FAQs about the SafePal Banking Gateway and Visa Card

This section are some FAQs about the SafePal Banking gateway and Fiat24 Bank Account

• What is the SafePal Visa Card?
• What are EUR24, USD24, CHF24 tokens?
• Why do I need to do KYC and open location permissions for the bank feature?
• How do the Account tiers and points work?
• What are the spending limits?
• What is Account NFT? Why is creating an account Mint NFT?
• Is it possible to transfer the account to another wallet address? Will the assets in the account be transferred accordingly?
  
• Can multiple accounts be created with one wallet address?
• What should I do if my registration fails or my account is banned?
• What should I do if my wallet's private key is leaked?
• I applied for a refund after purchasing a Visa card. How long will it take for the refund to be successful?

What is the SafePal Visa Card?

The Visa debit card jointly issued by SafePal and Fiat24. This card can be linked to third-party payment platforms to utilize the funds in your bank account, such as Google Pay, Apple Pay, Samsung Pay, and more. 

By simply depositing your crypto into the bank, the Visa card can be conveniently used for various transactions and expenses.

What are EUR24, USD24, CHF24 tokens?

Fiat24 adopts the web3 operating model and establishes its bank transaction system on the Arbitrum chain. Your assets are securely recorded on the blockchain, and all transactions take place within the blockchain network. 

When you deposit 1 euro into your account, the bank will issue a EUR24 token to your Arbitrum address. The value of EUR24 is pegged to the euro, while USD24 and CHF24 are pegged to the prices of the US dollar and Swiss franc respectively.

Having EUR24, USD24, and CHF24 in your wallet signifies that you possess the equivalent amount of legal currency in your Fiat24 bank account. When you transfer funds from your Fiat24 bank account, the EUR24, USD24, and CHF24 tokens in your wallet will be accordingly debited.

It's important to note that if you transfer EUR24, USD24, and CHF24 to a wallet that is unregistered with Fiat24, these assets will be frozen. Only by transferring the account credentials NFT to this address can the funds be accessed (if you do not have the private key of this wallet, the funds will be lost forever). 

If funds are transferred to another wallet linked to a registered Fiat24 account, these funds will become part of that account. Exercise caution to avoid loss of funds by refraining from arbitrary transfers.

 

Why do I need to do KYC and open location permissions for the bank feature?

As a decentralized wallet, SafePal does not require users to do any KYC processes.

However, if the user wants to use the SafePal banking gateway and Visa Card, that requires a Fiat24 bank account. The KYC and onboarding process are conducted by Fiat24 for compliance, and any user information used in registration will only be accessible by relevant departments of Fiat24.

SafePal does not collect or have access to any user information used in the KYC and onboarding processes, and is only providing a gateway for users to access the banking services of Fiat24. 

In adherence with data protection laws, SafePal does not store or have access to any of the personal information used to register for the Fiat24 bank account. This information is only stored internally at relevant departments of the Fiat24 bank.

How do the account tiers and points work and what happens to them when I transfer the corresponding account credentials NFT?

Users can learn more about the card tiers and point system in the official blog here.

If the account credential NFT is transferred, the card tiers and points will be transferred accordingly to the new wallet address.

If a user pledges SFP and transfers the NFT away while it is still locked, the points obtained by staking will also be transferred away, but the pledged SFP will not be transferred. Users can continue to stake and earn points with the new wallet address with the NFT.

However, the account credentials NFT need to be transferred back before users can claim back the pledged SFP. ( A separate Claim page is being worked on to deal with this situation in the future). For this reason, it is not recommended to transfer the account credentials NFT to any other wallet address if the user is pledging SFP for card tier points.

What are the spending limits?

Generally, the transaction limit is 100,000 CHF per month. This limit applies to Visa card expenses, top-up/deposits, bank transfers and currency exchanges. (The Fiat24 bank may make adjustments for certain users due to risk management policies).
For Visa cards, the limit for contactless payments is 1,600 EUR per day and 5,000 EUR per day for other payment methods. The monthly consumption limit is the same as the transaction limit.

What is Account NFT? Why is creating an account Mint NFT?

Fiat24 is a Web3 bank that operates differently from traditional financial institutions. Unlike conventional banks, Fiat24 doesn't rely on account numbers or passwords for authentication. Instead, it uses NFTs as digital bank credentials. Minting an NFT unique to you is the equivalent of creating your own bank account. To access your funds, identity verification is done through private key signatures, rather than certificates or transaction passwords. Since owning the NFT grants you control over your bank account, it's important to keep your account NFT secure and refrain from transferring it to others.

 

Is it possible to transfer the account to another wallet address? Will the assets in the account be transferred accordingly?

NFT can be transferred to other wallet addresses that do not hold Fiat24 NFT, but the assets will not be transferred with it. After the NFT is transferred to another wallet address, the original assets will be frozen. Only by transferring the NFT back to the original address can you continue to manage these assets. The bank account transfer can be completed by first transferring the assets and then transferring the NFT.

Can multiple accounts be created with one wallet address?

Only one account NFT can be minted per wallet address. Even if the NFT is transferred out, it cannot be minted again.

What should I do if my registration fails or my account is banned?
Please contact Fiat24 bank customer service for assistance: [e-mail]

What should I do if my wallet's private key is leaked?
If your NFT and assets have not been stolen, please transfer the assets to another of your wallets. After the transfer is completed, transfer your NFT to the same new wallet. You can use banking services through the new wallet.
If your assets or NFT have been transferred, please contact the bank customer service to retrieve it: https://t.me/fiat24bot

I applied for a refund after making a purchase through a Visa card. How long will it take for the refund to be successful?
If your consumption generates a refund, the refund amount will be returned to your bank account 3-5 working days after the merchant completes the refund operation. Please wait patiently. Please contact Fiat24 bank customer service for assistance: https://t.me/fiat24bot