Xapo Bank

Crypto bank · Gibraltar, Gibraltar

Xapo Bank is a Gibraltar credit institution built for Bitcoin holders, licensed by the Gibraltar Financial Services Commission under Permission No. 23171, with crypto services run by a separate entity called Xapo VASP Limited. Membership costs USD 1,000 a year and gives one mobile app holding USD, GBP and EUR accounts, a Bitcoin account, a Visa or Mastercard debit card and loans secured on Bitcoin. USD Savings pays 3.35% variable interest and BTC Savings pays 0.25%, both calculated daily and paid out in Bitcoin, while fiat deposits are covered by the Gibraltar Deposit Guarantee Scheme up to GBP 120,000. The bank passported its licence into the United Kingdom in August 2024 and refuses residents of 28 countries, including the United States. Accounts for businesses, trusts and institutions exist, but they may only send and receive money to and from accounts in the same legal name, so they cannot pay suppliers or run payroll.

Legal name: Xapo Bank Limited
Regulated by: GFSC (Gibraltar Financial Services Commission), credit institution, Permission No. 23171, GFSC, DLT Provider, Permission No. 26061 (Xapo VASP Limited, crypto services), GFSC, moneylender and registered creditor (Xapo Credit Limited, Bitcoin backed loans), FCA and PRA (UK), banking licence passported from Gibraltar since August 2024, CIMA (Cayman Islands), mutual fund Ref No. 2135151 for the Xapo Byzantine BTC Credit Fund
Licence confirmed: yes, on a regulator's own list
Established: 2013
Website: www.xapobank.com

Scores, 0 to 10

9.5Bitcoin

Institutions buy, hold and move BTC including over Lightning, borrow USD against BTC collateral and can place BTC in a credit fund targeting 2-4% a year paid in BTC. · source

8.0Best interest on business balances

USD Savings pays 3.35% variable APY with no minimum and BTC Savings pays 0.25%, both calculated daily and paid in Bitcoin rather than in dollars. · source

8.0Crypto wallet and custody for a business

Xapo's Institutional Account for LLCs, miners, foundations and trusts holds bitcoin in MPC custody under its Gibraltar bank and DLT Provider permissions, with roles and dual authorisation and custody included in an annual platform fee; transfers are limited to accounts in the company's own name. · source

8.0On-ramp: buy crypto with fiat

Companies fund a USD account at the same bank by SWIFT or ACH, with GBP Faster Payments and EUR SEPA, and buy BTC at institutional pricing inside it; funds must come from own-name accounts. · source

8.0Off-ramp: crypto to fiat in a business account

BTC sells into the Xapo USD account and pays out over SWIFT, ACH, Faster Payments or SEPA to accounts in the company's name; incoming USDC and USDT convert to USD on arrival. · source

7.5Crypto-friendly bank

Bitcoin services run under GFSC DLT Provider Permission No. 26061 and the institutional page names Bitcoin miners, LLCs, foundations and trusts as target clients, but those accounts cannot send or receive third party payments. · source

7.0Business cards (Visa, Mastercard)

The Xapo debit card runs on the Visa and Mastercard networks as a virtual, plastic or metal card with no FX markup, USD 100 of free ATM withdrawals a month then 2%, and limits of USD 50,000 a day for purchases; no employee cards or spend controls are offered. · source

7.0Foreign-owned & non-resident companies

Onboarding is fully digital with a USD 1,000 annual fee and Xapo publishes the 28 countries whose residents it cannot serve, including the United States; accounts for businesses, trusts and financial institutions are reviewed with source of funds documents. · source

6.5Fast digital onboarding

The application is fully digital in the mobile app with ID and liveness checks, but it requires the USD 1,000 fee up front, excludes residents of 28 countries and reviews entities case by case with source of funds documents. · source

5.5Financial strength & stability

Capital and liquidity are far above requirement at a 167.03% CET1 ratio and a 1,663% LCR, but the bank carries no credit rating and CET1 capital fell to USD 88.5 million at 2025 year end from USD 103.1 million a year earlier. · source

5.5Customer satisfaction

Trustpilot score of 3.9 out of 5 from 1,129 reviews, with 49% five star and 31% one star, and complaints centred on account freezes and withdrawal holds. · source

5.0Stablecoins (USDC, USDT and others)

USDC and USDT can be deposited and withdrawn, but deposits convert to USD at once rather than being held, and the institutional account cannot pay suppliers or payroll. · source

4.5United Kingdom

Passported its Gibraltar banking licence into the UK in August 2024 and gives UK members GBP accounts on Faster Payments with transfers of up to GBP 1 million to UK bank accounts. · source

4.0Cross-border payments, FX and multi-currency accounts

Holds only three fiat currencies, USD, GBP and EUR, but connects them to SWIFT, FedACH, FedWire, RTP, SEPA and Faster Payments, and charges no FX markup on card spending abroad. Institutional accounts support multiple users, roles and dual authorisation, but hold only USD, GBP and EUR, offer no cash pooling or hedging, and cannot move money to any account outside the entity's own name. · source

3.5Ethereum

Xapo's FAQ says ETH is available for trading only, with no deposits or withdrawals, and may not be available to UK members. · source

3.0Europe (EU, EEA, Switzerland)

Offers euro accounts on SEPA and SEPA Instant at EUR 0.15 and EUR 0.20 per outbound payment, but its only banking licence is the Gibraltar one and it has no EU or EEA entity. · source

3.0Lowest fees

Membership costs USD 1,000 a year, ATM withdrawals above USD 100 a month cost 2% and a replacement card costs USD 25, although payment fees are low at GBP 0.15 per Faster Payment. · source

3.0High-risk verticals (iGaming, cannabis, adult, forex)

Xapo publishes no policy on gambling, adult, cannabis or forex businesses and reviews entities case by case, so the score is conservative. · source

2.0Online businesses: e-commerce and SaaS

There is no acquiring, no merchant settlement and no marketplace payout product, and the institutional account cannot receive funds from a third party such as a payment processor. The institutional account is described as not intended for high-volume operational use and as most useful for entities with holdings or borrowing needs in the millions, with USD rails via SWIFT and ACH and no accounting integrations. · source

1.5Fintech companies that need a partner bank

No safeguarding, BaaS or correspondent product is published, and the institutional account bars payments to and from third parties, which rules out client money flows for EMIs and payment firms. · source

1.5Startups & VC-backed companies

No venture debt or cap table product exists, the institutional account cannot run payroll or pay suppliers, and Xapo says the account suits entities with holdings or borrowing needs in the millions. · source

1.0Trade, manufacturing & import-export

No letters of credit, guarantees or supply chain finance are offered; the only credit product is a USD loan secured on Bitcoin issued by Xapo Credit Limited. · source

1.0Accept crypto payments

The institutional FAQ states the account cannot send or receive funds from third parties, so it cannot take crypto from customers, and Xapo has no merchant product, checked September 2026. · source

Sources

Built on public information and the BankStore team's own aggregated experience; no confidential client or partner data. Bank Index and BankStore are not banks. This is information, not financial advice.