Debit Card Terms and Conditions

Last Updated: July 27, 2015

The Xapo Debit Card Terms and Conditions (hereon referred to as the ‘DC T&C’) are a subset of the General Xapo Terms and Conditions which continue to apply.

1. Card Issuer. The Xapo Debit Card is issued by WaveCrest ("Card Issuer") who manages the card program called MyChoice. The Xapo Debit Card is issued by WaveCrest under the MyChoice program. Not unlike any other card program in existence, multiple parties, such as Visa, FIS and other similar parties, are part of the payment network that Xapo cardholder’s and their information can access. This is necessary in order for transactions to take place, and Xapo cardholders cannot opt out of such services.

As of the publishing date of DC T&C, Xapo offers a Visa debit card, however, the selection of Xapo card products and services is subject to change.

2. Ordering a Xapo Debit Card. All Xapo users, with residence in countries where Issuer has license to issue cards, may apply for a Xapo Debit Card. This list of eligible countries may change over time. All Xapo debit card users must have completed ID verification or any other compliance process required by Xapo before ordering a card. Xapo and/or Card Issuer have no obligation to accept an application for a Xapo Debit Card.

Information provided via compliance processes and other KYC procedures are used to define information required to successfully order a card, including but not limited to, cardholder name and address.

To receive a Xapo Debit Card, users must pay a one-time card issuance fee. The amount of the card issuance fee varies depending on the card spending currency selected by the user. Cards are currently available in the following spending currencies: USD, EUR, GBP. The payment of the card issuance fee always takes place in bitcoin.

By submitting the Xapo Debit Card application the user authorizes Xapo to debit the card issuance fee, future fees as well as the equivalent amount in bitcoins of any transaction authorized with the Xapo Debit Card user’s Xapo wallet connected.

The Xapo Debit Card is issued to the name of the holder of the Xapo Wallet and is non-transferable by the Cardholder. The Xapo Debit Card remains property of XAPO. Xapo and/or Issuer reserve the right to withdraw and/or to block, at their discretion, the Xapo Debit Card and/or any of the services offered at any time without prior notice.

3. Card Functions. The Xapo Debit Card may be used for the following functions:

  • The Cardholder may use the Xapo Debit Card [in conjunction with the card PIN] to pay for goods or services by using a card operated machine at retailers or suppliers who offer such payment method. Xapo will debit from the Cardholder's Xapo wallet the equivalent amount in bitcoins of any transaction authorized in this way.
  • The Cardholder may use the Card in conjunction with the PIN to withdraw money from automated teller machines (ATM) which accept the Xapo Debit Card. The equivalent amount in bitcoins of money withdrawn will be debited from the Cardholder's Xapo wallet.

Xapo may, at its discretion, make available to the Cardholder more functions for the Cardholder’s convenience and use.

4. Relation to Xapo Wallet. The Xapo Debit Card is connected to a specific Xapo Wallet held by the Cardholder with Xapo ("the Wallet"). There is no connection between the Cardholder's Xapo Vault and the Xapo Debit Card.

5. Card Activation, PIN and Cardholder Due Diligence. Once the Cardholder has received its Xapo Debit Card and prior to the first transaction, the Cardholder must activate its card online in accordance to the instructions provided by XAPO. The Xapo Debit Card activation is free-of-cost.

Once the Xapo Debit Card has been activated, the Cardholder shall receive its unique PIN that is pre-set for each card and is unknown to Xapo.

The security of the PIN is very important and the Cardholder shall not disclose the PIN to anyone. In particular, the Cardholder shall not keep any written record on the PIN in any place or manner, which may enable a third party to use the Xapo Debit Card.

The Cardholder shall at all times ensure that the Card is kept at a safe place, shall not permit any third party to use it and shall safeguard the Xapo Debit Card from misuse.

The lost or theft of the Xapo Debit Card must be reported to Xapo immediately by calling the Card Issuer’s customer hotline at phone number: +44 (0) 113-320-0312. The Cardholder will be responsible for all transactions effected by use of the Xapo Debit Card until Xapo was able, within an appropriate time frame, to block the Xapo Debit Card after such notification. Xapo will debit the Cardholder's Wallet with any costs incurred in issuing a replacement card. The Cardholder must also immediately inform Xapo if he has any suspicion regarding a fraudulent use of the Xapo Debit Card.

Principally, the Cardholder remains responsible for all transaction effected by use of the Xapo Debit Card, whether authorized by the Cardholder or not.

6. Use of Xapo Debit Card. By holding the Xapo Debit Card and the corresponding PIN, a person is legitimated to dispose of the values connected to the Xapo Debit Card. Xapo and the Issuer have the right to debit all electronic registered transaction resulting from the use of the PIN in combination with the Xapo Debit Card to / from the Wallet of the Cardholder.

The Xapo Debit Card may not be used as payment for an illegal purchase.

The Xapo Debit Card is valid upon the day of the day indicated on the card.

7. Xapo Debit Card transaction process. In the case of transactions entered into through the Xapo Debit Card, the equivalent in bitcoins, along with the fees connected to such transactions as set forth under Section 9 below, shall be debited to the Cardholder’s Xapo wallet. Xapo uses an internal bitcoin price to determine exchange rates between fiat currencies and bitcoin.

Should the user not have sufficient funds in his Wallet at the moment of authorization, the purchase will be declined. Xapo retains the right to create a negative balance for a user’s wallet, if the settlement process so requires.

