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

CryptoPanda

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Quote from: Xch4ng3 on August 06, 2014, 03:22:23 PM

Quote from: moni3z on August 06, 2014, 03:18:47 PM

Quote from: Xch4ng3 on August 06, 2014, 03:05:00 PM

Quote from: moni3z on August 06, 2014, 02:51:10 PM

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

dadugan

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Quote from: moni3z on August 06, 2014, 03:34:15 PM

Quote from: Xch4ng3 on August 06, 2014, 03:22:23 PM

Quote from: moni3z on August 06, 2014, 03:18:47 PM

Quote from: Xch4ng3 on August 06, 2014, 03:05:00 PM

Quote from: moni3z on August 06, 2014, 02:51:10 PM

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 Tongue

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.

moni3z

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Activity: 899

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Quote from: Xch4ng3 on August 06, 2014, 03:22:23 PM

Quote from: moni3z on August 06, 2014, 03:18:47 PM

Quote from: Xch4ng3 on August 06, 2014, 03:05:00 PM

Quote from: moni3z on August 06, 2014, 02:51:10 PM

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 Tongue

I would avoid the US and just issue Euro cards, then don't need an army of lawyers to figure out US exchange laws.

Xch4ng3

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Activity: 661

Merit: 502

Quote from: moni3z on August 06, 2014, 03:18:47 PM

Quote from: Xch4ng3 on August 06, 2014, 03:05:00 PM

Quote from: moni3z on August 06, 2014, 02:51:10 PM

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

hero member

Activity: 899

Merit: 1002

Quote from: Xch4ng3 on August 06, 2014, 03:05:00 PM

Quote from: moni3z on August 06, 2014, 02:51:10 PM

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

hero member

Activity: 661

Merit: 502

Quote from: moni3z on August 06, 2014, 02:51:10 PM

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

hero member

Activity: 899

Merit: 1002

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

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Activity: 661

Merit: 502

Quote from: Perlover on August 06, 2014, 12:27:11 PM

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.

Perlover

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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!

dadugan

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Is XAPO anon? or can I apply one for my dog ?

CryptoPanda

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Quote from: Furio on August 05, 2014, 06:34:45 AM

So a normal anon debit card from Poland is just as good.....

Yeah, I saw that thread, but looks like a short term thing that will soon be cut off.

inBitweTrust

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Quote from: zetaray on August 05, 2014, 07:02:07 AM

If you are not happy with the fees, tell them about it and terminate the card. If there enough complaints, they may revise the fees. Thanks for the heads up, but I don't think they care about threads like these.

Whether or not they do care, these threads are not for them but to warn the people who signed up under false pretenses.

zetaray

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If you are not happy with the fees, tell them about it and terminate the card. If there enough complaints, they may revise the fees. Thanks for the heads up, but I don't think they care about threads like these.

Furio

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So a normal anon debit card from Poland is just as good.....

CryptoPanda

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yep, they are sloppy.
And people are supposed to trust them with their bitcoins?
I can't imagine what their super secure vault would be like.

So, dissapointing Sad

inBitweTrust

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Quote from: CryptoPanda on August 05, 2014, 04:38:38 AM

Yeah and they are not even shipping for free as stated previously. So, there are people that paid $15 and are now stuck with the fees?

No, the plan all along was a onetime 15usd fee for shipping. It is sill unclear as to if they are just crediting the monthly fee or 100% of all fees with bitcoin on their new fee schedule. It shouldn't be unclear , but I no longer know if you should take their words literally or interpret them in unusual ways. This is a perfect example of what not to do with a product launch and really poor communication skills from a company. Reminds me of Mtgox.

CryptoPanda

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Yeah and they are not even shipping for free as stated previously. So, there are people that paid $15 and are now stuck with the fees?

inBitweTrust

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Activity: 658

Merit: 501

Quote from: BawsyBoss on August 04, 2014, 08:24:40 PM

I just read their blog post about this. It seems like their partner is charging a monthlly fee but Xapo is goin to reimburse it to account holders.

http://blog.xapo.com/post/93814554629/xapo-debit-card-fees-and-shipping-update

Yes, this is good .... but with their poor execution and roll-out of this they have lost my confidence in them as a company.

Seems like they were testing the waters to see if the community would roll over and accept the changes and than when users responded unkindly they back-peddled and are promising to credit the monthly fee until they can secure a better arrangement with a bank(which may or may not happen).

I thought it was a good backup to use and thus initially ordered one and placed some assets with them .... now I am going to focus my full attention on getting merchants to accept BTC directly instead of using bridges like these.

BawsyBoss

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I just read their blog post about this. It seems like their partner is charging a monthlly fee but Xapo is goin to reimburse it to account holders.

BawsyBoss

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This is news to me. I was quite excited with the single $15 fee. I guess it was too good to be true. I don't plan to get these any time soon.

Topic: How is XAPO getting away with this bull*hit?! (Read 4114 times)