Elon Musk says early access to X Money is coming next month

Elon Musk has set next month as the start of X Money’s early public access, opening the service to selected users before a full launch.

The announcement comes about a month after Musk stated that X Money would launch an external beta following a closed internal test.

He called the payments system a “game changer” that could make X an essential part of daily life for users and help the platform reach over one billion daily active users.

X Money is intended to serve as a digital banking service that provides users with a fast and secure way to manage their finances, supporting Musk’s goal of turning X into an all-in-one platform for communication, payments, and daily life.

The project builds on last year’s groundwork, including beta tests of digital wallets and person-to-person payments in partnership with Visa and the rollout of XChat, an encrypted messaging system Musk likens to Bitcoin-level security.

The service combines standard banking features with digital-first tools, including instant person-to-person payments, a virtual and physical Visa debit card, and account management entirely through the X app, according to its FAQ page.

To fund an account, users can choose from multiple methods, such as direct deposits, ACH transfers, wire transfers, and debit cards.

Direct deposits, including payroll or government benefits, may be available up to two days early, depending on the timing of submission. Accounts are FDIC insured up to $250,000 through Cross River Bank.

Once an account is active, users can track transactions in real time, set spending limits, and manage their accounts and cards through the app. Money accounts earn interest on eligible balances and provide cash back on certain purchases.

P2P payments are available instantly between Money users, and digital wallets such as Apple Pay and Google Pay are supported.

Access to X Money requires a verified X account and is limited to individuals aged 18 and older in the US.

Most everyday features are free, though instant debit card withdrawals incur fees; ATM fees are reimbursed. Security measures include passkey authentication, card locking, and Visa Zero Liability coverage for unauthorized transactions.

Crypto integration is not mentioned in X Money’s current features.

However, former CEO Linda Yaccarino previously indicated that X plans to expand into investment and trading, suggesting digital assets could be included in the future.