XREX Exchange has upgraded its New Taiwan Dollar (TWD) deposit and withdrawal services by integrating KGI Bank as an additional custodial banking partner. Starting January 9, 2025, users can choose between KGI Bank and Far Eastern International Bank for smoother and more compliant TWD transactions.
This enhancement offers users greater flexibility, improved security, and a more seamless experience when moving funds between their bank accounts and XREX Exchange.
Introduction to XREX’s Upgraded TWD Services
The integration of KGI Bank marks a significant step in XREX’s ongoing effort to build a robust, user-friendly TWD and crypto ecosystem. Since June 2024, XREX and KGI Bank have collaborated on USD trust and settlement services. This new TWD custody service further deepens that partnership.
Users can now select their preferred custodial bank directly within the XREX website or mobile app. This upgrade not only meets diverse user needs but also paves the way for greater integration between traditional finance and blockchain-based financial solutions.
What Is a Custodian Bank?
A custodian bank partners with exchanges to offer fiat currency deposit, withdrawal, and trust custody services. Through bank-level fiat trust structures, user assets are held separately from the exchange’s operational funds. This segregation enhances transparency and security for all customers.
Currently Supported TWD Custodian Banks
XREX now offers two trusted banking options for TWD services:
- KGI Bank
- Far Eastern International Bank
This dual-bank system provides users with optionality and reinforces the safety of their transactions.
Key Considerations When Selecting a Custodian Bank
All verified users who are either citizens of the Republic of China or foreign residents holding a valid Alien Resident Certificate (ARC) can switch between the two custodian banks. Below are four essential points to keep in mind.
Annual TWD Deposit Limit
All XREX accounts are subject to an annual TWD deposit limit of 3 million TWD. Users can also apply for an elevated "Premium Limit" of 6 million TWD.
This annual cap is applied at the account level. It remains unchanged regardless of which custodian bank you use or how many times you switch within a year.
Per-Transaction and Daily Limits
Limits for single transactions, daily totals, and monthly accumulations are determined by the policies of the custodian bank you have selected. Users should review these limits for each bank and choose the one that best fits their transaction needs.
One Active Custodian Bank at a Time
Users may link any personal TWD bank account to their chosen custodian bank for sending or receiving funds.
However, only one custodian bank can be active per user at any given time. Similarly, a single external bank account can only be linked to one custodian bank simultaneously for security and compliance reasons.
Handling Fees for Switching Banks
Switching your custodian bank may incur a handling fee. Once you switch, XREX will automatically deactivate your previous custodian bank, and all future services will be managed by the newly selected bank.
If you have a TWD balance in your XREX wallet at the time of switching, those funds will be transferred between the custodian banks. This transfer incurs a fee ranging from 0 to 100 TWD, depending on the amount being moved.
It is advisable to check your TWD balance and plan accordingly before initiating a switch.
Benefits of the Expanded Custodian Network
Adding KGI Bank as a custodian option brings two major advantages to XREX users.
Freedom to Choose Your Bank
Users now have the freedom to select between Far Eastern International Bank and KGI Bank based on their personal preferences and banking habits. This choice empowers users, enhances transaction flexibility, and strengthens the overall security and transparency of their assets.
Paving the Way for Future Financial Innovation
Both partner banks are recognized for their innovative approaches and adoption of new technologies. Their collaboration with the cryptocurrency sector lays a solid foundation for future blockchain-based financial solutions.
By working closely with these institutions, XREX aims to deliver a smoother, more reliable trading experience and support the continued growth of the blockchain ecosystem.
👉 Explore advanced banking options
Frequently Asked Questions
What is a custodian bank in cryptocurrency trading?
A custodian bank provides essential fiat currency services for exchanges, including deposits, withdrawals, and trust custody. It ensures user funds are held securely and separately from the exchange’s assets, adding a layer of protection and compliance.
Who is eligible to use the TWD services on XREX?
Citizens of the Republic of China and foreign nationals with a valid Alien Resident Certificate (ARC) who have completed all required verification steps can use XREX’s TWD deposit and withdrawal services.
Does switching my custodian bank affect my annual deposit limit?
No. Your annual TWD deposit limit is tied to your XREX account, not your custodian bank. The limit remains the same even if you switch banks during the year.
Are there fees for changing my custodian bank?
Yes. If you have a TWD balance when you switch, a transfer fee between 0 and 100 TWD will be applied based on the amount being moved between banks.
Can I use both custodian banks at the same time?
No. For security and compliance reasons, each user can only have one active custodian bank linked to their XREX account at any time.
Where can I learn more about specific bank limits and policies?
You can find detailed information on transaction limits and policies for each bank within the XREX support center or website help sections.