When a debit in bitcoin has been made, the transaction will remain pending until the authorization is confirmed by settlement data. Transactions are only closed and completed against settlement data. If a transaction is to be canceled or refunded, the funds in hold will be returned to the Wallet, and the transaction status closed as ‘canceled’. The settlement process may include situations not described above – Xapo will complete transactions solely based on settlements.

The Cardholder will be solely liable for all unauthorized acts and transactions.

8. Fees. In addition to the amount of all transactions, certain fees will be debited to the Cardholder's Xapo wallet as provided for herein. The current debit card fee schedule is as follows, as per card spending currency (USD, EUR or GBP) selected by cardholder.

Physical Card Issuance Fee € 18.00 £ 13.00 $ 20.00
Annual fee (First year for free!) € 10.00 £ 7.00 $ 12.00
Purchase in card's spending currency € 0.00 £ 0.00 $ 0.00
Foreign Exchange Purchase 3 % 3 % 3 %
ATM Withdrawal (in card's spending currency) € 2.25 £ 1.75 $ 2.50
ATM Withdrawal (Foreign Exchange) € 2.75 £ 2.25 $ 3.50
PIN Change Fee € 0.80 £ 0.60 $ 1.00
Card Replacement € 10.00 £ 7.00 $ 12.00
Expedited Card Replacement (DHL) € 50.00 £ 35.00 $ 55.00

All fees are subject to change as per Xapo’s or card issuer’s discretion. Such changes will be communicated to cardholders well before they become effective.

9. Spending Limits. The Xapo Debit Card has transaction and spending limits as per card spending currency (USD, EUR or GBP) selected by cardholder. These limits apply for both transactions as well as withdrawals.

Standard limits Upgraded limits
One-time purchase Per purchase $2,500 €2,500 £2,000 $10,000 €10,000 £8,000
Value of purchases Per day $2,500 €2,500 £2,000 $20,000 €20,000 £16,000
Value of lifetime purchases Lifetime $2,500 €2,500 £2,000 no limit no limit no limit
ATM Rules
Number of ATM transactions Per day 2 2 2 2 2 2
Value of ATM withdrawal Per ATM transaction $200 €200 £160 $1,000 €1,000 £800
Value of ATM withdrawal Per day $400 €400 £320 $2,000 €2,000 £1,600
Maximun ATM withdraw Lifetime $1,000 €1,000 £800 no limit no limit no limit

Standard limits are effective at card order. Standard limits can be upgraded upon user's request. They may be upgraded by providing valid documentation in order for Xapo and the card issuer to perform standard, augmented KYC procedures. Such documents include, but are not limited to, a valid government issued ID, and a proof of residence. A proof of residence is used to declare cardholder’s residence for the address provided at the time of compliance and ID verification process in the Xapo web application, mobile applications or otherwise. Currently accepted documents include:

  • Utility service bills
  • Bank statement or credit card bill
  • Rent contract

All proof of residence documentation must be in cardholder’s name, display cardholder’s address as indicated via compliance processes, and the date on the document must be within 3 months from the date cardholder wishes to upgrade spending limits.

Xapo and the card issuer reserve all rights to accept or decline documentation provided by cardholders at discretion.

Xapo and/or the Issuer shall have the right to unilaterally change the transaction and spending limits and/or to introduce new limits regarding for transactions.

10. Data . Xapo does not share users’ Xapo wallet balances (wallets, nor Vault) with third parties under current debit card programs. Other data, such as transaction processing and cardholder identifiers may be shared in order to complete debit card transactions and spending limit upgrades, or similar. The data privacy policy of Xapo applies.

In case of criminal investigations in connection to the loss of a card and/or a PIN or the misuse of a Xapo Debit Card, the Cardholder authorizes Xapo disclose to the authorities the required information and data on the Cardholder.

11. Other information. The Issuer, WaveCrest, provides users with chargeback processes as required by the payment processing industry. If an illicit, or otherwise suspicious transaction occurs on cardholder’s Xapo Debit Card, cardholders must contact immediately. A chargeback investigation and process takes 45 days at minimum, but can take 90 days at maximum.

An extra hold called padding applies to some transactions including, but not limited to, pay at the pump transactions, hotel reservations, car rentals and similar. The amount of padding may differ from transaction to transaction. The funds reserved for padding at authorization will be returned to the cardholder’s main wallet, if so indicated by the settlement data, when the settlement of that transaction is processed.

12. Exclusion of Liability. As Xapo is not the Issuer of the Xapo Debit Card, Xapo may not be held liable for any failure to provide any service or to perform any obligation hereunder where such failure is attributable (whether directly or indirectly) to any dispute or other circumstance beyond its control, including any malfunctioning of the card system provided by Issuer. Unless Xapo acted with gross negligence, Xapo's liability for any direct, indirect or consequential damages arising form or related to the use of the Xapo Debit Card is excluded.

The Customer is liable for all damages related to loss, incorrect use, misuse or fraud related to the Xapo Debit Card and bears all risk connected to the use of his PIN, to the extent XAPO and Issuer provided their services with the required due diligence.

13. Miscellaneous. The Cardholder shall be responsible for regularly reviewing these Terms and Conditions including amendments thereto as may be made by Xapo from time to time and shall be deemed to have accepted by continuing to use the Xapo Debit Card.

These terms and conditions shall be governed by the laws of Switzerland. The courts of Zug, Switzerland, have exclusive jurisdiction with regard to all disputes related or arising out of these terms and conditions and the use of the Xapo Debit Card.

At any inconvenience or inquiry, Xapo Debit Card users are welcome to contact

By accepting the Xapo Debit Card Terms & Conditions, cardholders agree to accept the Card Issuer's Terms and Conditions.