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

[Why]

Has anyone used their service? Any feedback? Are they legit or yet another scam?

 

[stronco]

They are a++.

Only warning to add is that they use chain analytics so if you will use mixer before depositing BTC, you get your account suspended.

 

[JackAlabama]

Has anyone used their service? Any feedback? Are they legit or yet another scam?

as legit as it gets. plus around the block for relatively long.
Did not hear complaints either and i know quite a bunch of fellas who have an account there.

 

[janet25]

I'm not signing up for a bank that asks for an upfront $150 fee. Sucks being poor, I guess, but there are free alternatives.

 

[JohnLocke]

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.

 

[Why]

I'm not signing up for a bank that asks for an upfront $150 fee. Sucks being poor, I guess, but there are free alternatives.

I tend to agree with that, especially since they make money many other ways as well

 

[JosephLL]

Anyone wih nonEEA passport/residence with account+plastic there?

 

[uplana]

Have been using Xapo 8 years not the slightest problem at any time.

 

[JackAlabama]

Anyone wih nonEEA passport/residence with account+plastic there?

many or most i know use non european residences with it. Cant comment on passports tho.

 

[janet25]

Does Xapo comply with the CRS?

 

[Marshal]

I'm not signing up for a bank that asks for an upfront $150 fee. Sucks being poor, I guess, but there are free alternatives.

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.

 

[Cavendish]

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?

 

[vehzag]

They are a++.

Only warning to add is that they use chain analytics so if you will use mixer before depositing BTC, you get your account suspended.

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?

 

[RobertNozick]

Will I get a dedicated bank account? Originator wires will be in my name?

 

[ilke]

Will I get a dedicated bank account? Originator wires will be in my name?

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.

 

[RobertNozick]

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.

Thank you very much!

 

[apres777]

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?

 

[PinkCat]

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.

 

[ilke]

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.

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.

 

[stronco]

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++.