Ripple update: If you plan on using Uphold for your XRP to USD bank withdrawals, think again.
Don’t know if it’s been mentioned, but since Uphold recently had the XRP/USD pairing, I decided to start playing with it.
The bank to XRP is extremely slow, 7-9 days, but where it lacks in speed it makes up for in locking in your price.
Today, I decided to test the withdrawal back to bank to test those speeds, check fees, even test transferring out to my cold wallet. Any transfer from Uphold, whether it be bank or another wallet, comes with a hefty fee. Since you have to send $50 when withdrawing to bank, that’s what I tested. Sending 125XRP comes with a 10XRP fee, and that fee percentage is the same if sending to your wallet as well. Sent 62XRP to my Ledger, and it is hit with a 7.5XRP fee.
I only write this as a caution for anyone that had this exit plan, but hasn’t had a chance to test it yet. Comes out to about 7.95% per withdrawal. So if you have a bag of 10k plus, be prepared to lose **795XRP+** for that withdrawal!
About Ripple (XRP)
Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. XRP is the fastest and most scalable digital asset today.
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