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

Last updated: March 28, 2018

Your Xolo Leap account works best with the integrated Xolo bank account that is provided by our banking partner, Wirecard. The Xolo Leap bank account is fully integrated with us, this means that you will be able to apply for the account through us, and that you will be able to perform banking procedures like making payments, checking your balance from the Xolo Leap self-service, with no need to use the bank's own platform.

In addition to the Xolo Leap bank account, we can also support an LHV business bank account and the TransferWise borderless electronic money account. However, please note that TransferWise is supported only in Leap Pro and Growth price plans. For more details and differences between the banking options supported, please see the table below:

xolo-logo.svgXolo Leap powered by Wirecardtw-flag-transparent.png

TransferWise Borderless
Account typeBusiness bank accountElectronic Money account (i)Business bank account
Guarantees on deposits€100 000
German state-backed guarantee of €100 000 on all deposits
Not 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 currenciesEUR only
Incoming transfers in other currencies will be converted into EUR according to Wirecard exchange rates
Multicurrency account
Over 40 different currencies supported

Send money to 50+ countries

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

Standard IBAN & SWIFT/BIC
International bank transfers via SWIFTIncoming SWIFT payments supported, outgoing payments only possible via SEPAYesYes
Availability for Xolo Leap customersE-residents globallyE-residents globallyE-residents globally
Customers currently not supportedFATF high-risk and non-cooperative jurisdictions

Countries listed in this FAQ article
Countries 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 onboardingYesYesNo. Visit to Estonia required for a F2F bank meeting
Xolo Leap supported onboarding & KYCYes
Fully integrated onboarding process, you apply for the account through Xolo's website
No
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 LeapFull integration, users can perform banking procedures directly from the Xolo Leap self-serviceSeamless API integration - automatic sync of transactions and account balanceSeamless API integration - automatic sync of transactions and account balance
Mobile appYesYes
Mobile app for transferring money
Yes
Fully functional mobile banking application
Monthly feeSetup and monthly fee are included in your Xolo Leap 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
Xolo Leap Business Debit Mastercard
Free
TransferWise for Business Debit Mastercard
€2 per month
LHV Business Debit Mastercard
Online purchases supported
SEPA bank transfer feesFreeA fixed chargeFree
Top up of the accountFree via bank transferFree via bank transfer
Charges when adding by card
Free via bank transfer
Withdraw to bankNot applicableA fixed chargeNot applicable
Account limits for transactionsPlease contact our customer service for the limits placed on the accountLimits to USD transactions applyAdjustable, depending on your agreement terms
Support for payment gatewaysPayPal Business - Yes
Stripe - Yes
PayPal Business - Not recommended
Stripe - Yes
PayPal Business - Yes
Stripe - Yes
Other benefits & featuresYou will be able to run your company's finances directly from your Xolo Leap self-service.
Initializing payments, viewing account balance etc. everything can be done via our self-service dashboard
TW 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
PLN - 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
SourceXoloTW BorderlessLHV Bank
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