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“之后事情一件又一件,我一直没有停下,因为事实就是我不想停下。”
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Yifeng Bank, the first digital bank for young people.

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An introduction article,

iFASTGlobalBank, the first digital bank for young people.

Preface#

Author's Note:

Opening a bank account is not about quantity, but about reasonableness of demand and providing genuine materials for account opening and legal fund transfer.

Reasons for Opening an Account#

Different people have different opinions. However, it is undeniable that having an overseas bank account is undoubtedly a very necessary and convenient thing in the current trend of globalization. The interconnectivity between overseas banks is good, and financial regulations are relatively advanced. For friends who have a demand for overseas investment development or travel consumption, its importance is self-evident.

To get to the point, let's introduce iFASTGlobalBank.

Bank Advantages#

Convenient Account Opening#

Supports Mainland Chinese residents to open an account using ID card or passport.

Friends who have opened other overseas accounts should have experience. Most foreign banks only support account opening with a passport. If you are a non-resident of the application region or restricted by policies, you will also be required to provide proof of address in the application country, which is very troublesome.

iFASTGlobalBank supports opening an account with a Mainland Chinese address. Although proof of address is also required, the methods of obtaining it are undoubtedly much simpler. The simplest way is to use the credit card statement from China Merchants Bank, and the authenticity and accessibility of the materials are very high.

Stable Account#

Thanks to the high tolerance for materials during account opening, iFASTGlobalBank's accounts have almost no risk of closure unless there are high-risk transfers or fund inflows.

Chinese Support#

Both the website and customer service support Chinese. When your account is restricted or you need to communicate via email about material issues, you will know how thoughtful Chinese support is (the deepest experience is actually telephone communication, but because international long-distance calls are expensive, few people choose telephone communication).

Friends with good English proficiency can ignore this point.

High Cost-Performance Ratio#

No annual fee, no monthly fee plans, no account opening fees, no minimum deposit requirements.

Transfers between global iFAST accounts are free of charge and almost instant.

Convenient to Use#

The development of the app deserves special praise. It is smooth and lightweight (Wise's app is also very good, the apps of these two banks are really easy to use).

Account opening provides IBAN codes and Swift codes directly.

A wide range of currencies are supported, including GBP, USD, EUR, SGD, HKD, and CNY, for cross-border remittances via SWIFT.

Account Opening Process#

Sorry, I didn't record it this time. Let me share a video with you. If you don't like the video I recommend, you can find plenty on YouTube.

iFAST Global Bank, the first legitimate British digital bank that accepts account opening for Chinese residents, detailed account opening tutorial

Note: Recently, there have been many account opening applications, and the review process takes a long time. When I consulted the customer service, they told me that it would take 5-8 weeks. In reality, I received the successful account opening email on the last working day of the second week.

Some Practical Experiences#

  • Panda Remittance for small amounts arrives instantly (within 5 minutes).

  • Transfers via Wise arrive instantly.

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Conclusion#

The biggest drawback at present is the lack of a physical card, and there is currently no solution for consumption. However, iFASTGlobalBank plans to launch a debit card around January next year, and the specific date has not yet been determined. At least there is something to look forward to.

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