Original link: https://www.blueskyxn.com/202208/6308.html

foreword

In the early tutorial WISE: Regular overseas funds extremely fast and stable remittance experience notes I introduced the WISE remittance to Alipay.

But at present, remittance to Alipay can basically be said to be a pen-by-pen declaration ([20220809 update] After inspection, it can only be said that there is a high probability of declaration from WISE, other platforms may not necessarily declare, especially AlipayHK group friends said nothing , Of course, this may also be related to the amount. At the same time, the amount may be related to each person’s personal situation and cannot be comprehensively assessed, but it can only be said that it is easy to declare. It’s about to happen), and at the same time, it is necessary to submit more difficult proof materials (the source of income must be provided, and wages are generally required, generally requiring any “wage income bank flow” or “wage income certificate” or “labor contract” or “other employment contracts” Proof materials”. If it is a relative, additional proof of kinship is required, such as a household registration book.)

Of course, all remittances through UnionPay are very stable at present, and a single transaction under 5000USD is exempt from declaration by default. However, although UnionPay is fast and stable, it always receives a limit of 50,000 US dollars per person per year for foreign exchange convenience, while Alipay WeChat has an additional independent limit of 500,000 yuan per person per year (currently not sure why they are all 500,000 yuan) , is it shared) ([20220809 update] After checking, my foreign exchange settlement quota has not been consumed by this experiment. If it is found to be consumed, it will be updated in this article as soon as possible)

This article uses Ouitrust to remit money from overseas to WeChat, and settle the foreign exchange through the WeChat remittance applet. The reason why I want to test this remittance is because I have always wondered whether remittance WeChat will require the same troublesome declaration as Alipay.

Similar platforms

The official similar platforms are:

We Remit (should be WeChatPayHK remittance channel)

Panda Express (re-registration is required for different remittance locations, and currently supports entry and exit of funds)

Wise (only for personal version, but I didn’t see it in my CN area, and according to the official website , it just said that EEA, UAE, KR and HK do not support remittance WeChat)

Remitly (US company, supports prepaid cards and ACH payments)

Wirebarley (Wirebarley, a Korean company, supports remittance Alipay and WeChat, does not support EUR deposit, USD supports ACH and debit cards, GBP supports FPS)

Paysend (KYC level will affect the limit, you can pay by bank card)

AletaPlanet (Singapore company, looks business-oriented)

WeChat remittance tutorial given by Ouitrusthttps: //app.ouitrust.com/h5/weixin-tutorials

Remittance Information and Costs

If remittance is made in Ouitrust, you need to fill in the source of income, purpose of remittance, the recipient’s WeChat account, and the recipient’s relationship when remittance

(The payee also needs the name, mobile phone number, ID number) but other platforms may not be so troublesome (please refer to the requirements of different platforms)

Ouitrust supports remittance from EUR or GBP, and the exchange rate is slightly worse than the spot exchange purchase price of Bank of China (about 0.01CNY/coin)

For remittance from EUR, the single limit is 15~2510EUR, and the handling fee is extra. The monthly limit is 4 transactions totaling 5020EUR, which should be adjustable.

For remittance from GBP, the single limit is 15~2510GBP, the handling fee is extra, and the monthly limit is 4 transactions totaling 5020GBP, which should be adjustable.

For remittance from EUR, the minimum single transaction fee is 5EUR (equivalent to 4.22GBP), and the standard is 0.843% EUR

For remittance from GBP, the minimum single transaction fee is 4.5GBP, and the standard is 1% GBP

But if you change from GBP to EUR, it is not necessarily cheaper, because there is still an exchange rate difference between EUR and GBP to CNY

In the final test process, it is better to exchange GBP for EUR and re-enter directly than GBP, and then the loss of the whole process is 1.58% compared with the exchange rate loss of Google, and the loss of 1.25% compared with the purchase price of the Bank of China’s spot exchange.

Of course, the prices and requirements of different platforms are different. This can only be compared by yourself. Most unpopular platforms are considered better solutions when they have discounts for new users.

