How is XAPO getting away with this bull*hit?!

[Xch4ng3]

I just tried to order card.
Before they only wants phone number. Ok, i approved it. After they wants only address. Ok, i filled it.
After they wants document number and other personal info. Here i stopped already.
With every step I give new information about me... And i don't know what they ask me in next step. Scans of utility bills, bank statements?

I don't want the Xapo card. It's bullshit...

P.S. And i don't see there "Detele account". So my email, address and phone leaked tp Xapo forever. Fine!

Heaven forbid a company offering financial services and allowing the transmission of money to verify who their customers are. It's not like you can get into any sort of legal trouble.

[moni3z]

I've never seen a reloadable Visa/MC card that didn't have huge fees, actually those fees are pretty good. The standard is paying 1.5% on all withdraws using the card regardless if foreign exchange is involved. Anybody remember when all those Liberty Reserve cards were canceled by Visa with no notice tying up funds for months? I wouldn't trust any debit card. It'd be nice to click a button to convert coins and 5 mins later withdraw cash but far too many  middle men are involved at that point.

[Xch4ng3]

I've never seen a reloadable Visa/MC card that didn't have huge fees, actually those fees are pretty good. The standard is paying 1.5% on all withdraws using the card regardless if foreign exchange is involved. Anybody remember when all those Liberty Reserve cards were canceled by Visa with no notice tying up funds for months? I wouldn't trust any debit card. It'd be nice to click a button to convert coins and 5 mins later withdraw cash but far too many  middle men are involved at that point.

Then again LR was operating illegally while giving the interpenetration that they were a fully compliant company. One of the great things I loved about LR was that it was so easy to send funds to someone, as a seller of virtual items and services I didn't have to worry about fraud. Maybe that's why they had so much trouble with their Visa cards.

You also have to remember that Xapo is probably being charged a shit load for supplying the cards in the first place. It's not like you can walk up to a provider and say hey give me x cards and the gateways to manage them, it's a lot more complex then that. I'm not agreeing with what they did, they should have made customers aware that they're were going to be fees or at least handled the situation better when there was an outcry.

[moni3z]

I've never seen a reloadable Visa/MC card that didn't have huge fees, actually those fees are pretty good. The standard is paying 1.5% on all withdraws using the card regardless if foreign exchange is involved. Anybody remember when all those Liberty Reserve cards were canceled by Visa with no notice tying up funds for months? I wouldn't trust any debit card. It'd be nice to click a button to convert coins and 5 mins later withdraw cash but far too many  middle men are involved at that point.

Then again LR was operating illegally while giving the interpenetration that they were a fully compliant company. One of the great things I loved about LR was that it was so easy to send funds to someone, as a seller of virtual items and services I didn't have to worry about fraud. Maybe that's why they had so much trouble with their Visa cards.

You also have to remember that Xapo is probably being charged a shit load for supplying the cards in the first place. It's not like you can walk up to a provider and say hey give me x cards and the gateways to manage them, it's a lot more complex then that. I'm not agreeing with what they did, they should have made customers aware that they're were going to be fees or at least handled the situation better when there was an outcry.

Anybody can start their own card program if they have $100k and some sort of incorporated entity. Get a loyalbank corporate account, deposit $100k and start issuing your own reloadable cards the next day, set your own fees. Can also use ecoin.cc, dump your money to hold there, have customers directly apply to ecoin for their own cards (they use loyalbank cards) and you can fund them for free internally by just logging in and manually or batch transfering the funds. Turn-key debit card solution for exchangers. Those loyalbank cards have a much bigger withdraw limit too

[Xch4ng3]

I've never seen a reloadable Visa/MC card that didn't have huge fees, actually those fees are pretty good. The standard is paying 1.5% on all withdraws using the card regardless if foreign exchange is involved. Anybody remember when all those Liberty Reserve cards were canceled by Visa with no notice tying up funds for months? I wouldn't trust any debit card. It'd be nice to click a button to convert coins and 5 mins later withdraw cash but far too many  middle men are involved at that point.

Then again LR was operating illegally while giving the interpenetration that they were a fully compliant company. One of the great things I loved about LR was that it was so easy to send funds to someone, as a seller of virtual items and services I didn't have to worry about fraud. Maybe that's why they had so much trouble with their Visa cards.

You also have to remember that Xapo is probably being charged a shit load for supplying the cards in the first place. It's not like you can walk up to a provider and say hey give me x cards and the gateways to manage them, it's a lot more complex then that. I'm not agreeing with what they did, they should have made customers aware that they're were going to be fees or at least handled the situation better when there was an outcry.

Anybody can start their own card program if they have $100k and some sort of incorporated entity. Get a loyalbank corporate account, deposit $100k and start issuing your own reloadable cards the next day, set your own fees. Can also use ecoin.cc, dump your money to hold there, have customers directly apply to ecoin for their own cards (they use loyalbank cards) and you can fund them for free internally by just logging in and manually or batch transfering the funds. Turn-key debit card solution for exchangers. Those loyalbank cards have a much bigger withdraw limit too

$100k is still a lot for a company to invest in a program, they might have been early adopters of BTC which probably made it easier but still a lot of money.

Thanks for the info though, learn something new every day.

[moni3z]

I've never seen a reloadable Visa/MC card that didn't have huge fees, actually those fees are pretty good. The standard is paying 1.5% on all withdraws using the card regardless if foreign exchange is involved. Anybody remember when all those Liberty Reserve cards were canceled by Visa with no notice tying up funds for months? I wouldn't trust any debit card. It'd be nice to click a button to convert coins and 5 mins later withdraw cash but far too many  middle men are involved at that point.

