Changes to our business and service

May 12, 2020

As Xapo transforms into a digital bank, find out if and how the changes affect you.

FAQs

General

Why can’t I join Xapo right now?

We are expanding our service to create a powerful new digital banking platform. This will enable Xapo users to manage their money more easily and securely across all facets of their financial lives. While we remodel our current service to fit this new vision, we’ll stop accepting new users.

If you’d like to join the new, even better Xapo (launching in late 2020) sign up here and we’ll keep you posted. We look forward to hearing from you – and helping to make your financial life easier soon. 

Is my money safe in Xapo?

Yes. The funds deposited in your Xapo account are kept separate from other users’ funds, and all are safeguarded at recognised banks. This means your money will always be protected and available to you. We have always put your money’s safety first and will continue to do so.

How will Xapo’s changes affect your services?

Over the next few months, until the launch of the new Xapo (late 2020),  some features of your Xapo account may be partly or totally disabled – depending on which country you live in.

Don’t worry though. We’ll let you know in advance if we need to make any changes. We’ll also give you clear instructions about what you need to do. You’ll have plenty of time to withdraw funds or ask us any questions.

Please note that when you transfer money with the app, either to or from your Xapo account, your funds may take longer than usual to arrive due to the changes we are implementing.

If you’d like to close your Xapo account, kindly let us know at support@xapo.com. Before emailing us, please be sure to withdraw any funds remaining in any of your accounts, or send them to an external account. How we close your account is described in our Terms of Use.

How long do I need to wait until I can open a bank account?

You won’t need to wait too long. You can open an account as soon as we launch our groundbreaking and exclusive digital private banking service – our newest and most powerful platform yet. We expect to have it up and running in late 2020. If you’d like us to keep you posted, and let you know when you can open a bank account with the new Xapo, subscribe to our updates here.

Can I still deposit money into my Xapo wallet?

Yes. Your Xapo account offers you various ways to add money, depending on which country you live in. 

Each deposit method has different transaction limits and processing fees and processing times. These are set by the bank or the financial institution processing your transaction.

Payment options are subject to availability depending on the country you reside in, and only those that Xapo can support in your region will be displayed in your Xapo account.

These are the currently available options:

European Residents:

  • Bank Transfer: You can connect your Xapo account directly to your bank account in order to make a bank transfer in EUR or GBP*. All other methods available to fund the Xapo fiat account will no longer be supported as of June 22, 2020.
  • Bitcoin Transfer: If you have any bitcoin outside of Xapo, you can add funds by sending them directly to your Bitcoin address.

*UK customers can add funds in EUR and GBP. SEPA region customers can add funds in EUR; funds must come from a EUR account within the SEPA region.

Brazil Residents:

  • Bank Transfer: You can connect your Xapo account directly to your checking account in order to make a bank transfer payment. Please note that transactions with BRL will be disabled after May 25, 2020.
  • Bitcoin Transfer: If you have any bitcoin outside of Xapo, you can add funds by sending them directly to your Bitcoin address.

Argentina Residents:

  • Bank Transfer: You can transfer ARS from your bank account to your Xapo account. Please note that transfers with ARS will be disabled after May 29, 2020.
  • Bitcoin Transfer: If you have any bitcoin outside of Xapo, you can add funds by sending them directly to your Bitcoin address.

Other Countries’ Residents:

  • Bank Transfer: Funding your account via a bank card, bank transfer or digital wallet will no longer be supported after June 11, 2020.
  • Bitcoin Transfer: If you have any bitcoin outside of Xapo, you can add funds by sending them directly to your Bitcoin address.

*UK customers can add funds in GBP. SEPA region customers can add funds in EUR; funds must come from a EUR account within the SEPA region.

Can I still withdraw my money from my Xapo account?

Yes. Your Xapo account offers you various ways to withdraw money, depending on which country you live in.

Each withdrawal method has different transaction limits and processing fees and processing times. These are set by the bank or financial institution processing the transaction.

Payment options are subject to availability depending on the country you reside in, and only those that Xapo can support in your region will be displayed in your Xapo account.

These are the currently available options:

European Residents:

  • Transfer to a bank account: You can connect your Xapo account directly to your bank account in order to make a bank transfer withdrawal in EUR or GBP.* Withdrawing in any fiat other currency will no longer be supported as of June 29, 2020
  • Transfer to an external Bitcoin account.
  • Xapo Debit Card: You can spend or withdraw your balance using your card.

*UK customers can withdraw funds in GBP. SEPA region customers can withdraw funds in EUR; funds must go to a EUR account within the SEPA region.

Brazil Residents:

  • Transfer to a bank account: You can connect your Xapo account directly to your checking account in order to make a bank transfer withdrawal. Please note that withdrawals in  BRL will be disabled after June 8, 2020.
  • Transfer to an external Bitcoin account.
  • Xapo Debit Card: You can spend or withdraw your balance using your card. Please note that transactions with Xapo Debit Card will be available until June 15, 2020. After this date, all issued cards will be permanently canceled.

