Elon Musk's social media platform X has launched X Money, a payment service now available to US Premium and Premium+ subscribers.
The service includes peer-to-peer transfers, a Visa debit card, and a competitive 6% annual yield on deposits.
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Rolled out on July 27, 2026, X Money allows users to send money instantly to other X Money users aged 18 and older.
Premium+ subscribers paying $40 monthly or $395 annually can access a 6% Annual Percentage Yield (APY), while Premium members paying $8 monthly can qualify by linking direct deposit and maintaining a minimum balance.
X Money users receive a physical Visa debit card with no foreign transaction fees and free worldwide ATM withdrawals.
The card supports 3% cashback on eligible purchases, and direct deposits enable early access to paychecks.
The service is built on banking infrastructure provided by Cross River Bank, a common practice for fintech firms to avoid the lengthy process of chartering new banks, as explained by AP News.
Despite these features, X Money faces significant geographic limitations.
It lacks money transmitter licenses in key US markets such as New York and Massachusetts, preventing transactions in those states.
Experts say this could hinder widespread adoption.
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Daniela Hawkins, a global payments expert at Capco, told Ars Technica in 2024 that inconsistent payment acceptance across regions creates a poor user experience and could stall X Money's growth.
