SafePal Zero Fee Banking Campaign for its CeDeFi Banking gateway

SafePal is excited to announce the launch of a Zero-fee campaign for its CeDeFi Banking gateway. Users who open an bank account in the SafePal App before December 31st (based on KYC approval) will enjoy a 90-day period where deposit and on-ramp fees will be waived in the form of rebates. 

After completing account creation and activation, users will enjoy a waiver in the form of rebates for all on and off-ramp fees. (These rebates can be redeemed in the reward center, and require a total balance of 5 USDC before redemption is possible.)

Note: Rebates will only apply for routes where service fees are charged. For selected routes, the fees may directly be subsidized to 0. It might take a few minutes to refresh the rebates for further redemption. Please wait for a few minutes to view the latest rebates upon order completion.

The major differences between the SafePal banking service and other crypto pre-paid cards

Currently, most cards in the crypto industry are generally just cards with pre-stored value, where the user needs to top-up the card balance for usage. In this case, the user’s funds are deposited in the card issuer’s institutional account, and the user does not have a separate bank account.

This is akin to the card issuer opening a corporate account in the bank, and then sending the user a corporate employee card. Such cards do not have a separate bank account and do not support transfer and withdrawal, and are only for expenditure. When the enterprise account encounters a problem, it will directly lead to all issued bank cards becoming invalid and unusable.

The SafePal banking gateway is different in the following way:

Upon successful registration and creation of their account, users have their individually owned separate compliant Swiss Bank Accounts (licensed by FINMA) where they can deposit USDC, USD, Euros and other fiat currencies. In addition, the bank account is currently equipped with a VISA virtual card, which can be bound to established payment providers such as Apple Pay, GooglePay, Paypal, Samsung Pay, and more for convenience usage and direct deduction from the bank account balance.

SafePal banking gateway also supports fiat currency deposits and withdrawals, as well as bank transfers in a compliant manner — It offers exchange between currencies such as USD, Euros, Swiss Francs, and RMB, and has the most competitive rates compared to other providers in various account tiers. 

More details on SafePal website.