What are the differences between the banking options supported by Xolo Leap?

Last updated: October 15, 2020

Your Xolo Leap account works with an LHV business bank account and the TransferWise borderless electronic money account. We offer support with the LHV "Know your customer" process — including pre-filled application forms, pre-acceptance for a bank account before travelling, and uploading documentation about your personal data. For more details and differences between the banking options supported, please see the table below:

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TransferWise Borderless
Account typeElectronic Money account (i)Business bank account
Guarantees on depositsNot applicable
Deposits are not covered by FSCS, any guarantee fund or compensation scheme
€100 000
Estonian state-backed guarantee of €100 000 on all deposits
Supported currenciesMulticurrency account
Over 40 different currencies supported

Send money to 50+ countries

Local account details provided for
GBP/EUR/USD/AUD/NZD/HUF
Multi-currency account
15 different currencies supported

Standard IBAN & SWIFT/BIC
International bank transfers via SWIFTYesYes
Availability for Xolo Leap customersE-residents globallyE-residents globally
Customers currently not supportedCountries listed on TW website

US residents from the states not listed on TW website

FATF high-risk and non-cooperative jurisdictions
FATF high-risk and non cooperative jurisdictions
Remote online onboardingYesNo. Visit to Estonia required for a F2F bank meeting
Xolo Leap supported onboarding & KYCNo
A separate KYC process designed by TransferWise, no onboarding integration with Xolo Leap 
Yes
Integrated KYC process - pre-filled application forms, digital signing & pre-acceptance for a bank account before traveling 
Integration with Xolo LeapSeamless API integration - automatic sync of transactions and account balanceSeamless API integration - automatic sync of transactions and account balance
Mobile appYes
Mobile app for transferring money
Yes
Fully functional mobile banking application
Monthly feeNo monthly fees, no setup cost€100 setup fee and €10 monthly fee starting from 01.11.2018
-50% discount from LHV's regular price list for Xolo Leap customers
Bank cardsFree
TransferWise for Business Debit Mastercard
€2 per month
LHV Business Debit Mastercard
Online purchases supported
SEPA bank transfer feesA fixed chargeFree
Top up of the accountFree via bank transfer
Charges when adding by card
Free via bank transfer
Withdraw to bankA fixed chargeNot applicable
Account limits for transactionsLimits to USD transactions applyAdjustable, depending on your agreement terms
Support for payment gatewaysPayPal Business - Not recommended
Stripe - Yes
PayPal Business - Yes
Stripe - Yes
Other benefits & featuresTW has gained access to the UK Faster Payments Service (FPS) Switch between currencies & make payments at the best possible rate. No setup or monthly charges Instant local bank details in the UK, US Australia and the Eurozone:
GBP - Acc. No & Sort Code
EUR - Standard IBAN & SWIFT/BIC
USD - ABA & Acc. No
AUD - Acc. No & BSB code
NZD - Acc. No
HUF - Acc. No
International payments also available with currency exchange through TransferWise Secure online banking Fixed-term and demand deposits Free of charge SEPA payments, deposits and reasonable withdrawals
SourceTW BorderlessLHV Bank
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