Argentina Residents:

  • Transfer to a bank account: You can connect your Xapo account directly to your bank account in order to make a bank transfer withdrawal in ARS. Please note that withdrawals with ARS will be disabled after June 30, 2020.
  • Transfer to an external Bitcoin address.

Other Countries Residents:

  • Transfer to a bank account: You can connect your Xapo account directly to your checking account in order to make a bank transfer withdrawal. Please note that after June 18, 2020 no fiat withdrawal options will be supported.
  • Transfer to an external Bitcoin account.

How do I close my Xapo account?

If you’d like to close your Xapo account, let us know at support@xapo.com. Before emailing us, please make sure that any funds you still have remaining in any of your accounts have been withdrawn or sent to an external account. How we close your account is described in our Terms of Use.

Can I still refer a friend?

Sorry, not for the time being. Since we are temporarily not accepting new users from May 6, 2020, our referral program is not currently available.

Why can’t I access the web application?

We’re giving our undivided focus to bringing you this new, revamped Xapo. While we remodel our current service to fit this new vision, we’ve had to temporarily stop access to the web app; however you can still access your account through the mobile app. Please note: If you need to change your email address, please contact us at support@xapo.com.


Cards

Why can’t I get a card?

This is because Xapo is undergoing a change in its business. We are expanding our service to create a robust digital banking platform. This will provide our users with the same level of accessibility and security across all facets of their financial lives. While we’re remodelling our current service to fit this new vision, we have temporarily stopped issuing new cards.

If you’d like to join the new, even better Xapo (launching in late 2020), sign up here and we’ll keep you posted. We look forward to hearing from you – and helping you with your financial life. 

I ordered a card and it hasn’t arrived yet. What will happen with my card?

If we’ve already sent your card, and it’s on its way, you’ll receive it, and you will be able to use it. But if the card you ordered doesn’t reach you, we regret that we’re unable to reissue it, as we’ll have temporarily stopped issuing new cards. We apologize for any inconvenience.

Can I keep using my card?

The answer depends on where you live:

  • Brazil: Yes. You can make transactions with your Xapo Debit Card (purchases and ATM withdrawals) until July 20, 2020. After this date, all issued cards will be automatically canceled.
  • Europe: Yes. All transactions with your Xapo Debit Card (purchases and ATM withdrawals) will remain enabled. You can keep using your card normally.

I already have a card what will happen with it?

The answer depends on where you live:

  • Brazil: You can make transactions with your Xapo Debit Card (purchases and ATM withdrawals) until July 20, 2020. After this date, all issued cards will be automatically canceled.
  • Europe: All functions with your Xapo Debit Card (purchases and ATM withdrawals) will remain enabled. You can keep using your card normally.

I have a card, and booked a hotel with it – what will happen if the hotel asks for the same card for payment at the check-in?

The answer depends on where you live / the hotel is:

  • Brazil: You can make transactions with your Xapo Debit Card (purchases and ATM withdrawals) until July 20, 2020. After this date, all issued cards will be automatically canceled. Please contact the hotel or travel agency to provide alternative card information.
  • Europe: Your Xapo Debit Card won’t be affected, which means that all transactions (purchases and ATM withdrawals) will remain enabled. You can keep using your card normally.

I have a card and have used it a couple of times – what if I made a payment at a merchant and I want to get my money back? How can I get my money back if my card is canceled?

The answer depends on where you live / made the payment:

  • Brazil: In this case, you can ask for a refund. A refund means the retailer returns the money you paid for faulty goods. If you originally paid for the goods on a debit card, the retailer may refund the debit card; however, there are some other options, especially if the card is closed since the transaction: you can ask for a refund in cash or credit note.
  • Europe: Your Xapo Debit Card won’t be affected, which means that you can ask the merchant to refund the value of the transaction to the card you paid with.

When will I be able to have a Xapo Card again?

You can order one as soon as we launch our new digital bank. We expect to launch in late 2020. The new Xapo will be a groundbreaking and exclusive digital private banking service – our most powerful platform yet.

If you’d like us to keep you posted, sign up here. We look forward to hearing from you – and helping to make your financial life easier soon. 


BTC

Can I keep holding my BTC with Xapo?

Yes, you can still hold your BTC in your Xapo wallet or Xapo Vault.

Can I still access my funds and BTC?

Yes, you can still access your funds and BTC. 

I want to transfer my BTC to another address.  Can I still do that?

Yes, you can transfer BTC from your Xapo wallet to any given external address, at any time.

I want to send BTC from another wallet to my Xapo BTC wallet.  Can I still do that?

Yes, your BTC address will remain enabled, allowing you to send BTC from external accounts to both your Xapo wallet and Xapo Vault. Similar to an email address, there is no risk of sharing your Bitcoin address with other users or companies. Xapo uses dynamic and multi-signature addresses to keep your bitcoins safe. 

Can I still buy BTC on Xapo?

Yes, you can buy BTC on your Xapo app using your account balance in any currency.  

Xapo

By

@xapo

Article published on May 12, 2020

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