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?

 

[Meta]

has anyone tested recently if their sepa wires work though?

Yeah. Germany to Gibraltar and back, own name transfer - just to test. Works fine, instant. About 0.5% lost on foreign exchange (Xapo converts everything to USD).

 

[jafo]

(Xapo converts everything to USD).

But can you keep the account in USD?

 

[Meta]

Yep. They provide account in USD. When incoming euro transfer comes they convert automatically to USD. If you send outgoing EUR SEPA transfer they convert USD to EUR on the fly.

 

[Clank]

Yep. They provide account in USD. When incoming euro transfer comes they convert automatically to USD. If you send outgoing EUR SEPA transfer they convert USD to EUR on the fly.

It doesn’t seem like a good solution, taking into account their 0.5% fee for exchanging the currency.

 

[PinkCat]

It doesn’t seem like a good solution, taking into account their 0.5% fee for exchanging the currency.

yes this is their main drawback as discussed before in the thread.
Anyway I'm glad the wires work though.

 

[apres777]

I wanted to create an account with them since quite a while but never really got to it. Really seems not that good of a deal anymore, especially if handle most of your payments in € or £. When looking at it at first I remembered a price of 250$ a year which seemed more than fair but quadrupling the price within a year for or more less the same service doesn't seem to reasonable.

 

[cyprusbanker]

Any update on Xapo are they in normal operation again ?

 

[nov111]

Any update on Xapo are they in normal operation again ?

I have use XAPO for about a year. Payments go through without a problem. Almost every day I send and receive transfers via SEPA instant.

As disadvantages I note:
- only SEPA, SEPA Instant, FasterPayments, and FedWire and ACH actually accept payments. SWIFT transfers are not accepted.
- Everything is automatically converted to USD and a small amount is lost (about 0.25%).
- The cards are not available to EU citizens. They promise that next month they will be available.
- The fee of $1000 per year for new customers. Old ones for 2 years remain at $150.

 

[stronco]

- The cards are not available to EU citizens. They promise that next month they will be available.

he means EU residents

 

[PinkCat]

are the cards going to have any useful features?

 

[stronco]

are the cards going to have any useful features?

you can use the card to pay for stuff

what other uses do you have in mind?

 

[PinkCat]

you can use the card to pay for stuff

what other uses do you have in mind?

Pay with fiat borrowed against your BTC/ETH holdings with them.

 

[vehzag]

Does Xapo care where the crypto came from? Do they ask for anything when you top up with any significant amount of crypto?
Thanks

 

[JackAlabama]

Does Xapo care where the crypto came from? Do they ask for anything when you top up with any significant amount of crypto?
Thanks

yeah they can ask. Ive met a few folks hit by all kind of questions.

 

[diro]

Where is Xapo resident, I mean what jurisdiction are they licensed and comply to?

 

[ilke]

Where is Xapo resident, I mean what jurisdiction are they licensed and comply to?

Gibraltar, as a bank and a VASP

 

[drolive0]

Xapo recently announced a new partnership with FalconX, claiming that it brings institutional pricing for bitcoin, with lower fees: https://www.xapobank.com/en/blog/bitcoin-trading-institutional-pricing-falconx
I can tell you with certainty this is the exact opposite. I have been buying bitcoin hundreds of times with Xapo, in small quantities, with a close monitoring of the price on Kraken. Since their announcement, their spread has doubled. It was about 2 x 65$ before (buying price 65$ above actual price, and value in Xapo 65$ below actual price). Now, it is about 2 x 130$. What a joke!

 

[JohnnyDoe]

Why this?

 

[JohnnyDoe]

Why this?
View attachment 8117

The issue was quickly solved in less than 24h:

You recently requested access to USD transfers via the ACH Network. I am pleased to confirm that the access has been enabled.

 

[cyprusbanker]

They look like a very responsive bank with lot's of potential to grow in the market.