Xapo bank?

[Mssquirrel]

Did anyone use this Xapo bank? It looks good but they ask for a 10 k deposit, do you really have to deposit that?

 

[diatessaron]

Not when you open your account but they will ask for it at a later date. If you're looking for a place to safely store your Bitcoin your computer and a multisig wallet are a better option.

 

[Mssquirrel]

Not when you open your account but they will ask for it at a later date. If you're looking for a place to safely store your Bitcoin your computer and a multisig wallet are a better option.

TY I just want it to use it as another bank bc I saw somewhere I think on twitter that you can open an account there from Paraguay and they send you a card, so that's my main reason I don't want to save money or bitcoin there.

 

[Houdini]

Used them in the past, years ago, they were OK, but if it is true they requre 10K deposit now, it is not worth it.

Bear in mind it is a real bank now, reporting apply.

 

[Marie Manila]

I was at the registered address in Gibraltar some years ago (when it still was an EMI).
There was nothing related to XAPO. No room and not even a postbox.

So I asked the neighbours. They told me they had never heard of XAPO. And they too started searching the mailbox with me. They couldn't find it either.

On the other hand: To my knowledge, they have never scammed anyone.

 

[Mssquirrel]

Used them in the past, years ago, they were OK, but if it is true they requre 10K deposit now, it is not worth it.

Bear in mind it is a real bank now, reporting apply.

I don't mind as I am in Paraguay they are not going to investigate my accounts offshore tbh I am just looking for banks with cards I can open from here. I am not sure about the 10k part, the website says this:
"We do not need your passport, deposit or annual fee today. However, it is important that you know in advance that we will ask you to confirm your identity and meet certain requirements before we can offer you our services"
it's not necessary to create the account but it says they might ask for it any time (?)

I was at the registered address in Gibraltar some years ago (when it still was an EMI).
There was nothing related to XAPO. No room and not even a postbox.

So I asked the neighbours. They told me they had never heard of XAPO. And they too started searching the mailbox with me. They couldn't find it either.

On the other hand: To my knowledge, they have never scammed anyone.

That's sus but yes I was reading a bit online and didn't find anyone saying is a scam

 

[diatessaron]

Xapo is most definitely not a scam as some suspect. It was initially used by crypto exchanges to keep their Bitcoin safe, as a matter of fact Binance and multiple others still use them as a custody service.

 

[Houdini]

"We do not need your passport, deposit or annual fee today. However, it is important that you know in advance that we will ask you to confirm your identity and meet certain requirements before we can offer you our services"
it's not necessary to create the account but it says they might ask for it any time (?)

they will ask for it, they are a bank and must!

 

[Mssquirrel]

they will ask for it, they are a bank and must!

Yea I decided to apply for it as looks good and is not like I have many options from here anyways

 

[dembe]

Did anyone use this Xapo bank? It looks good but they ask for a 10 k deposit, do you really have to deposit that?

When I registered with them they didn't required 10K deposit.

I have account with them 5 months ago, they are crypto friendly and provide excellent service, no fee on swift transfer, no fx markup on card, you can deposit USDC through ERC20. Everything going smooth.

 

[csp dubai]

wich is their correspondent bank? do they have direct swift and iban?

 

[dembe]

wich is their correspondent bank? do they have direct swift and iban?

Silvergate bank. Yes, they do.

 

[csp dubai]

for usd is silvergate , and for eur they have direct sepa?
can yioiu give us sample of istructions

 

[dembe]

for usd is silvergate , and for eur they have direct sepa?
can yioiu give us sample of istructions

They receive USD, EUR and CHF through Silvergate Bank then is converted to USD. Currently they don't support SEPA.

 

[csp dubai]

so you pay currency conversion , soud a bit strange no iban also?

 

[dembe]

so you pay currency conversion , soud a bit strange no iban also?

No, I don't. Silvergate exchange at interbank exchange rate. In my experience with them I did 1 transfer in CHF converted at the same interbank rate at the time received and settled.

They provide IBAN, some months ago I asked about SEPA and they told me they are working to implement it.

 

[PinkCat]

Where are they based and has anyone tested them with 7 figures amounts?

 

[dembe]

Where are they based and has anyone tested them with 7 figures amounts?

They are based in Gibraltar, at the moment I tested below 100k.

 

[csp dubai]

so you pay currency conversion , soud a bit strange , is ominibus account or beneficary is your company?

 

[dembe]

so you pay currency conversion , soud a bit strange , is ominibus account or beneficary is your company?

I can't guarantee currency conversion fee because I did only 1 wire transfer deposit in CHF, when I did the fx rate calc the difference was very low in percentage term.

If you go to the transaction date and query public data for CHFUSD rates by time (UTC-4) you can confirm the real exchange rate.

The account isn't omnibus, and they only offer personal account currently.

Xapo is private banking and relatively new neobank.