The best safe and loss-free withdrawal method in the currency circle (from CoinsRadar.net):

1. First of all, safe withdrawal cannot be C2C, and can only be withdrawn in legal currency. Withdrawal in legal currency is made by using the company account to transfer funds to you.

The safe withdrawal channels are:

Withdrawal of legal currency from the exchange ➡️ Overseas bank card or third-party payment collection ➡️ Transfer it back to a domestic card for foreign exchange settlement or withdraw cash from a domestic ATM with an overseas card.

2. Currently, among the major exchanges, only Guan'an and Kraken (US-compliant exchanges) support legal currency withdrawals for mainland ID cards/passports.

Note: Kraken can withdraw U.S. dollars directly via ACH to a U.S. bank card, but a U.S. address certificate and tax ID are required.

Guan'an supports Hong Kong dollar withdrawals and has the lowest exchange rate losses. Next, we will explain each process in detail.

First, you need to apply for a Hong Kong card

1: It is now very convenient to apply for Hong Kong and Macao passes and endorsements, and go to Hong Kong to open a card.

2: There are two types of Hong Kong cards, virtual banks and physical banks. The virtual one only needs to be located in Hong Kong to apply for it. Zhongan Bank must apply for it, and Tianxing can choose to apply for it.

3: The physical bank BOC is a must, and HSBC/Standard Chartered/CM Wing Lung are optional. The advantage of BOC and HSBC is that transfers to accounts with the same name around the world are free, which is very useful when you transfer money back to China.

4: All banks require ID cards/Hong Kong and Macau passes/customs receipts. Bank of China will also look at proof of address (such as utility bills, credit card bills, with specific addresses and personal information)/bank statements. HSBC and other banks will mainly look at you. Assets, to put it bluntly, you can do it as long as you have investable funds.

5: Regarding whether to spend thousands of dollars to entrust an intermediary to handle the matter, as long as you have the assets, there is no need to spend such wasted money. If you are not qualified enough and repeatedly run into obstacles, you can only go through an intermediary.

A friend was doing it before, using the Hong Kong card VIP channel:

Standard Chartered, HSBC, Bank of China, Citigroup, BEA, Hang Seng, Overseas Chinese

0 threshold, no deposit limit requirements, no compulsory purchase of financial management and insurance, no queues, and you need to go to Hong Kong.

After you have a Hong Kong card, you can withdraw Hong Kong dollars from Binance. The maximum single withdrawal is 200,000 Hong Kong dollars. Regardless of the amount, the fee is 26 Hong Kong dollars. The current exchange rate is approximately 7.76, with almost no loss. Compared with those over-the-counter OTC, the procedure is 5 points. Fei, this is really fragrant.

Note: Guan'an cooperates with a payment company to pay you from a public account in the form of salary payment.(Public to private)

The next step is to return Hong Kong dollars to China. There are two options:

1: Transferring money back to the country for foreign exchange settlement accounts for the foreign exchange quota. It is free of charge when using the same name as Bank of China Global. The handling fee will be higher for cross-border and inter-bank transfers.

2: When withdrawing cash from domestic ATMs with Hong Kong cards, it does not occupy the foreign exchange limit. The handling fee is the lowest when using ATMs from the same industry. For example, HSBC can withdraw 80,000 Hong Kong dollars in a single day. Using HSBC's ATM, a single handling fee of 20 Hong Kong dollars is charged, and the real-time exchange rate is available.

Hong Kong card is the most convenient and low-cost method to withdraw money, followed by third-party payments such as Wise and Advcash. As for U card, the limit and rate are high. (ATM cash withdrawal costs 4u +1.2%)

Currently, the Hong Kong cards of Bank of China, HSBC, and Citi are free of charge for transfers with the same name globally. HSBC and Citi are easy to use in Hong Kong, but HSBC requires a deposit of 500,000 to open a domestic card, while Citi has stopped its mainland business.

Other card transfers between Hong Kong and Mainland China will incur fees ranging from tens to one or two hundred Hong Kong dollars, but cross-border cash withdrawals from other ATMs have very low fees.

Important Questions and Answers

1. What is the principle of Hong Kong dollar withdrawal?

Guan An cooperates with a Brdgepay payment company in Hong Kong. The payment company uses Usdt to withdraw U.S. dollars from the Tether company, and then charges a small fee to transfer the money to users in the name of salary.

This process is risk-free for users. The tax risk lies in Brdgepay, which collects Tether money from the public and then transfers it to users privately.

If Hong Kong's encryption policy were more friendly and allowed exchanges to withdraw funds in legal currency, then there would be no need to go through a payment company and direct secure transfers to withdrawal users, which would mean withdrawals would be fully compliant with zero fees.

2. Are you afraid that your physical bank card will be subject to risk control?

It is recommended to use ZhongAn Bank to collect money. The risk control of virtual banks is relatively loose, and ZhongAn has zero threshold for processing. After ZhongAn collects money, it can be transferred to the physical bank card, which is very safe.

For example: It is safest to apply for one virtual card and one physical card in Hong Kong.

3. What about foreign exchange restrictions?

Withdrawals in Hong Kong dollars are not affected. There is no control in Hong Kong. Only transfers of Hong Kong dollars back to the country are subject to a limit of US$50,000. If the limit is exceeded, you can use the Hong Kong card to withdraw cash from domestic ATMs. Cash withdrawals do not count against the foreign exchange limit.

4. What about the Hong Kong dollar withdrawal fees?

Guan'an Hong Kong dollar cash withdrawal➡️Hong Kong card collection➡️Hong Kong cards with the same name can be transferred to domestic or domestic ATMs for cash withdrawal. This is currently the most convenient and low-loss safe withdrawal method. All fees combined will not exceed 1%.

Hong Kong cards are not only used to withdraw funds from the currency circle, but also include Hong Kong and US stock transactions, and insurance and financial management in Hong Kong are much better than those in mainland China. The application threshold is expected to become increasingly tight, so hurry up if necessary!

Finally, some people may find this very troublesome. If you have experienced card freezing, you may understand.