Fiat24 Users: $13,000 for IBAN Transfers?

Today, I want to share a recent update about a financial service some of you might know: Fiat24. This platform allows crypto users to access traditional fiat services. With Fiat24, users can mint an NFT and receive a Swiss IBAN. This NFT acts as a digital ID. If the NFT is in your web3 wallet, any funds sent to your IBAN are deposited directly into that wallet.

However, in 2025, Fiat24 introduced a major change: Standard-level users can no longer receive third-party transfers via IBAN. To continue receiving such transfers, users must upgrade to a premium status, which costs at least 1,500 F24 tokens (over $13,000).

Here’s the problem: Users initially paid to mint an NFT (covering gas fees on Arbitrum or 1 F24 token) with the expectation of accessing services like receiving IBAN transfers. Fiat24 later withdrew this feature without offering compensation for the costs users incurred.

In traditional finance, such changes are common. But Fiat24 operates at the intersection of TradFi and crypto. This change underscores a key difference: With crypto, you can receive transfers without anyone’s permission, making restrictions like this impossible.

This highlights a crucial advantage of crypto over fiat: no one can block or limit your transactions. The more restrictions imposed, the more people will turn to crypto for their financial needs.

And if you hold one cryptocurrency while your counterparty needs another, you can always exchange it at the best rates on rabbit.io.