My friend encountered an unprecedented crisis when withdrawing funds!!!
Not only was the withdrawal account inexplicably frozen, but it also became entangled in a huge legal dispute, potentially facing fines in the hundreds of thousands and several years of imprisonment.
Have you encountered this problem? Does the wealth accumulated over the years just vanish into thin air? Are you prepared to face those potential misfortunes that may suddenly arise?
I have compiled a step-by-step withdrawal tutorial that minimizes withdrawal risks; it can be said that there is no other tutorial on the internet as comprehensive as this, allowing you to secure your funds directly. So make sure to like, follow, and save this in case you can't find it later. Cherish it while you can!
It's important to understand that the first step to withdrawing funds overseas is to resolve the global payment collection issue, so you need an account that can accept 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 United States or the United Kingdom.
To be a legitimate global payment collection channel, a reasonable foreign entity is needed. There are many ways to establish a foreign entity; if you are overseas, it will be relatively convenient to operate. If you are domestically, you can use the Taobao proxy registration plan or choose to register through an agency website.
The proxy website requires creating an account, scanning the passport, and completing the whole process on the website, where you will receive email verification materials. The registration fee is several dozen dollars, taking about a week.
Step two
Many verifications require a foreign phone number, so you need to apply for a foreign SIM card that can receive SMS verifications normally in the domestic region. Search on Taobao, purchase a UK SIM card, and after it is delivered, activate it on the official website. You can buy the lowest package, which is around 6 pounds per month. After activation, you will be able to receive SMS verifications from various global products in the domestic region. See, just a little bit of information that the entire internet won't tell you.
Step three
After successfully registering a UK company, you will receive the company registration information via email, including the entity name, business number, entity address, etc. Use this information to apply for a UK bank account on Wise.
Note: If Wise restricts opening accounts for UK companies, 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 US dollar account, a British pound account, and a Euro account for foreign currency collection.
Step four
After successfully opening a corporate account, you can apply for a third-party payment platform merchant, with Stripe as the first choice.
When creating a merchant on Stripe, you'll need to fill out basic company information, including the legal representative's name, address, and a description of the company's business activities.
A Stripe account can open multiple receiving merchants, reusing the same entity information. If your business product line is extensive, you can create multiple Stripe merchants, connecting each product to a Stripe merchant, reducing the risk of putting all your eggs in one basket.
With a company entity and a corporate account, creating a Stripe merchant can generally be quickly approved. You may be required to upload proof of address; just use the company's registered address.
Of course, aside from Stripe, there are other third-party payment platforms that can serve as alternatives. It's wise to open a few more for contingencies!
Step five
After using a third-party payment platform for some time, you will accumulate a certain amount of funds in your third-party merchant account.
You can choose to withdraw funds to your foreign bank account. Generally, you need to select the currency for withdrawal and set it to automatic withdrawals based on time or amount, or manually withdraw.
All these operations involve funds that are legally and reasonably existing in your foreign account. If you do not have plans to withdraw them, how should you spend?
We have completed the entire process of global payment collection. Next, we can consider how to spend these funds.
There are many ways to spend money, and the most common consumption plans are: using funds from foreign corporate bank accounts to purchase goods and services; Wise not only allows the opening of corporate accounts but also supports personal accounts. A corporate Wise account can issue multiple physical or digital cards for a legal entity or team.
Digital cards can be directly linked to Apple Wallet for spending or for online payment services, such as ChatGPT, Claude's subscription services, etc.
Final step
How to transfer funds from a foreign corporate account to a foreign personal account for overseas spending; if you are planning to travel abroad, you may want to transfer funds from a foreign corporate account to a personal bank card for direct offline spending abroad.
Applying for ZABank is relatively simple; if you are in Hong Kong, connect to Hong Kong Wi-Fi, download the ZABank app, and apply online to quickly open a personal bank account.
Apply for a physical card via the app, and you can receive it at your address in about three days.
Some friends will go to Hong Kong to open a HSBC bank account, and the most effective method is to apply for a Premier card directly at the VIP lounge.
Funds from foreign corporate accounts can be transferred to foreign personal accounts and linked to WeChat Pay for domestic consumption, as people prefer WeChat and Alipay payments domestically.
If you are accustomed to using WeChat Pay, you can enter 'Hong Kong Wallet Activation' in the WeChat search box, go to the self-service activation page, and select 'Bind a bank account issued in Hong Kong'. By binding the above-mentioned Bank of China Hong Kong card, you can activate the Hong Kong wallet.
Binding the Hong Kong wallet to ZA Bank requires verification of a Hong Kong ID. If we do not have a Hong Kong ID, we can only bind the Bank of China Hong Kong card, then transfer funds from ZA Bank to the Bank of China Hong Kong card, and spend through the Hong Kong wallet on WeChat.
Funds from foreign corporate accounts can be transferred to foreign personal accounts, then transferred to domestic personal accounts for domestic consumption; some may want to use domestic bank cards to pay for mortgages, intending to transfer funds from foreign personal accounts to domestic bank cards.
This plan has a feature called 'BOC Quick Remittance' in the Bank of China Hong Kong app, which allows you to transfer funds to a domestic bank card. There is also a feature called 'Easy Account Opening' that supports remittance to a same-name account at the Bank of China within Guangdong Province.
If you use ZA Bank or other Hong Kong bank accounts, you can use products like 'Panda Quick Remittance' to transfer funds to domestic bank cards.
Did you learn it? This is the safest practice on the internet! Thereโs no other.
If you have any questions, feel free to ask me in the comments!