Xapo bank?

[Mssquirrel]

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.

I am applying ty I need to wait to get my tax ID so they report me to Paraguay where I live and not to my country.

 

[dembe]

I am applying ty I need to wait to get my tax ID so they report me to Paraguay where I live and not to my country.

You can onboard with them without Tax ID, you must provide it in 90 days.

 

[ImKing]

You can onboard with them without Tax ID, you must provide it in 90 days.

Can you use the account in the meantime or you have to wait until the tax ID is available?

 

[dembe]

Can you use the account in the meantime or you have to wait until the tax ID is available?

Yes, you can.

 

[meze99]

Does anyone know what correspondent banks they use know? (RIP Silvergate)
Are they still safe to keep under $100k there?

 

[manukahoney]

From their website:
https://legal.xapo.com/deposit-information-sheet/

 

[clemens]

There is nothing to fear with Xapo that you don't have to fear with any other EMI. They are reliable until they are not!

 

[meze99]

I'm not worried about their deposit protection, I just don't know if they are still able to send/receive SWIFT payments in USD, and if they can, I'd like to know what bank opened a correspondent account for them and what are current terms/limits (for example they can say 100k is minimum for SWIFT once you paid $150 for their account)

 

[manukahoney]

Just talked to the guy who has an account with them - you no longer can receive USD. You can receive GBP within the UK with automatic conversion in USD.

 

[meze99]

That's ok for me, can you send GBP as well?

 

[manukahoney]

That's ok for me, can you send GBP as well?

Within the UK.

 

[meze99]

So this bank can be used to send GBP to Interactive Brokers? (Funded with USDC). How much premium do they charge when exchanging USD to GBP when it comes to outgoing SWIFT payments? 1% or more?
Or they are very strict on source of funds when you send your USDC there (don't accept OTC contracts)?
Technically there may be another funding option, in terms of source of funds issues - to the debit card from p2p exchanger via Visa Direct/Mastercard Moneysend (if their card is really debit one and not prepaid)

 

[manukahoney]

No idea frankly, it might be worth to ask their support.

 

[xeathk]

So this bank can be used to send GBP to Interactive Brokers? (Funded with USDC). How much premium do they charge when exchanging USD to GBP when it comes to outgoing SWIFT payments? 1% or more?
Or they are very strict on source of funds when you send your USDC there (don't accept OTC contracts)?
Technically there may be another funding option, in terms of source of funds issues - to the debit card from p2p exchanger via Visa Direct/Mastercard Moneysend (if their card is really debit one and not prepaid)

There is no SWIFT option currently, and they use mid rate in GBP<->USD

 

[dembe]

Does anyone know what correspondent banks they use know? (RIP Silvergate)
Are they still safe to keep under $100k there?

They are working to enable a new correspondent bank.

So this bank can be used to send GBP to Interactive Brokers? (Funded with USDC). How much premium do they charge when exchanging USD to GBP when it comes to outgoing SWIFT payments? 1% or more?
Or they are very strict on source of funds when you send your USDC there (don't accept OTC contracts)?
Technically there may be another funding option, in terms of source of funds issues - to the debit card from p2p exchanger via Visa Direct/Mastercard Moneysend (if their card is really debit one and not prepaid)

Xapo only support withdraw and deposit GBP over Faster Payment System and EUR over SEPA. The fx markup USD to GBP or USD to EUR is near to 0.11%.

Visa Direct/Mastercard Moneysend is not supported in their card as funding method.

 

[Cloudbanck]

They are working to enable a new correspondent bank.

Xapo only support withdraw and deposit GBP over Faster Payment System and EUR over SEPA. The fx markup USD to GBP or USD to EUR is near to 0.11%.

Visa Direct/Mastercard Moneysend is not supported in their card as funding method.

It seems they found a US correspondent bank, maybe indirectly somehow.
They write "We're thrilled to announce that you can send and receive US Dollars quickly and efficiently via FedACH and Fedwire, thanks to our collaboration with Bridge.xyz and Circle.

Now, you can make US Dollar transfers smoothly and without interruption, along with competitive and transparent fees that make your transactions hassle-free."

When selecting Receive USD, they show "Lead Bank, Main St, Kansas City."

 

[bountymounty]

Good update, let's hope it is permanent and won't be lost in i a few months.

 

[ilke]

When selecting Receive USD, they show "Lead Bank, Main St, Kansas City."

Are they providing a dedicated US Acct. in your beneficiary name at Lead Bank?

 

[PinkCat]

Now they just need to add SWIFT and launch card to EU and they will be a solid option.

 

[ATT]

Are they providing a dedicated US Acct. in your beneficiary name at Lead Bank?

nope, in a bank name and you have to put reference code when depositing/withdrawing to the USD account