Xapo Bank Real Deal or Total Steal? Unveiling the Truth Behind the Buzz: Share Your Experiences Now!

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Funds released asked their support why it was on hold waiting for the answer! posting here may have been the solution

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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
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Xapo is in Gibraltar which was grey listed, even if it is white listed right now.
It seems some banks don't like Gibraltar, for instance it is on the prohibited list for nebeus (edit: it seems that it is not on the restricted countries list of nebeus anymore), after kraken got the EMI license i couldn't send to xapo anymore because it was a prohibited bank.

When i tried to pay a few months rent and pay the realtor fee, the rent didn't go through, the realtor went through without a problem, different receiving banks but both in the same European country.

When a transaction doesn't go through you get a mail that says that they see that it didn't go through and that you should ask the receiving bank for information.

I assume that these problems will disappear as time goes by and Gibraltar avoids the grey list.
 
I made 5 figures SEPA couple of weeks ago. They initially held it for 24 hours (it was my very first wire with them) but eventually went through just fine. I funded it with a stablecoin directly. So far, satisfied.
 
It seems that IBKR no longer accept SEPA EUR from my Xapo Account, they keep asking some SWIFT MT 103 document without reason.

Sending to them GBP still working tho. Banks are totally fucked.
 
Codycm said:
Codycm said:
Which wire did you try ? Sepa, instant sepa ? USD, gbp ? And how much figures ?
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Good questions, many would appreciate to see the answer to.

EliasIT said:
EliasIT said:
Funds released asked their support why it was on hold waiting for the answer! posting here may have been the solution
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I doubt it was the case

Last edited: Jul 12, 2024
 
Codycm said:
Codycm said:
I tried an Instant SEPA today and it did not work. "rejected by the beneficiary's bank due to Regulatory reasons."
I thought it was the final bank who was in cause but maybe it is linked ?
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So a little update.
Two days ago I tried a sepa instant who failed with the error stated above.
Yesterday Intried a sepa normal who was writed as "completed" in less than 5mn.
I had confirmation today that beneficiary received it and accepted it.
It was a mid 5 figures and it was my very first transaction with Xapo.

I don't know why it failed with instant but succeed with normal.
 
Codycm said:
Codycm said:
So a little update.
Two days ago I tried a sepa instant who failed with the error stated above.
Yesterday Intried a sepa normal who was writed as "completed" in less than 5mn.
I had confirmation today that beneficiary received it and accepted it.
It was a mid 5 figures and it was my very first transaction with Xapo.

I don't know why it failed with instant but succeed with normal.
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maybe receiving bank does not support instant sepa?
And an auto-switch is not possible given the dismal state of banking infrastructure.
 
JackAlabama said:
JackAlabama said:
maybe receiving bank does not support instant sepa?
And an auto-switch is not possible given the dismal state of banking infrastructure.
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Is that even a thing, i mean instant is almost mandatory? Xapo is the only one that sometimes fails transfers of all my banks and emi's and i always use instant sepa.
 
CyberZero said:
CyberZero said:
Is that even a thing, i mean instant is almost mandatory? Xapo is the only one that sometimes fails transfers of all my banks and emi's and i always use instant sepa.
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Many banks in Europe do not support instant SEPA. Don't be surprised if it happens again.
 
I have not seen instant SEPA in many EMI's yet. Notices it in Kraken (not an EMI, I know) and Wise but not for instant with InterGiro or similar smaller EMI's.

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Yeah I see, bunq, bankera and (Swissmoney?) support it if I am correct. I assumed that the receiving bank could always receive as i assumed it was very normal.
Thanks for the usefull information
 
I'm a user, it's great if you want a cheap custodian for your Bitcoins* and a convenient off-ramp.

Service is great and you don't get bank monkeys, they are helpful and nonjudgmental regarding crypto.

For the rest, if you're European you won't have a card, and you'll have to pay forex fees as they work in dollars, and the conversion rate BTC > USD isn't great (1-2% below Binance). They sell stocks, but the trading fees are theft.

So overall not a bank for every day, but a convenient and no-stress alternative if you want to park your BTC and sell it a few times a year for big ticket items (e.g taxes, cars, real estate, etc).

*In case you get a wrench attack, or die, or just lose your wallet, not having everything in self-custody allow you to avoid the worst.
 
BarleyMalt said:
BarleyMalt said:
I'm a user, it's great if you want a cheap custodian for your Bitcoins* and a convenient off-ramp.

Service is great and you don't get bank monkeys, they are helpful and nonjudgmental regarding crypto.

For the rest, if you're European you won't have a card, and you'll have to pay forex fees as they work in dollars, and the conversion rate BTC > USD isn't great (1-2% below Binance). They sell stocks, but the trading fees are theft.

So overall not a bank for every day, but a convenient and no-stress alternative if you want to park your BTC and sell it a few times a year for big ticket items (e.g taxes, cars, real estate, etc).

*In case you get a wrench attack, or die, or just lose your wallet, not having everything in self-custody allow you to avoid the worst.
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If you are going to have BTC in a bank it's much cheaper and safe to just buy a BTC ETF.
 
Codycm said:
Codycm said:
Which wire did you try ? Sepa, instant sepa ? USD, gbp ? And how much figures ?
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SEPA 15000 euro

Toggle signature
If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.
 
RobertNozick said:
RobertNozick said:
There's so much useful info here, thank you again to everyone for sharing your experience. I've a last question: which is their policy regarding third party deposit/withdrawals?

Also, do they ask for rigorous Proof of Funds or other supporting documentation for large crypto deposits?
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I deposited 5 bitcoins and withdrew too, and not proof of funds was asked me.

janet25 said:
janet25 said:
Does Xapo comply with the CRS?
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Yes

apres777 said:
apres777 said:
Is there a min. deposit for account opening?

I thought I read that they wouldn't have one but I checked a few months ago. And couldn't find any information regarding this on their webpage.

Anyone recently opened an account?
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No min deposit.
 
Xapo will become expensive

From September 16, 2024 the annual membership fee for all new members will be adjusted to USD 1,000.

Your continued loyalty and patience during this journey has helped us create unique banking experiences that are second to none, for which we are truly grateful.

As a token of our gratitude we are waiving your membership fee increase for the next two cycles.

This means if you're on an annual plan you will be charged USD 150 for your next two annual renewals, and won't need to pay the increased fee until April 21, 2027.

If you're on a monthly plan, it will be converted to an annual plan after September 24, 2024, and the next two annual renewals will be billed at USD 150. You won't need to pay the increased fee until April 21
, 2027.
 
I have just received the email too, they have gone completely mad, I have seen 2 different versions of the email. One is the same one you shared and another says that if you have a balance of at least 2BTC they will waive the $150 annual fee.
 
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