Xapo bank account is a private bank that offers USD and bitcoin accounts with a Xapo debit card. You will receive your own USD account number and bitcoin address once you open your Xapo account. The bank gives you up to 2% yield on your holdings.
Xapo bank comes with innovative and attractive features, which include:
- State-of-the-art protection for you and your wealth in our ultra-secure vault based in the Swiss Alps
- 24/7 customer support
- An international bank account holding USD and bitcoin
- Up to 1.1% cashback when you spend using your Xapo card
- Fee-free multi-currency card transactions. If your transaction is in a currency other than USD, Xapo will automatically calculate it in USD based on the exchange rate provided by the Visa or Mastercard.
- Entry to airport lounges when you travel
- Free ATM withdrawals of up to $100 per month
- Boingo Wi-Fi for Xapo card holders
According to Xapo founder, Bitcoin is a non-political global standard of value and settlement
So just like we have a non-political standard of weight and length, we need a non-political standard of value and we don’t have that. So a world in which Bitcoin succeeds is one when you ask for the price of Turkish lira, you get a price in bits, when you ask for the price of oil, you get a price in bits, when as for the price of the U.S. dollar, you get a price in bits.
How to Join Xapo
To join Xapo, you need to download Xapo app for Android and iOS to sign up. You need to be above 18 years old and with a valid passport, proof of address, source of funds, and $150 to cover your annual fee. Unfortunately, as Xapo is remodeling its services after getting a banking licence, it is not accepting new users at the moment. New users will be accepted after finishing testing phases. You can sign up to receive latest news regarding Xapo online bank launch.
- Xapo ended its service to U.S. customers on March 1. A customer email sent on 30, December 2020 read “Due to a change in our global business strategy, Xapo, Inc. is leaving the U.S. market and will be closing all U.S. customer Xapo accounts. As a result, we’ll need you to transfer your funds to an external Bitcoin address.”
Xapo Card Review
Xapo debit card is a bitcoin-based debit card. The card offers cryptocurrency and fiat money functions. With Xapo debit card, you can earn cashback, spend in any currency with no additional fees, and enjoy a premium benefits such as airport lounge access, global Wi-Fi, fee-free ATM withdrawals (up to $100) and one free airport lounge access a year. Xapo card can be used worldwide where Visa and Mastercard are accepted.
If you want to withdraw money from your Xapo account, the supported method is Xapo withdraw to bank account. You need to make a bank transfer from Xapo to your bank account. Alternatively, you may withdraw your funds as bitcoin.
Xapo withdrawal fee: Xapo doesn’t collect any fees for wire transfers, but your local bank may impose a fee for these transactions. Should your local bank charge a fee for depositing money via wire transfer, the amount will be made clear to you when you initiate the transfer.
Xapo deposit methods are wire transfer initiated by your local bank or bitcoin. Wire transfer is subject to regulations within your country of residence.
Can I buy bitcoin with Xapo? As stated earlier, Xapo offers crypto banking services. This means you can buy cryptocurrency via Xapo app.
How to Buy Bitcoin with Xapo
You first need to add funds to your Xapo USD wallet, then you will use the US dollars to purchase bitcoin within the app following these steps.
- Select Accounts
- Tap on bitcoin wallet
- Tap on Buy/Sell
- Select the USD amount you want to buy in bitcoin
- You’ll have 30 seconds to authorize the transaction before it’s canceled
- Confirm this transaction with your PIN
As a market maker, Xapo sets its own prices to buy and sell Bitcoin. Prices may vary from time to time depending on the pricing criteria adopted by Xapo for buying and selling Bitcoin. You’ll be able to accept or decline the prices offered by Xapo before confirming your transaction on our app.
Xapo Wallet Review
Xapo bitcoin wallet can be accessed either on Xapo app or online. It is compatible with Android and iOS. At the moment, Xapo wallet only supports bitcoin. Xapo wallet supports Visa and Mastercard transactions, which adds an important layer of convenience for users.
In terms of security, Xapo crypto wallet supports Two-Factor Authentication (2FA), which requires two levels of authentication to let you access your wallet. The wallets offers an optional feature, which allows you to get an alert every time funds move out of your wallet.
Xapo charges an upfront annual fee of $150 for premium banking service. The deposit covers your first annual $150 fee. After opening your account, you have 30 days to deposit the $150 Xapo fee. It can be paid in USD or BTC, converted at the time of billing. Your deposit cannot be a combination of the two currencies, so you need to deposit either $150 or equivalent in BTC. The fee will be debited automatically each year. You will only be able to order your Xapo Card and save your funds in the Xapo Vault once you have paid the fee. The new Xapo card will be sent to customers at no extra cost.
Some Xapo services may carry additional charges, but you will be notified if and when these arise. You can learn more about these fees here.
Is Xapo Safe?
Xapo owns a military-grade vault inside a decommissioned bunker in the Swiss Alps. Their servers are located behind reinforced concrete, steel blast doors, and radio-wave-blocking cages. They are also guarded on the ground by a security team. Customers’ deposits are protected up to the US dollar equivalent of €100,000 by the Gibraltar Deposit Guarantee Scheme. Xapo has received a European e-money license in Gibraltar and Mastercard and Visa memberships. It is regulated by the Gibraltar Financial Services Commission (GFSC). The GFSC supervises and regulates both fiat currency and crypto transactions.
Xapo is not the only crypto friendly bank around. Xapo alternatives include:
- Revolut (crypto trading)
- Fidor (crypto banking and trading)
- Mistertango (crypto banking and trading)
- Dukascopy (supports crypto trading and crypto settlement accounts for cryptocurrency businesses)