Then again LR was operating illegally while giving the interpenetration that they were a fully compliant company. One of the great things I loved about LR was that it was so easy to send funds to someone, as a seller of virtual items and services I didn't have to worry about fraud. Maybe that's why they had so much trouble with their Visa cards.

You also have to remember that Xapo is probably being charged a shit load for supplying the cards in the first place. It's not like you can walk up to a provider and say hey give me x cards and the gateways to manage them, it's a lot more complex then that. I'm not agreeing with what they did, they should have made customers aware that they're were going to be fees or at least handled the situation better when there was an outcry.

Anybody can start their own card program if they have $100k and some sort of incorporated entity. Get a loyalbank corporate account, deposit $100k and start issuing your own reloadable cards the next day, set your own fees. Can also use ecoin.cc, dump your money to hold there, have customers directly apply to ecoin for their own cards (they use loyalbank cards) and you can fund them for free internally by just logging in and manually or batch transfering the funds. Turn-key debit card solution for exchangers. Those loyalbank cards have a much bigger withdraw limit too

$100k is still a lot for a company to invest in a program, they might have been early adopters of BTC which probably made it easier but still a lot of money.

Thanks for the info though, learn something new every day.

You just need $100k in Euros/USD to open the corporate account with Loyalbank, they don't keep the funds, I think min amount is $10k you have to keep in there before they start charging fees. It also may have changed to $50k min deposit to open a corporate account, not sure.

Use those funds to fill the cards with and collect fees in bitcoins when you exchange them I would avoid the US and just issue Euro cards, then don't need an army of lawyers to figure out US exchange laws.

[dadugan]

I've never seen a reloadable Visa/MC card that didn't have huge fees, actually those fees are pretty good. The standard is paying 1.5% on all withdraws using the card regardless if foreign exchange is involved. Anybody remember when all those Liberty Reserve cards were canceled by Visa with no notice tying up funds for months? I wouldn't trust any debit card. It'd be nice to click a button to convert coins and 5 mins later withdraw cash but far too many  middle men are involved at that point.

Then again LR was operating illegally while giving the interpenetration that they were a fully compliant company. One of the great things I loved about LR was that it was so easy to send funds to someone, as a seller of virtual items and services I didn't have to worry about fraud. Maybe that's why they had so much trouble with their Visa cards.

You also have to remember that Xapo is probably being charged a shit load for supplying the cards in the first place. It's not like you can walk up to a provider and say hey give me x cards and the gateways to manage them, it's a lot more complex then that. I'm not agreeing with what they did, they should have made customers aware that they're were going to be fees or at least handled the situation better when there was an outcry.

Anybody can start their own card program if they have $100k and some sort of incorporated entity. Get a loyalbank corporate account, deposit $100k and start issuing your own reloadable cards the next day, set your own fees. Can also use ecoin.cc, dump your money to hold there, have customers directly apply to ecoin for their own cards (they use loyalbank cards) and you can fund them for free internally by just logging in and manually or batch transfering the funds. Turn-key debit card solution for exchangers. Those loyalbank cards have a much bigger withdraw limit too

$100k is still a lot for a company to invest in a program, they might have been early adopters of BTC which probably made it easier but still a lot of money.

Thanks for the info though, learn something new every day.

You just need $100k in Euros/USD to open the corporate account with Loyalbank, they don't keep the funds, I think min amount is $10k you have to keep in there before they start charging fees. It also may have changed to $50k min deposit to open a corporate account, not sure.

Use those funds to fill the cards with and collect fees in bitcoins when you exchange them I would avoid the US and just issue Euro cards, then don't need an army of lawyers to figure out US exchange laws.

Sound like a good business model. Surprise there is only one company doing it. Must be missing something here.

[CryptoPanda]

I've never seen a reloadable Visa/MC card that didn't have huge fees, actually those fees are pretty good. The standard is paying 1.5% on all withdraws using the card regardless if foreign exchange is involved. Anybody remember when all those Liberty Reserve cards were canceled by Visa with no notice tying up funds for months? I wouldn't trust any debit card. It'd be nice to click a button to convert coins and 5 mins later withdraw cash but far too many  middle men are involved at that point.

Then again LR was operating illegally while giving the interpenetration that they were a fully compliant company. One of the great things I loved about LR was that it was so easy to send funds to someone, as a seller of virtual items and services I didn't have to worry about fraud. Maybe that's why they had so much trouble with their Visa cards.

You also have to remember that Xapo is probably being charged a shit load for supplying the cards in the first place. It's not like you can walk up to a provider and say hey give me x cards and the gateways to manage them, it's a lot more complex then that. I'm not agreeing with what they did, they should have made customers aware that they're were going to be fees or at least handled the situation better when there was an outcry.

Anybody can start their own card program if they have $100k and some sort of incorporated entity. Get a loyalbank corporate account, deposit $100k and start issuing your own reloadable cards the next day, set your own fees. Can also use ecoin.cc, dump your money to hold there, have customers directly apply to ecoin for their own cards (they use loyalbank cards) and you can fund them for free internally by just logging in and manually or batch transfering the funds. Turn-key debit card solution for exchangers. Those loyalbank cards have a much bigger withdraw limit too

$100k is still a lot for a company to invest in a program, they might have been early adopters of BTC which probably made it easier but still a lot of money.

Thanks for the info though, learn something new every day.

Dude, they got 40M Venture Capital. I think they can afford to put 100k in a bank account. lol