Here's what happened. Elizabeth, a cryptocurrency influencer on X, recently posted a post about how she used OTC to withdraw funds back to China, but encountered money laundering by merchants, which resulted in 340,000 RMB being frozen by Brother Jing.
Later, someone had 3 million yuan frozen by a large law firm, but he did not hire a lawyer, and eventually the money was transferred away and spent.
Today, I will explain the legal and compliant ways to withdraw money from the cryptocurrency market! Thanks to Binance for your support!
I feel sorry for Dabai. Look at my shared withdrawal path. All accounts can be opened remotely. You only need a passport.
USDT - Kraken - Ifast Bank - OCBC Singapore Overseas Chinese Bank
USDT - Kraken - Wise - OCBC Singapore
USDT - Kraken - Ifast Bank - Dukascopy Bank
USDT - Kraken - Wise - Dukascopy Bank
1. Funds out of the country
1.1 Bank exchange, convenient exchange limit of 50,000 USD (350,000 RMB), bank exchange and wire transfer abroad, or transfer between banks with the same name such as HSBC;
1.2 Panda Express, which is faster than telegraphic transfer, is a cooperative remittance provider of Alipay and WeChat, with an additional credit limit of US$50,000 per year;
1.3 Each person already has 100,000 US dollars per year, which is about 700,000 RMB. If it is still not enough, you can trade C2C on exchanges such as Binance, buy USDT with RMB (the chance of freezing the card is extremely small), withdraw USDT to overseas compliant exchanges such as Kraken (supporting public accounts to withdraw foreign currencies), convert USDT into USD and other foreign currencies and wire them to overseas bank cards (more details in the tutorial), so that the limit is unlimited;
1.4 Physically bringing RMB cash to Hong Kong is limited to 20,000 yuan per person per day (there are additional limits for foreign currencies, which are not discussed here), and everyone can show their talents;
The overseas accounts I opened remotely in China with full set of Chinese information are:
Singapore OCBC Bank and Swiss Dukascopy Bank both have physical bank cards that can be used to access brokerage funds and foreign exchange transactions.
UK Wise and Ifast Global Bank are suitable for transferring and receiving funds from accounts with the same name, and the interaction fees are very low.
1.1 OCBC is an account suitable for savings and consumption. It is strongly recommended to open a physical card.
OCBC is the full name of Singapore Overseas Chinese Bank, the second largest bank in Singapore. It has been ranked among the top three "safest banks in the world" for many years in a row. This article will introduce the account opening conditions, procedures, fees, etc. of OCBC.
Below is the account opening process, which can be completed remotely in 15 minutes.
Required Materials
For passports with a validity period of more than 6 months, it is not necessary to have valid for 6 months after issuance.
Mobile phone with NFC function (for scanning the chip in passport)
Valid ID card (front of the ID card needs to be photographed)
Mobile phone number in mainland China (for receiving verification code)
Top up more than 1000 SGD within 6 months to activate your account (and receive cash rewards)
OCBC cards can be linked to Alipay, WeChat, Apple Pay, Google Pay, or you can scan the QR code in the app
(No handling fee for orders below 200 yuan)
Enter the referral code [2U78FDOS] to get 15 SGD
Top up more than 1000 SGD within 6 months to activate your account (and receive cash rewards)
OCBC Bank official website: https://internet.ocbc.com
Account opening process video: https://youtu.be/KFv-xZ5q--A
The whole process can be completed at home! Then I tried to open an account and scan the Alipay code (without taking up the 50,000 USD foreign exchange quota) for my friends to make it easier. I also stepped on some pitfalls and summarized this super comprehensive tutorial!
1.2 Dukascopy Bank
Dukascopy Bank is an innovative Swiss online bank that provides Internet and mobile trading services (mainly foreign exchange, precious metals and binary options), banking and other financial services through its innovative patented technology solutions.
The company is headquartered in Geneva, Switzerland and was founded on November 2, 2004.
Dukascopy Bank is regulated by the Swiss Financial Market Supervisory Authority (FINMA) both as a bank and as a securities dealer.
Dukascopy Bank Europe (IBS AS) is an EU licensed investment brokerage firm wholly owned by Dukascopy Bank SA, incorporated in Riga and Latvia.
Dukascopy Bank also has offices in Zurich, Riga, Kiev, Moscow and Hong Kong. Currently, Dukascopy Bank has more than 250 employees.
Dukascopy Bank provides trading services via the Internet and mobile terminals through Swiss FX Market (SWFX), Dukascopy Bank ECN patented technology solution and registered trademark.
Swiss Dukascopy Bank China full set of information remote account opening, 0 management fee 10 euro reward and Mastercard physical card
Introduction to opening an account with Dukascopy Bank in Switzerland.
Support cryptocurrency deposits,
There are brokerages that buy stocks and foreign exchange transactions.
There is no management fee forever, and there is a physical card.
Full set of mainland information can be used to open an account
Let me briefly talk about how to deposit money after opening an account. It is also very simple. There are 7 ways. I will simply show you the commonly used bank transfer method with a screenshot. As shown by the red arrow in the figure below, I chose to deposit money to my Hong Kong account in my bank account to activate it. A collection and receiving bank information was generated. We can transfer money to our bank as required. Okay, that's it. Welcome to leave a message in the comment area to correct me.
