Xapo Bank now supports near-instant pounds Sterling payments and from the United Kingdom.
Xapo Bank confirmed in a blog post that they are pleased to announce that they have joined the Faster Payment System (FPS).
This means their members can now “send Pounds Sterling directly from their Xapo Bank US Dollar account to banks in the UK and participating overseas territories, as well as to digital wallets such as Wise, Revolut or exchanges.”
They can then “deposit these funds into their local banks around the world.”
Their members can also “fund their Xapo Bank US Dollar accounts via Faster Payment.”
The Pounds Sterling received “are instantly converted to US Dollars and deposited into their Xapo Bank US Dollar account, where they earn an annual interest of 4.1%1.”
FPS is “a secure payments network that allows banks in the UK to send payments within minutes.”
It works by “allowing banks that are on the network to electronically and securely transfer money between each other, with near-instant availability of funds. It is available 24 hours a day, 365 days a year.”
Because it eliminates waiting times for funds to arrive, FPS reportedly “offers the fastest way to send Pounds Sterling to anyone.”
Funds sent from a Xapo Bank US Dollar account via FPS are “converted to Pounds Sterling based on the US Dollar to Pound Sterling exchange rate, and the same applies to funds received via FPS into a Xapo Bank US Dollar account.”
Furthermore, FPS transactions are “safeguarded from potential information theft by hackers through the use of highly secure encryption technology.”
Their members also “save on transfer fees, as Xapo Bank does not charge any fees on FPS transactions.”
At Xapo Bank, they firmly believe “the ability to send and receive money globally with ease should be a fundamental right.”
As noted in the update:
“We are committed to breaking down barriers and enabling simple, convenient, and cost-effective payments that bridge the gap between traditional banking and decentralized finance.”
As clarified in the announcement, Xapo Bank says it reserves the right “to introduce a charge for this service at any time without notice.”