Introducing Xumm On/Off-Ramps
The Xumm On/Off-Ramps service allows users to move fiat currency to and from the XRP Ledger.
Put simply, it allows Xumm Pro users to quickly and efficiently send fiat currency (only in Euros at this point) from their traditional bank account to their Xumm account and convert it into XRP.
When it comes time to "cash out" XRP, Xumm Pro users can use the service to convert XRP back into fiat and send their fiat back to their bank account.
This article discusses how Xumm On/Off Ramps work, how to get started with the service and many other common questions.
Needless to say, we are very excited to bring this service to the XRP Community and we hope you find it useful. We certainly enjoyed making it! 😊
Who is the Xumm On/Off-Ramps service for?
If you are new to the XRPL, setting up and activating a new account can be a challenging and confusing task. One of our goals is to make this process easy and straightforward.
The Xumm On/Off-Ramps service allows you send Euros from your bank account to your Xumm Pro account and convert it into XRP. You can then easily activate a new XRPL account and get started in participating in the XRP community.
For those who are already familiar with the XRPL, the Xumm On/Off-Ramps service should be your go-to service for buying and selling XRP.
Our conversion rates are among the best in the business. Our service levels rivals even the largest crypto exchanges and our security infrastructure is world class.
Dare we say, you're not going to find any company that can match our platform when it comes to price, service, security and convenience.
Who can use the Xumm On/Off-Ramps service?
We are currently offering this service to our customers in the Netherlands to start with.
After a short evaluation and testing period, the service will expand to other countries, one at a time. At this point, it looks like these will be the next three countries we expand to (but no promises...):
- Belgium
- Germany
- United Kingdom
What about North America? Asia? Africa?
The crypto space in North America is... complicated at the moment. When things settle down and the government is able to provide clarity, we will take another look into expanding across the pond.
We are working with industry partners to provide On/Off-Ramp services for North America (and other regions) but they may not provide rates as good as ours. Our services would still be a lot more convenient, user-friendly and secure compared to third-party exchanges but the rates might not be as competitive as they are here in Europe.
Keep in mind. This is our service. We are registered with the Dutch Central Bank. We use our infrastructure. We secure your personal information. No other party has access to it so you only have to deal with us. For those who have used Xumm from the beginning, you know how seriously we take security.
Do I need to subscribe to Xumm Pro in order to use the On/Off-Ramps service?
Yes.
The On/Off-Ramp service is part of Xumm Pro. In order to access it your must subscribe to Xumm Pro. There is an annual $60/€60 subscription fee to access Pro. This article explains all about Pro:
Are there any fees to setup the On/Off-ramp service?
Yes.
The Xumm On/Off-Ramp service costs $5/€5 per year. This is in addition to the $60/€60 per year for Xumm Pro.
Once you have Xumm Pro & On/Off-Ramp, there are no additional fees. Both deposits and withdrawal from your account are free.
What about exchange fees?
How do I prove I am a Dutch citizen?
We have a "two-of-three" rule. You need to have two out of three of the following:
- Dutch Bank account
- Living in the Netherlands (Proof of Address)
- Dutch Passport
As well, this service is not for businesses. People only.
Tell me a bit about the on-boarding process...
Note: If you get a new phone, you will need to go through the on-board process again so we can confirm your identity and link it to your new device.
Are there amount limitations to the On-Ramp part of the service?
You can on-ramp a maximum of €15k (15000 EUR) per rolling 365 days.
If you on-ramp 15K, then withdraw 10K, you will be able to on-ramp an additional 5K over the remainder of the 365-day period (counting from the date of the initial deposit).
Do I need a destination tag when sending to the On/Off-Ramp service?
No.
When sending fiat currency to the service, a destination tag is not required.
How does the Off-Ramp part of the service work?
You can off-ramp the maximum amount of XRP you On-ramped through us.
For example, if you On-ramped 1000 Euro and converted it to 2000 XRP, now you can Off-ramp 2000 XRP at the EUR rate the XRP is at when you want to Off-ramp.
So, let's say you On-ramped 1000 Euro and XRP had a value of .50 per Euro. You would receive 2000 XRP.
Now let's say that the value of XRP goes up to 2 per Euro. You could convert your 2000 XRP into 4000 Euro and Off-ramp that amount ...
2000 XRP x 2 Euro/XRP = 4000 Euro
... but, if the value of XRP goes down to .25 per Euro. You could convert your 2000 XRP into 500 Euro and still have the option to Off-ramp an additional 500 Euro at some future point.
2000 XRP x .25 Euro/XRP = 500 Euro
To confirm, if the price of XRP rises, you can get more EUR out than you sent in.
I have an XRPL account managed with Xumm. Can I Off-ramp my XRP through this service?
You can only Off-ramp the amount of XRP you purchased via the On-ramp service.
This restriction makes our service less open to abuse and is a lot less of a compliance risk. Less risk means it is easier to roll out, easier to manage and less questions for end users.
Why the 15k limit?
We operate in a heavily regulated industry under the supervision of the Dutch government. One of the (many) regulations we need to comply with is how much fiat currency a customer can on-board/off-board during a given year. The higher the limits, the higher the compliance requirements and the higher the fees.
One of our main goals is to be able to offer this service to as many people as possible in a convenient, secure and user friendly way. While there are certainly people who will be interested in higher limits, our research suggests that the vast majority of people will be satisfied with a 15K limit. As well, a 15K limit allows us to meet the compliance requirements with less interaction with our customers, saves cost on our side and will allow us to roll out our services in other countries.
Once we have completed the roll out, we will revisit our limits with our customers and see if the 15K limit still makes sense.
Notes
We understand that you might have additional questions regarding this topic so you are welcome to contact us any time via the XUMM Support xApp in XUMM or you can simply scan this QR code with XUMM and be directed there automatically.
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