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Xapo bank doesn't accept EU and US?

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PinkCat

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Dec 20, 2022
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#1
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Went today to register but they literally don't have a single EU country in the drop down list and not US (which is more common)
Does anybody know if they have plans to include EU or if it is possible to still open an account even if EU citizen?
 
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#2
I just went to their site to check if this could be true!

It looks like they want to avoid the EU and all their reporting stuff. I found Switzerland as one of the very few European countries they accept. All other countries are almost 3rd world countries like Western Sahara.
 
#3
It's probably because of Brexit and restrictions of supply of financial services between EU and UK. Many companies prepared for it by getting licenses in both UK and EU, or partnering with someone on the other side.
 
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#4
James Spader said:
I just went to their site to check if this could be true!

It looks like they want to avoid the EU and all their reporting stuff. I found Switzerland as one of the very few European countries they accept. All other countries are almost 3rd world countries like Western Sahara.
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yes they just replied to my email saying that they shifted their business and for the time being don't plan to offer EU

wondering if those from EU who applied while they could are still kept as customers, anyone here?
 
#6
I am an Italian citizen and live in Italy, I opened an account with XAPO Bank and I have not had any problems. I have now made a transfer to this account and let's see how it behaves.
The assistance service is excellent and fast.
 
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#7
denby said:
I am an Italian citizen and live in Italy, I opened an account with XAPO Bank and I have not had any problems. I have now made a transfer to this account and let's see how it behaves.
The assistance service is excellent and fast.
Click to expand...
Can anyone else confirm they accept EU now?
Any announcement from them somewhere? This is big if true.
 
#8
#13
PinkCat said:
yeah but only for buying stocks, not banking?
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I think all clients have access to banking. But at the moment Xapo doesn't have a US correspondent bank, so they can't accept USD, just EUR and GBP. However, all their fiat balances are in USD, so if you send in GBP or EUR they are automatically converted to USD (at fair market rates). So, it's a somewhat sub-optimal situation.
 
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#16
So far there are 2 draw backs
1. debit card is not yet available for my country
2. you can have only USD balance, so if you SEPA eur it is auto converted to USD and once you need to SEPA out it is converted back to EUR which is unnecessary and unefficient since you lose 2 times on the rate even if its interbank rate, you still lose, also USD is falling right now.
I'm not sure but I think they don't have SWIFT yet, so very cumbersome way to deal with SEPA and EUR because of the double exchange every time.
Not sure what use I have for them with this setup but will dig a lil further.
 
#17
It's sad to see, I remember about 6 years ago you could just load your Visa or Mastercard with crypto. It was fully automatic. When you used the card in a machine or store, it would draw the funds at the current crypto rate on the card.
 
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#20
JosephLL said:
It's not possible to see the list of eligible countries before submiting documents (well..of course). Maybe someone can upload the list ?
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That would be a very good idea if someone would do that please.
 
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