For many foreign trade practitioners and overseas workers, the high fees and complicated procedures of cross-border transfers are a real headache. The service introduced today, with its better exchange rate and flexible fund handling methods, is gradually becoming the choice of more and more people.
Advantages of integrated collection and payment
The core advantage of this service is that it combines the collection function and the payment function without any connection gaps. The foreign currency received by the user can be directly deposited in the account and used for payment when needed, thus avoiding losses caused by frequent exchanges. Compared with some traditional remittance channels, the exchange rates it provides are generally more competitive and can save users considerable amounts of money.
For example, if you send money through a platform like Xoom, the exchange rate difference is likely to be as high as 3% to 5%. However, by using this service, the exchange rate will be closer to the market midpoint, and the fee structure will be clear and transparent. Users can compare exchange rates in real time within the application and choose the most cost-effective time to perform operations.
Actual test of quick arrival of funds
Whether it can arrive quickly is an important indicator for judging remittance services. Some users have personally tested it and transferred money to Hua Xia Bank of China through the Euro account of this service. It only took about 10 minutes for the money to arrive smoothly. This arrival speed is much faster than many traditional bank wire transfers, which take 1 to 3 working days.
However, this service has certain restrictions on the beneficiary bank. The first time I tried Agricultural Bank of China, I was unsuccessful. Then I switched to Hua Xia Bank and successfully achieved the payment. This shows that it is extremely important to confirm the list of supporting banks before proceeding to avoid unnecessary troubles and delays.
List of supported Chinese banks
With the help of the information presented on the official website of this service, it currently provides support for RMB remittances to more than 26 domestic banks. However, a list of banks that are not supported is clearly listed. This list covers common large commercial banks such as Agricultural Bank of China, China Merchants Bank, and Minsheng Bank.
It has been verified by user field tests that Bank of China, Hua Xia Bank and China Construction Bank can all receive payments normally. If your usual bank is not on the supported list, you may need to consider switching to another supported bank account, or choose other remittance routes to complete the transaction.
Multi-currency collection account function
This service has an advanced feature called "Balances" that allows users to directly access local bank account information in multiple currencies such as US dollars, euros, pounds, etc. This means that you can have a British banksy to receive pounds, or you can have a German bank account to receive euros.
This situation greatly simplifies the process for those who are freelancers or small and low-profit businesses engaged in the business of collecting payments from overseas customers. Users only need to make payments to these local accounts. This payment behavior is just like a transfer operation within the country. There is no need to deal with complicated international remittance information. The speed of the money reaching the account becomes faster and the fees involved will be lower.
Convenient business account application
For those users with overseas companies, this service can support the activation of complete bank accounts in the name of the company. Compared with opening a public account in a local bank in the UK or EU, its requirements and procedures are greatly simplified. There is no need for a legal person to come to the site in person, and the entire process can be completed online.
A user shared that he successfully opened a Euro account in the name of his British company. This Euro account was provided by the German Rabobank and was used to receive payments from European customers. The overall situation was completely normal. This situation greatly provided financial convenience for small and medium-sized enterprises to carry out international trade, and also lowered the threshold for cross-border business.
Comprehensive costs are significantly reduced
The ultimate focus for users is overall cost. Under traditional circumstances, fees of up to 6% will be deducted when using a payment platform to collect euros. If you want to remit euros back to China, you generally have to convert them into U.S. dollars first, resulting in exchange losses. Then, you need to pay a handling fee of about 1.2% when transferring them into the country through third-party channels.
Using this service, the collection fee is generally only about 0.5%. The comprehensive cost of directly converting euros into RMB and repatriating it to China is much lower than the traditional route. For users who frequently deal with cross-border capital transactions, this cost advantage can be a significant savings in the long run.
Have you ever been troubled when looking for a cost-effective cross-border payment collection tool? Welcome to share your relevant experiences and questions in the comment area. If you think this article is helpful, you might as well like it and share it to give it to more friends in need.
