My friend encountered an unprecedented crisis when cashing out!!!

Not only was the cash-out account inexplicably frozen, but it also got caught up in a huge legal dispute, even facing hundreds of thousands in fines and years of imprisonment.

Have you encountered such problems? Is it true that the wealth you’ve accumulated over the years will just vanish? Are you ready to face the potential misfortune that may suddenly strike?

I have compiled a beginner’s guide to cashing out, with the least risk possible; it can be said that no other tutorial on the internet is as comprehensive, allowing you to secure your funds directly. So make sure to like, follow, and save this to avoid losing it. Cherish it!

It is important to understand that the first step in overseas cashing out is to resolve the global receipt issue, so you need an account to receive payments from global users!

Step One

You can find an agent on Taobao, pay 2,000 RMB, and in two weeks, register a company in the US or UK.

As a legitimate global receipt channel, a reasonable overseas entity is required. There are many ways to open an overseas entity; if you are overseas, it will be more convenient. If you are domestically situated, the above-mentioned Taobao agency registration plan or an agency website registration can be chosen.

The agency website requires creating an account, scanning your passport, and completing the entire process on the website, after which you will receive an email to verify the information. The registration fee is in the dozens of dollars, taking about a week.

Step Two

Many verifications require an overseas mobile phone number, so you need to apply for an overseas SIM card, which can normally receive SMS verifications domestically. Search on Taobao, buy a UK SIM card, after it is mailed home, activate it on the official website, and purchase the lowest package available, which is about £6 per month. After activation, you can receive SMS verifications for various global products domestically. You see, just this little bit of information difference, the entire internet won't tell you.

Step Three

After successfully registering a UK company, you will receive an email with the registration information of the UK company, including the entity name, entity business number, entity address, etc. Use this information to apply for a UK bank account on Wise.

Note: If Wise restricts opening a UK company account, you can use Wanlihui as an alternative; Wanlihui is a product under Alibaba, and opening an account is relatively easier.

For example, you can choose to open a USD account, a GBP account, and a EUR account for foreign currency receipts.

Step Four

After successfully opening a corporate account, you can apply for a third-party payment platform merchant, with Stripe being the first choice.

When creating a new merchant on Stripe, you need to fill in basic company information, the legal person's name, address, business description, etc.

A Stripe account can open multiple merchant accounts, using the same entity information. If your business has a diverse product line, you can create multiple Stripe merchants to connect each product to a Stripe merchant, reducing the risk of putting all your eggs in one basket.

With a corporate entity and corporate account in place, creating a Stripe merchant can generally be approved quickly. You may be asked to upload address proof documents, and using the company's registered address will suffice.

Of course, besides Stripe, there are other third-party payment platforms that can be used as alternatives; you can open several to prepare for emergencies!

Step Five

After using a third-party payment platform to receive funds for a period, there will be a certain accumulation of funds in your third-party merchant account.

You can choose to withdraw funds to your overseas bank account, usually needing to select the currency for withdrawal and set it for automatic withdrawals by time or amount, or withdraw manually.

And all these operations, the funds are legally and reasonably existing in your overseas account. If you have no plan or intention to cash out, how should you spend?

We have completed the entire process of global receipts, and now we can consider how to spend these funds.

There are many ways to spend; the most common spending plans include using the funds from an overseas corporate bank account to purchase goods and services. Wise not only allows the opening of corporate accounts but also supports personal account openings. A corporate Wise account can provide multiple physical or digital cards for the legal person or team.

Digital cards can be directly linked to Apple Wallet for consumption, or for online payment services such as ChatGPT, Claude's membership subscription services, etc.

Final Step

How to transfer money from an overseas corporate account to an overseas personal account for spending abroad; if you are preparing for a trip abroad, you might want to transfer money from the overseas corporate account to a personal bank card for direct offline spending abroad.

Applying for ZA Bank (Zhong An Bank) is relatively simple. If you are in Hong Kong, connect to Hong Kong Wi-Fi, download the ZA Bank App, and apply online to quickly open a personal bank account.

Apply for a physical card to be mailed in the App, and you can receive it in about three days domestically.

Some friends also go to Hong Kong to open a HSBC account; it has been proven effective to directly apply for the Premier Card in the VIP lounge.

The money from the overseas corporate account can be transferred to the overseas personal account, linked to WeChat Pay, for spending domestically, as people prefer WeChat and Alipay payments domestically.

If you are used to using WeChat Pay, you can enter 'Hong Kong wallet activation' in the WeChat search box, go to the self-service activation page, choose 'link a bank account issued in Hong Kong', and link the previously activated Bank of China Hong Kong card to activate the Hong Kong wallet.

The Hong Kong wallet is linked to ZA Bank, requiring verification of a Hong Kong ID. If we don't have a Hong Kong ID, we can only link a Bank of China Hong Kong card, and then transfer the money from ZA Bank to the Bank of China Hong Kong card, and spend through the Hong Kong wallet on WeChat.

Money from an overseas corporate account can be transferred to an overseas personal account and then to a domestic personal account for spending domestically; some may want to use domestic bank cards to pay for mortgages and transfer money from their overseas personal accounts to domestic bank cards.

This plan is available in the Bank of China Hong Kong App, which has a 'Bank of China Fast Remittance' feature to transfer to domestic bank cards. There is also a 'Easy Account Opening' feature that supports remittances to the same-name account of the Bank of China in Guangdong Province.

If you use ZA Bank or other Hong Kong bank accounts, you can transfer money to domestic bank cards through products like 'Panda Fast Remittance'.

Have you learned? This is the safest practice on the entire internet! No exceptions.

If you have any questions, feel free to ask me in the comments!

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