Xapo Bank Real Deal or Total Steal? Unveiling the Truth Behind the Buzz: Share Your Experiences Now!
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I've been using them for a bunch of years now and kept an eye on them ever since. Totally legit and they work like a charm. Never had a single problem with them, ever.
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I tend to agree with that, especially since they make money many other ways as well
Have been using Xapo 8 years not the slightest problem at any time.
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many or most i know use non european residences with it. Cant comment on passports tho.
No one forcing you and that's their yearly fee which if divided by 12 is only $12.5 a month. Comparing to some Swiss banks who offer similar services it's peanuts.
In relation to OP asking about their services, am I right in saying that one aspect is that of a decent off ramp that won't get spooked (for example) instead of say Kraken plus multiple EMIs? If the fixed USD balance is changed at the interbank rate with no additional fees when using their card and no SWIFT fees either then I am thinking the 150 a year is reasonable?
And what if crypto totally legit but comes from 3rd people? They won't report CRS about this crypto (they only report fiat) and they won't ask for source of crypto funds came to to your Xapo account?
Yes, you get a dedicated SEPA IBAN in Gibraltar (where Xapo is based). The receiving and sending is in your name.
Same for GBP - which they are connected to FPS for.
For USD, it's currently a pooled local account in the US, so that wouldn't be you as the sender.
As if they are legit, they are OG in bitcoin terms. However their banking options are weird IMHO.
- you can have only USD balance (from the fiat currencies) so if you are not long USD it is a no go.
- to make it even more weird while your fiat balance is auto converted to USD, they don't support SWIFT. So you do SEPA wires in EUR and have another currency conversion.
- if i remember correctly they had like 100k eur limit per outgoing wire, which makes it inefficient for closing real estate deals.
- their card is not available yet for some EU countries
While I like Xapo since i've been using them since their bitcoin card back in the day, i really don't see use for them with their current setup.
- you can have only USD balance (from the fiat currencies) so if you are not long USD it is a no go.
- to make it even more weird while your fiat balance is auto converted to USD, they don't support SWIFT. So you do SEPA wires in EUR and have another currency conversion.
- if i remember correctly they had like 100k eur limit per outgoing wire, which makes it inefficient for closing real estate deals.
- their card is not available yet for some EU countries
While I like Xapo since i've been using them since their bitcoin card back in the day, i really don't see use for them with their current setup.
Yes, it's quite strange.
They continue to use USD as the primary and basically only currency even though they lost their USD correspondent bank and therefore cannot receive USD SWIFT transfers.
Receiving EUR and GBP converts it to USD for no reason.
They did say they are working on getting a new correspondent for USD, and they did add the pooled USD account at least, so let's hope for some improvements soon.
I'm happy with the levels of KYC and the card though.
Btw, I earned over 30k USD with them via their Earnings program;
USD interest currently at 4.5%, no lock in
BTC interest currently at 1% (only up to 5 BTC now tho)
referrals (have only 1)
card cashback up to 1.1%
And as far as I understand they are going to raise their monthly/annual fees soon. Them losing SWIFT was a blow yes, but eventually it will most likely come back. SEPA works well. And FX rates are a++.
USD interest currently at 4.5%, no lock in
BTC interest currently at 1% (only up to 5 BTC now tho)
referrals (have only 1)
card cashback up to 1.1%
And as far as I understand they are going to raise their monthly/annual fees soon. Them losing SWIFT was a blow yes, but eventually it will most likely come back. SEPA works well. And FX rates are a++.
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