The step-by-step guide for cashing out has been organized. With low cash-out risk, you can secure your funds directly. The first step to overseas cashing out is to solve the global payment collection issue, so you need an account that accepts payments from global users!
Step 1:
You can find an agent on Taobao, pay 2,000 RMB, and in 2 weeks, register a US or UK company. As a legitimate global collection channel, a reasonable overseas entity is required. There are many ways to open an overseas entity, which is more convenient if you are abroad. If you are in the mainland, you can choose the Taobao registration service or a proxy website for registration. The proxy website requires creating an account, scanning your passport, and completing the entire process on the website. You will receive an email to verify the information. The registration fee is around a few dozen dollars and takes about a week.
Step 2:
Many verifications require an overseas mobile phone number, so you need to apply for an overseas SIM card that can receive SMS verification normally in the mainland. Search on Taobao to buy a UK SIM card, and after it is mailed to your home, activate it on the official website. You can buy the lowest package, which is about £6 per month. After activation, you can receive SMS verifications for various global products in the mainland.
Step 3:
After successfully registering a UK company, an email will be sent with the registration details of the UK company, including the entity name, business number, address, and other information. With this information, apply to open a UK bank account on Wise. Note: If Wise restricts UK company account opening, you can consider 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 receiving foreign currency payments.
Step 4:
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 merchant on Stripe, you need to fill in basic company information, the name of the legal person, address, business description, and other details. A Stripe account can open multiple receiving merchants and can reuse the same entity information. If your business has a wide product line, you can create multiple Stripe merchants to link each product to a Stripe merchant, reducing the risk of putting all eggs in one basket. With a company entity and a corporate account, creating a Stripe merchant generally gets approved quickly. You may be asked to upload proof of address, which can be the company’s registered address. Of course, besides Stripe, there are other third-party payment platforms that can serve as alternatives, so you can open a few more just in case!
Step 5:
After using the third-party payment platform to collect payments for a while, your third-party payment merchant account will have a certain accumulation of funds. You can choose to withdraw the funds to your overseas bank account. Generally, you need to select the currency for withdrawal and set it to automatic withdrawal by time or amount, or manually withdraw. All these operations ensure that the funds are legally present in your overseas account. If you do not have plans to transfer them out, how should you spend them? After completing the global collection process, we can then consider how to spend these funds.
There are many ways to consume, with the most common consumption plans being: using money from the overseas corporate bank account to purchase goods and services; Wise not only allows the opening of corporate accounts but also supports personal accounts. The 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 online payment for website services and products, such as membership subscription services for ChatGPT and Claude.
The final step is how to transfer money from the overseas corporate account to the overseas personal account for spending abroad. If you are preparing to travel abroad, you may want to transfer money from the overseas corporate account to a personal bank card for direct offline spending abroad. Application for ZA Bank is relatively simple. If you are in Hong Kong, connect to the Hong Kong Wi-Fi, download the ZA Bank App, and apply online to quickly open a personal bank account. You can apply for a physical card through the App, which can be received in the mainland in about three days.
Some friends also go to Hong Kong to open a HSBC bank account. It has been tested that applying for the Premier card directly at the VIP lounge is effective. The money from the overseas corporate account can be transferred to the overseas personal account, which is then linked to WeChat Pay for spending in the mainland, as people prefer WeChat and Alipay for payments in the mainland. If you are used to using WeChat Pay, you can search 'Hong Kong Wallet Activation' in WeChat to enter the self-service activation page, choose 'Bind Hong Kong Issued Bank Account', and link the Bank of China Hong Kong card opened above to activate the Hong Kong wallet. The Hong Kong wallet linked to ZA Bank requires verification of the Hong Kong ID. If we do not have a Hong Kong ID, we can only link the Bank of China Hong Kong card, and then transfer the money from ZA Bank to the Bank of China Hong Kong card to spend through the Hong Kong wallet in WeChat. The money from the overseas corporate account can be transferred to the overseas personal account, and then to the mainland personal account for spending; some students may want to use the domestic bank card to pay for a mortgage and want to transfer money from the overseas personal account to the domestic bank card. This solution can be found in the Bank of China Hong Kong App, which has a 'BOC Quick Remittance' function that allows you to transfer to a domestic bank card. Additionally, there is an 'Easy Account Opening' function that supports remittances to a same-name account at the Bank of China within Guangdong Province. If using ZA Bank or other Hong Kong bank accounts, you can use products like 'Panda Quick Remittance' to remit to domestic bank cards.