Registration website: https://dukascopy.bank/swiss/?lang=cn
Referral code (free permanent management fee): ZET-HM6
Opening process video: https://youtu.be j2iOdAvJNU8
1.4 Physically bringing RMB cash to Hong Kong is limited to 20,000 yuan per person per day (there are additional limits for foreign currencies, which are not discussed here), and everyone can show their talents;
2. Repatriation of funds
2.1 Bank settlement: wire transfer of foreign currency from overseas banks
Return to your foreign currency account in a domestic bank and settle the exchange when necessary, occupying the annual USD 50,000 convenient purchase and settlement quota;
2.2 Panda Express, WISE, We Remit, Koala Express and dozens of other platforms are all OK. Each platform has its own quota, but they are relatively independent and non-shared, so the total quota is large enough (the supervision of funds returning to China is not as strict as that of funds going abroad, so there are many companies doing it, and Panda seems to be the only one that is doing big abroad). Through these platforms, the probability of being asked to show proof of funds when transferring back to a mainland bank card to convert it into RMB is extremely small.
1.3 Introduction to opening an account with Wise, an international transfer tool. Low fees and support for multiple currencies. Accounts can be opened with mainland identity. Physical cards require a foreign address.
advantage
✅Supports registration with Chinese mainland identity
✅Open an account online without leaving your home
✅You can add about 29 different currency accounts
✅Supports bank accounts in about 10 different currencies, such as US accounts, European accounts, UK accounts, Singapore accounts, etc.
✅The currency exchange rate is very good and the handling fee is low
✅Wise card ATM withdrawals are free twice a month. In the UK, it is free for amounts under 200GBP. Click to view detailed fee information for Wise cards.
✅Wise Card supports physical cards and virtual cards, and can add Apple Pay, payment ChatGPT, AppStore, a physical card of up to one, a virtual card of up to 3, suitable for daily consumption
Introduction to opening an account with Wise, a magical tool for international transfers. It supports currencies from multiple countries at low cost. You can open an account with a mainland identity. The physical card requires an overseas address. It is an excellent transfer account.
✅Wise Card supports physical cards and virtual cards, and can add Apple Pay, payment ChatGPT, AppStore, a physical card of up to one, a virtual card of up to 3, suitable for daily consumption
If I have to say, a person is only allowed to open one Wise account 😉, and if the account is blocked, you can never open a new account again, which means we'll see you in the next life📷. There is also a fee for ordering a Wise physical card, 7GBP, and free delivery by ordinary mail
Wise registration link (transfers within $500 are free of charge):
https://wise.com/invite/dit/yuc126
1.4 iFast Global Bank account opening:
The best digital bank account in the UK for transferring funds back to Alipay. I recommend a digital bank in the UK:
iFast. Get a regular bank account in the UK from mainland China without leaving your home
Ifast Bank registration link (no management fee, deposit of 500 pounds will get a bonus of 40 pounds):
https://ifastgb.com/tellafriend/chenxiy999
Why risk isolation? Because it is a formal bank account with the same name, other financial institutions are more likely to regard it as safe funds; the holding cost is also low enough. Therefore, it is a good channel for funds transfer.
As we all know, foreign countries strictly regulate account funds and it is easy to close accounts. Cheap No account management fee, no minimum deposit requirement, no handling fee for transferring pounds within the UK; no fee for transferring SGD from GBP to Singapore OCBC.
Account opening operation video: https://youtu.be/Fj5Wq2COvvs
1. Withdraw funds to Hong Kong card, and you can withdraw funds from domestic ATMs or bind Alipay/WeChat for consumption.
2. If you withdraw funds to other overseas banks, you can remit them back to your domestic bank card through intermediary platforms such as Panda Express and WISE (excluding direct wire transfers, which are very slow and may require proof of source of funds. The Cloud QuickPass merchant payment code for returning to China is a bit gray and is not mentioned for the time being)
Why: Why register
Risk Isolation
Since it is a regular bank account with the same name, other financial institutions
It is easier to regard it as safe money; the holding cost is also low enough. Therefore, it is a good channel for funds transfer.
As we all know, account funds are strictly regulated abroad and accounts are easily closed.
Cheap
There are no account management fees, no minimum deposit requirements, and no fees for transferring GBP within the UK[2]; there is no fee for transferring GBP to SGD to OCBC Singapore.
Ability to open an account through the cloud
You can open an account with an ID card or passport, proof of address, and a recorded video (not a real customer service) answering a few questions in Chinese.
Interest
Fixed Deposits
2.3 It is not recommended to use USDT to withdraw RMB back to China, because the chance of card freezing increases;
2.4 The daily limit for withdrawing cash from ATMs in China with foreign cards such as OCBC and Dukascopy is 20,000. Some cards can be adjusted to 80,000 in the backend, with no upper limit. However, you need to pay attention to the frequency and card maintenance to avoid card cancellation, or use Hong Kong cards to swipe POS machines for direct consumption. Some cards can be bound to WeChat, Alipay, and Cloud QuickPass for consumption;
2.5 Exchange RMB in Hong Kong and bring it back to China physically, with a limit of 20,000 yuan per person per day (not including foreign currency), everyone can show their talents;
I am not talking about underground banks, people who buy and sell goods, freight forwarders, U cards, luxury goods transfers, corporate routes and other high-risk/low cost-effective/complex channels. If you have any good new methods, you can also add them. As usual, follow first and then click three times in one click. If the number of likes exceeds 300, the next bullet will be updated. Here is a preview.
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