Another recurring topic we will be actively covering is Bitcoin debit cards. Several companies are trying to get your attention in this space, and it would be very beneficial to Bitcoin adoption if they can pull it off. So what is Xapo doing differently from the other companies? Well, for one, they actually managed to deliver some cards, so let’s start there.
The Xapo Bitcoin Debit Card : Signing Up
When you are looking to find out more information about the Xapo Bitcoin Debit Card on their website, you’re out of luck as it is nowhere mentioned except when trying to sign up for it. During the signup process, no personal information is required other than your name and email address. So of course, I signed up, because why not, right?
After confirming my email address via a link mailed to me, I logged in to my new Xapo account and immediately clicked on “Wallet” to request my Bitcoin Debit Card. And if you were expecting to finally enter your personal details at that point, I’ll have to disappoint you once again. All it took me was hitting the button, and the screen showed my Bitcoin Debit Card is pre-ordered.
So far, all of this is part of a very weird process, and makes me wonder when Xapo will actually ask for my details. Keep in mind this all happened yesterday afternoon, and as now is over 24 hours later, there has still been no request for an address or any documentation to verify my identity. After all, I still assume Xapo will receive some sort of documentation eventually.
On the other hand I did manage to earn 100 bits from Xapo. The first 50 are credited automatically as you register your account and confirm the email address. Linking a social media account such as Facebook or Twitter will earn you another 50 bits. While 100 bits is virtually worthless, it’s a nice touch from Xapo, which I can appreciate.
If you want to sign up for your Xapo Bitcoin Debit Card as well, use the following link :
http://xapo.com/r/X2Y4AAQ (referral link)
http://xapo.com (regular link)
But what about the fees and so forth?
As I don’t have the Xapo Bitcoin Debit Card myself, I cannot comment on this situation. However, I did find a report from one user who also lives in Europe, and he was kind enough to provide us with some details in regards to fees, limits, et cetera. Do keep in mind this is a third party report, and cannot be verified by us until we get our own Xapo card.
The Xapo card will have a balance in EURO if you live in the European Union
Zero fees when making in-store purchases with the Xapo Bitcoin Debit Card
When purchasing something, your Bitcoin balance is converted to EUR automatically with no hidden charges.
Exchange rates from BTC to fiat seem to higher than most exchanges (which strikes me as a bit odd).
ATM withdrawals cost 2.5 EUR per transaction
Unverified account lets you withdraw 200 EUR per time, up to 400 EUR per day. Maximum amount charged to the card per day is 2,500 EUR, and you have a “lifetime” purchase limit of 2,500 EUR. Once that amount has been reached, your card becomes invalid until you verify your identity.
Verified account lets you withdraw 1,000 EUR per time up to 2,000 EUR per day. Maximum amount charged to the card per day is 10,000 EUR and the “lifetime” purchase limited is removed, meaning your Xapo card is valid until the expiry date on the card itself.
Verification requires an ID/Driver’s License scan and a proof of address.
Xapo Bitcoin Debit Card works for Paypal purchases
Activating the card requires you calling a UK phone number. Simply enter your card data, and the machine will tell you the pin code. You can change the pin code at any ATM for a fee of US$0.50.
So far, all of the above sounds pretty good to me. However, their current Bitcoin Debit Card signup process feels incredibly awkward and almost gives you the impression you will never get a card to begin with. I do hope Xapo will be kind enough to get me one sooner or later, so we can do a proper review on this website.