Xapobank.com for exit from cryptocurrency

[Dreamy]

Does somebody know, if they are suitable for:

1. Send them cryptocurrency in ETH, USDT, which was previously stored in a cold wallet, for the purpose of further transfer to the account of other banks or a broker such as IB. Will banks and brokers have any questions after transactions from Xapo?

2. Send them cryptocurrency in ETH, USDT and use them as a broker, buying shares and ETFs through them. As far as I understand, they themselves act as a broker. And they take 1% fee, which is quite a bit, but still. By the way, I still don’t understand where they are registered as a broker, what kind of deposit guarantee is there (20k like in Europe?) and whether they are even a full-fledged broker. Is it safe to buy stocks through them for the purpose of storing them for many years in Xapo? Or is it better to buy and then transfer them to an account, for example, IB?

3. Send them cryptocurrency, convert to fiat, and use their bank to buy real estate in Europe and other countries.

4. What passports do they accept for registration? Do you need a Euro passport or not? Also, what about CRS?

 

[diatessaron]

1. Xapo will most likely ask where you got it from so be ready for that. Banks and brokers will ask questions based on different factors.

2. They are registered in Gibraltar and they cover 100k EUR.
3. They offer personal IBAN accounts so that's possible.

4. AFAIK EU only. As for CRS:

What information will you report?
We include the following information in annual tax reports:

• Name
• Account number
• Address
• Country of Tax residency
• Tax ID number
• Your US dollar Bank account balance as of December 31st

 

[Dreamy]

It’s also possible that I transferred cryptocurrency to them, converted it into USD, and then they asked for an SAW and it didn’t satisfy them. Can they just block my cryptocurrency/USD and I'll just lose everything? Or if they don’t like my origin of the funds, will they simply return everything back to me - cryptocurrency to the same wallets from which I sent them?

 

[diatessaron]

That can and will most likely happen, but they won't let you convert and then ask for proof of whatever. Once your deposit hits their account, that's when they will ask whatever they want to ask. As for losing anything, that won't happen, if at any point the docs you provide do not satisfy them they will just send the money back from where it came from.

 

[PinkCat]

Keep in mind that their SEPA wires are limited to 100k eur per wire, so might be inconvenient for buying property

 

[ImKing]

1. Xapo will most likely ask where you got it from so be ready for that. Banks and brokers will ask questions based on different factors.

2. They are registered in Gibraltar and they cover 100k EUR.
3. They offer personal IBAN accounts so that's possible.

4. AFAIK EU only. As for CRS:

What information will you report?
We include the following information in annual tax reports:

• Name
• Account number
• Address
• Country of Tax residency
• Tax ID number
• Your US dollar Bank account balance as of December 31st

standard for all banks as I remember from last years report by one of the banks I used.

 

[PinkCat]

standard for all banks as I remember from last years report by one of the banks I used.

so they report just your fiat balance, not your crypto balance?

 

[ImKing]

Only FIAT now - but I won't be surprised if that change over the next 1 -2 years!

 

[vehzag]

Only FIAT now - but I won't be surprised if that change over the next 1 -2 years!

Same as Swissquote?

Only FIAT now - but I won't be surprised if that change over the next 1 -2 years!

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?

 

[JackAlabama]

the usual global communist gang will enhance crs with carf (basically extending the banking reporting to crypto). It will become a thing in a few short years but like crs will be a useless nonsense.
https://en.wikipedia.org/wiki/Crypto-Asset_Reporting_Framework

 

[JohnLocke]

I would not use their bank to buy real estate in Europe, to do so you would want to use a real bank in Europe.

 

[vehzag]

I would not use their bank to buy real estate in Europe, to do so you would want to use a real bank in Europe.

And what about my question what do you think
About depositing xapo with crypto

 

[JosephLL]

1. Xapo will most likely ask where you got it from so be ready for that. Banks and brokers will ask questions based on different factors.

2. They are registered in Gibraltar and they cover 100k EUR.
3. They offer personal IBAN accounts so that's possible.

4. AFAIK EU only. As for CRS:

What information will you report?
We include the following information in annual tax reports:

• Name
• Account number
• Address
• Country of Tax residency
• Tax ID number
• Your US dollar Bank account balance as of December 31st

In the other thread Icve asked soecificially about the eligibility if nonEEA oassports and one op mentioned "alot of friends" outsude EEA having the accounts. Is this the usual OCT bias and these are all EEA passports ?? Is there anyone here, after years of oct forum with nonEEA passport and one emi account opened?

 

[ilke]

In the other thread Icve asked soecificially about the eligibility if nonEEA oassports and one op mentioned "alot of friends" outsude EEA having the accounts. Is this the usual OCT bias and these are all EEA passports ?? Is there anyone here, after years of oct forum with nonEEA passport and one emi account opened?

A good friend of mine from North Africa (obviously non-EEA) opened with Bankera, Xapo as we discuss here, and Zenus. They all accepted crypto off-ramp and had no issues.

 

[Mssquirrel]

In the other thread Icve asked soecificially about the eligibility if nonEEA oassports and one op mentioned "alot of friends" outsude EEA having the accounts. Is this the usual OCT bias and these are all EEA passports ?? Is there anyone here, after years of oct forum with nonEEA passport and one emi account opened?

They accept almost any passport except for a few blacklisted countries. I live in a non-crs country and they opened my account no issues at all.

 

[RobertNozick]

I'm exiting crypto through Xapo along other EMIs. Depositing ~30k USDC weekly from Binance and sending to IBKR via SEPA. So far so good, no questions asked. I would like to know if there are similar solutions to diversify more.

 

[Cloudbanck]

Here is my list of crypto friendly EMIs/Banks:
Personal: Xapo, DTS Money (Xward Canada MSB license), Blackcatcard,
Business and Personal: Nebeus, Swissquote Bank, FV Bank, Revolut, Zen, Verifo, YourSafe (ex BitSafe), Vialet, ISX Financial, Ecommbanx
Crypto exchanges/services that also have some banking services: Nexo, Swissborg, Bitwala (relauched with the old Bitwala brand after Nuri failed)

Out of these, beside the pure crypto services, those that are in your face crypto friendly are: Xapo, DTS Money, Blackcatcard, Nebeus
Then others are crypto friendly in the sense that they dont mention crypto among restricted activities in the terms, and seemingly dont shut you down for transfers to crypto exchanges, but you cant necessarily send or receive crypto.

An idea here is to open a Swissquote account, and send USDC directly from Binance to Swissquote. Swissquote allows this at least for their CH site, possibly not for their Rest of World site though.

So you mean you send USDC from Binance to Xapo, convert in Xapo, and then send fiat to IBKR?
What other EMIs are you using beside Xapo?

 

[RobertNozick]

So you mean you send USDC from Binance to Xapo, convert in Xapo, and then send fiat to IBKR?
What other EMIs are you using beside Xapo?

Thanks for providing a very useful list of EMIs. Yes, my goal is to send everything to IBKR since it's the most stable institution where I can put and invest my money as an US LLC foreign owner.

I can currently rely only on personal EMIs and bank accounts (Xapo, YourSafe, FV Bank) since all my business accounts (Wise, Mercury and Novel) have been closed down due to crypto activity links (all the money was flowing from crypto P2P and Circle Financial).

I already opened a SwissQuote account and I was wondering if they accept wires directly from crypto exchanges (to avoid sending USDC and pay 1% commission to convert to fiat).