Remittance in action

Remittance currency selection

Before remittance, you should observe the price, payment method, speed, currency, etc. of different platforms according to your actual situation. For example, the GBP of my Ouitrust, after some comparison, it is still cost-effective GBP

Ouitrust currency selection ==> expand/collapse

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Then you can also conduct price simulation comparison through WISE official website and other places (WISE can also refer to previewing other platforms without logging in, but due to different payment methods, it may not be accurate)

But WISE is not necessarily cheaper, because the currency conversion fee from WISE to CNY is about 0.9~1.1% (compared to his own intermediate exchange rate). Since I have no GBP balance, the payment method previewed should be biased. (But I don’t know why it is not displayed this time. It is not ruled out that it is a feature of GBP/EUR, because there is no “Our Fee”, and currencies such as USD are available. (It should still be cheaper to transfer money into the WISE virtual account first)

[Updated 20220809] After checking, when I checked GBP, I could not see the amount due to the combination of fees in WISE. In fact, when I entered Send 454.5GBP (the balance used), it also showed that the Wise account transfer fee of 4.67 GBP was required (according to the exchange rate on the date of issuance. I got 3686.39CNY, slightly higher than Ouitrust, But, my CN personal version of WISE does not have the function of remittance to WeChat, I don’t know why, I have to ask customer service)

WeChat’s micro-remittance applet preset

You need to search for the micro remittance applet in WeChat, and then check a series of agreements

Select Global Receipt -> Mobile Phone Number Receipt -> Create My Receipt Business Card -> Real Name Authorization -> Bind Bank Card -> Face Recognition -> Fill in Address (Mainland China and Hong Kong, Macao and Taiwan regions are supported, but overseas address) and occupation -> contract (there are Jinhua Bank and Chouzhou Bank, I don’t know which one to use)

Note that it is best to bind a bank card to a first-class card. The second- and third-class cards that have not been verified should not work, then credit cards and quasi-credit cards will not work, nor can international cards, let alone WeChat balance (many people claim that direct remittance Alipay, WeChat, etc., make people feel very arrogant. In my opinion, these people are stupid. They hold Alipay and WeChat to blow it. At most, they can settle foreign exchange on behalf of Alipay and WeChat to their own bank card. Features That is, there is an additional 500,000 RMB quota)

WeChat Wechat Remittance Mini Program Signing ==> Expand / Collapse

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Then there is the FAQ of WeChat, first of all, there is no handling fee

The quota is RMB 50,000 for a single transaction, 5 transactions per month, and RMB 500,000 per year

Then you feel that the default is to support the family? (see below)

Remittance Practice

Go to Oui to initiate a remittance, and go to the Wechat remittance applet in about a minute.

Then the remittance party clearly stated that the purpose is remuneration wages, the source is employee compensation/deposit, and the result is a kinship commitment letter, but in fact, the problem is not big, it feels like a regulatory requirement. ([Updated 20220809] I don’t know if Ouitrust is stupid. And I am making money from a company. I found that the name of the remitter has changed to my own English name. In this case, the choice of salary income does not require signature and certification materials, which is similar to the early Alipay)

Then I found that I couldn’t choose myself for the relationship. Generally, I chose brothers and sisters, parents, spouses, etc., and then remember that the signature must be consistent with the real name of the bank card holder and WeChat payment. (So in this case it is better to really send money to relatives)

If you die and don’t sign, it’s fine, you can return it within 48 hours

After signing, no other materials are required, only the signature + selection relationship is required

Then 1 minute after submitting the materials, it is reviewed, and 7 minutes later, the bank receives the money

The name of the opponent is my name, and the account is estimated to be a virtual account of the cooperative bank, which shows that the transfer is calculated.

The progress of the applet will be slow

Query foreign exchange quota

Generally speaking, the page for foreign exchange purchase and settlement can be checked, but it is too troublesome, and you often read warnings.

Generally, I recommend Ping An Bank to check, you can also choose Alipay. After my inquiry, my foreign exchange quota has not been eaten up.

Ping An Bank

You can operate it in the mobile app as shown in the figure, real-name authentication is enough, if you are forced to open a second-class account, forget it, it will prompt you if you want to recommend a first-class card, remember to add it and then return it yourself, otherwise it will jump back to the search page . Ping An Bank can easily and quickly check the amount of foreign exchange purchase and settlement at the same time.

Alipay

Find this cross-border remittance applet as shown in the figure, and then simply check the amount of foreign exchange settlement in “My”. But the remittance goes to Alipay and doesn’t need this amount, and I don’t know why he uses it.

Cross-border remittance to China WeChat (and settlement through the WeChat remittance applet) [Updated 20220809]