Many of my readers may have registered a UK company, have a Wise account in the UK, and have opened an OCBC account. So I recommend a UK digital bank: iFast. You can get a regular bank account in the UK without leaving your home in mainland China.

Overseas capital routes

Long story short

What: What is iFast account

It is a formal bank account in the UK, protected by the UK Financial Services Compensation Scheme (FSCS)[1], similar to domestic deposit insurance. It does not have a physical card, but can open a GBP/EUR/USD/HKD/SGD/CNY currency account in your own name. There are local UK accounts and IBAN numbers, and the account can be operated through mobile apps and websites.

IFast Global Bank account opening link:

https://www.ifastgb.com/tellafriend/chenxiy999

Why: Why register

  • Risk Isolation
    Since 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, 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
    ID cardorYou can open an account with your passport, proof of address, and a recorded video (not a real customer service representative) answering a few questions in Chinese.

  • Interest
    For time deposits of more than one month, the annualized interest rate (AER) for GBP and USD is also over 4%; notice deposits are also 4.x%[3]. Of course, since the money is already overseas, this interest rate is not competitive anymore, so it’s better than nothing.



iFast Account Registration FAQ

What proof of address can be used?

Credit card bills, you can bring your Chinese residential address and name. I use OCBC bills, and some people use CMB credit card bills.

What does video verification look like?

In the past, we needed real customer service, but now we have changed to video recording. Chinese questions will be displayed on the screen, and you can answer them. Questions are like date of birth and why you opened the card.

How long does it take to close the account?

After uploading the video, you basically have to wait for a week or two for manual review, which is not very efficient. After passing, you will receive an email reminder and you can log in to the app and website to check your account.

First deposit

  1. The first deposit only supports accounts with the same name. I chose a Wise account in the UK, and the order of the names does not matter.

  2. The first deposit requires manual review, which usually takes a few hours to a working day. The second deposit will be very fast and no longer requires an account with the same name.

Please save it for future use. If you have any questions, please leave a comment in the comment section.


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