A custodian is the channel through which you deposit and withdraw fiat currency on XREX. We partner with custodian banks to securely store and manage the fiat assets in your XREX account, ensuring smooth and efficient transactions between your XREX and bank accounts. The custodian banks partnered with XREX are:
KGI Bank
Far Eastern International Bank
Please note that the custodian banks and currencies available to you may vary based on your nationality, residence, or company incorporation country, to comply with legal regulations in different jurisdictions. Even for the same currency, the limits offered by different custodian banks may differ slightly. If you wish to switch custodians, we recommend confirming the relevant information and displayed figures directly through the XREX App before making the switch, as the actual details will be presented on the screen.
In the future, we will continue to collaborate with more banks to offer additional custodian options, giving you greater flexibility in managing your fiat currency transactions. Stay tuned for our latest updates!
Who is eligible to switch USD custodian banks?
At present, XREX offers FEIB and KGI as custodians for USD. To determine which one applies to you, please refer to this article: What are the differences between the different USD custodians?
Who is eligible to switch TWD custodian banks?
Currently, the multi-custodian service is available to:
Taiwan nationals.
Foreign nationals holding a valid Taiwan Alien Resident Certificate (ARC).
Corporates incorporated in Taiwan.
For users from other nationality/residency, stay tuned - more details are coming your way!
Can I use different TWD custodians at the same time?
No, you can only have one active custodian of a currency at a time. If you wish to switch to a different custodian, you must first complete the verification process for the new custodian. Once switched successfully, your previous custodian will be automatically disabled, and all custodial services will be managed under the newly selected custodian.
Are there any fees incurred when switching custodians?
Yes, a service fee will be applied when you switch custodians. The fee ranges from NT$0 to NT$100, depending on the balance in your current custodian account. Please review your balance and plan accordingly before proceeding with the switch. Here’s an example:
| Current custodian’s balance (TWD) | Actual charge (TWD) | The amount that will be transacted to new custodian (TWD) |
Case 1 | 0 | 0 | 0 |
Case 2 | 50 | 50 | 0 |
Case 3 | 100 | 100 | 0 |
Case 4 | 1000 | 100 | 900 |
Can I switch back to my previous custodian if needed?
Yes, you can switch back to your previous custodian. If it's a new custodian for you, you must first complete the verification process. If you already have a linked and verified account with the custodian, you can use it directly without needing to verify it again when switching. Please note that once a switch is successfully completed, there is a 24-hour cooling-off period for another switch and fiat withdrawals under that currency. Please consider this when planning your transactions.
Why am I unable to proceed with switching custodians?
There are several conditions that may prevent you from switching custodians. Please review the following:
Ongoing Applications: If you have submitted a bank account application with the current custodian and are waiting for verification results or need to provide additional documents, please wait until the process is completed.
Pending Funds: Please ensure that any pending fiat-related activities with your current custodian are resolved. This includes closing or clearing transactions such as deposit and withdrawal requests or any positions involving fiat transactions.
Rejected Bank Account: If you have a rejected bank account, you must delete it from your account before proceeding.
Please address these issues and try again. If you continue to experience problems, feel free to contact customer support for assistance.