Xapo Bank Real Deal or Total Steal? Unveiling the Truth Behind the Buzz: Share Your Experiences Now!
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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 transaction︀ doesn't go through you get a mail that says that they see that it didn't︁ go through and that you should ask the receiving bank for information.
I assume that︂ these problems will disappear as time goes by and Gibraltar avoids the grey list.
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 transaction︀ doesn't go through you get a mail that says that they see that it didn't︁ go through and that you should ask the receiving bank for information.
I assume that︂ these problems will disappear as time goes by and Gibraltar avoids the grey list.
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.
Sending to them GBP still working tho. Banks are totally fucked.
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 why︀ it failed with instant but succeed with normal.
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 why︀ it failed with instant but succeed with normal.
maybe receiving bank does not support instant sepa?
And an auto-switch is not possible given the dismal state of banking infrastructure.
And an auto-switch is not possible given the dismal state of banking infrastructure.
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.
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 times︀ a year for big ticket items (e.g taxes, cars, real estate, etc).
*In case you︁ get a wrench attack, or die, or just lose your wallet, not having everything in︂ self-custody allow you to avoid the worst.
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 times︀ a year for big ticket items (e.g taxes, cars, real estate, etc).
*In case you︁ get a wrench attack, or die, or just lose your wallet, not having everything in︂ self-custody allow you to avoid the worst.
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, it︀ will be converted to an annual plan after September 24, 2024, and the next two︁ annual renewals will be billed at USD 150. You won’t need to pay the increased︂ fee until April 21
, 2027.
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, it︀ will be converted to an annual plan after September 24, 2024, and the next two︁ annual renewals will be billed at USD 150. You won’t need to pay the increased︂ 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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