calendar days.With direct deposit activated, your paycheck can arrive up to two days earlier than usual, thanks to the integration with Pinwheel to automate the bank account switch.
Payments between X users are instant, free and with no limit on the amount once identity is verified. You can also send checks by mail (five to seven business days) or deposit checks from your mobile phonewith the money available in up to four days. To open an account, you must be of legal age, reside in the United States, have a verified US mobile phone number, and an active X account, similar to other forms of withdraw money with your mobile without a card.
Musk's return to his roots
This launch marks a return to Elon Musk's entrepreneurial beginnings. In the late 90s, the entrepreneur founded X.com, an online bank that later merged with Confinity to form PayPal, sold to eBay for about $1.500 billion in 2002. Now, with X Money, Musk is revisiting the idea of an integrated financial platform, but this time within a social network with millions of users.
Ambition goes beyond a simple bank account. X Money fits into the plan to turn the social network into a payments super app, in the style of WeChat (Tencent)In China, it combines messaging, social networking, payments, shopping, bookings, and a multitude of everyday services. Musk has been talking for years about creating an "app for everything," and this move is the most concrete step to date.
Availability and future in Europe
For now, the service is limited to the United States. There is no official date for its arrival in Spain or Latin AmericaAlthough the company has indicated that it will expand access gradually. The fine print also reveals that the full benefits are reserved for Premium+ subscribers, making X Money a powerful loyalty incentive for the social network's paying user base.
The launch has not been without controversy. Senator Elizabeth Warren demanded explanations from Elon Musk about how sufficient revenue will be generated to pay the announced 6% return.Despite the doubts, X Money has the potential to become a useful tool if it works simply, securely, and transparently, taking advantage of the convenience of integrating financial functions where people already spend part of their time.
X Money represents a firm step towards Elon Musk's vision of a super app, although for now it is only available to US subscribers. The account offers attractive conditions such as 6% annual interest, 3% cashback on purchases, and insurance coverage of up to $10 million.All of this is backed by Cross River Bank and the FDIC. However, the lack of a launch date for Europe and the limitations for non-Premium+ users make it clear that the path to universal banking within X still has many steps to go.
In short, the social network has taken a qualitative leap by integrating financial services, but its success will depend on the trust it generates among users and its ability to expand beyond US borders. Meanwhile, Europeans will have to wait to find out if X Money will be coming to their phones. and whether the conditions will be as competitive as those currently offered on the other side of the Atlantic.
