This section are some FAQs about the SafePal Fiat gateway and Fiat24 IBAN Account
What is the SafePal Mastercard?
The Master debit card jointly issued by SafePal and Fiat24. This card can be linked to third-party payment platforms to utilize the funds in your IBAN account, such as Google Pay, Apple Pay, Samsung Pay, and more.
By simply depositing your crypto into the IBAN account, the Mastercard can be conveniently used for various transactions and expenses.
What are EUR24, USD24, CHF24 tokens?
Fiat24 adopts the web3 operating model and establishes its IBAN 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, an EUR24 token will be issued 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 IBAN account. When you transfer funds from your Fiat24 IBAN 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 IBAN feature?
As a decentralized wallet, SafePal does not require users to do any KYC processes.
However, if the user wants to use the SafePal Fiat gateway and Mastercard, that requires a Fiat24 IBAN 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 Fiat 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 IBAN account. This information is only stored internally at relevant departments of the Fiat24 IBAN account.
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 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?
1. IBAN account transaction limit. Refers to the transaction limit of Swiss IBAN accounts. Remittance, currency exchange, and consumption will consume the limit. Account limits are divided into two levels by region: $100,000 per month and $1,000 per month. For details, please refer to "SafePal Fiat Gateway Service Area". Mainland China is $100,000/month.
2. IBAN card spending limit
Currently issued cards are $20,000 per month, $10,000 per day, limited to 100 transactions per day, and 500 transactions per month.
In addition, there are two higher-level cards that have not yet been issued to ordinary users, namely $200,000 per month and $1 million per month. Upgrade plans should be launched for high-end users in the future.
3. Consumption limits on third-party platforms
WeChat: 3,000 yuan/transaction, 3,000 yuan/day, 15,000 yuan/year
Alipay: The minimum limit for a single payment is 0.1 yuan, the maximum limit for a single payment is no more than 3,000 yuan, and the maximum annual cumulative payment amount is no more than the equivalent of 10,000 US dollars (about 70,000 yuan)
What is Account NFT? Why is creating an account Mint NFT?
Fiat24 is a Web3 IBAN 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 IBAN credentials. Minting an NFT unique to you is the equivalent of creating your own IBAN 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 b IBAN 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 also need to be transferred. Only by transferring the NFT first then the assets can you continue to manage these assets.
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 IBAN customer service for assistance: https://t.me/fiat24bot
What should I do if my wallet's private key is leaked?
If your NFT and assets have not been stolen, please transfer the IBAN account NFT to another of your wallets. After the transfer is completed, transfer your asset tokens to the same new wallet. You can use IBAN services through the new wallet.
If your assets or NFT have been transferred, please contact the IBAN customer service to retrieve it: https://t.me/fiat24bot
I applied for a refund after purchasing a Mastercard. 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 IBAN account 3-5 working days after the merchant completes the refund operation. Please wait patiently. Please contact Fiat24 customer service for assistance: https://t.me/fiat24bot
Can the Fiat24 registered by my own email be bound to SafePal?
Yes, SafePal has supported pairing your own registered Fiat24 IBAN account with SafePal App.
