Wise transfers from and to Xapo
- Thread starter drolive0
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I have just asked to Wise support directly.
The reply is that Wise is unable to receive funds from Xapo Bank or send funds to Xapo Bank. They explain that Xapo Bank gives access to cryptocurrencies services, and Wise cannot act as a potential direct or indirect support to operations in cryptocurrencies.
They say there is an exception when the crypto platform is regulated and/or supervised in the EU or UK. Maybe the fact that Gibraltar is not anymore in EU has changed things?
Their support looks pretty brainless. So I am not sure it can be trusted. Be careful, though.
The reply is that Wise is unable to receive funds from Xapo Bank or send funds to Xapo Bank. They explain that Xapo Bank gives access to cryptocurrencies services, and Wise cannot act as a potential direct or indirect support to operations in cryptocurrencies.
They say there is an exception when the crypto platform is regulated and/or supervised in the EU or UK. Maybe the fact that Gibraltar is not anymore in EU has changed things?
Their support looks pretty brainless. So I am not sure it can be trusted. Be careful, though.
Which is the name of Xapo's corrispondent bank? Are you sure that wire deposits will be in my own name with no mentions to XAPO?
A client tried to pay my Wise US LLC account and I received a warning and the money was returned. So I would say no you cannot receive payments these days.
Anecdotal, but I've sent/received money between Wise and Xapo Bank several times (however only small amounts) without issue. It's my understanding that it falls under Wise's exception of allowing transfers between Wise and crypto platforms which are licensed in the EU or UK. I've never actually talked to Wise's support about it though.
I have just asked again to Wise support.
According to their support, they only allow to receive money from a platform that is regulated and/or supervised in the EU or UK. Xapo may or may not fall into that category. When you search for Xapo in FCA website, it says that "This firm is regulated in another European Economic Area (EEA) country and can offer certain products or services in the UK." This may not be enough.
Anyway, sending to Xapo seems to be forbidden in any case.
In another message, Wise support wrote me more clearly that they would not allow transfers to or︀ from Xapo Bank if it deals with crypto transactions. Since Xapo Bank does...
My conclusion︁ is that it is very risky to use Wise to send to or receive from︂ Xapo Bank. Wise might decide to suspend or close your account for such use.
According to their support, they only allow to receive money from a platform that is regulated and/or supervised in the EU or UK. Xapo may or may not fall into that category. When you search for Xapo in FCA website, it says that "This firm is regulated in another European Economic Area (EEA) country and can offer certain products or services in the UK." This may not be enough.
Anyway, sending to Xapo seems to be forbidden in any case.
In another message, Wise support wrote me more clearly that they would not allow transfers to or︀ from Xapo Bank if it deals with crypto transactions. Since Xapo Bank does...
My conclusion︁ is that it is very risky to use Wise to send to or receive from︂ Xapo Bank. Wise might decide to suspend or close your account for such use.
Receiving should be allowed according to Wise's ToS, same way it's allowed to receive funds from Kraken. Sending is not allowed according to the ToS, however I did it anyway partially to see what would happen and partially because I was too lazy to route the money through somewhere else and there weren't any issues.
I don't plan to keep sending money from Wise to Xapo though because︀ of the risk of the transaction being flagged by Wise.
I don't plan to keep sending money from Wise to Xapo though because︀ of the risk of the transaction being flagged by Wise.
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