Doing affiliate marketing abroad in China can be a bit troublesome when it comes to receiving payments. Previously, using Payoneer was quite convenient, including receiving payments from affiliate networks such as ClickBank and Amazon. However, since a payment from Digitalstore24 was sent and not received, I received an email stating that the payment needed to be reviewed, and the result was that I couldn't accept payments from affiliate networks.
This means that I received the payment but cannot withdraw it. So I had to find an alternative solution.
I found Wise.com, which was founded in 2011 and is headquartered in the UK. It was originally called TransferWise and is a platform that provides international remittance and transfer services. It supports international transfers and remittances in over 50 countries and more than 40 currencies, and provides multiple international checking accounts.
In addition to international remittances, Wise also supports opening virtual bank accounts in multiple countries (providing account number, routing number, and SWIFT code), as well as supporting the use of MasterCard for global use and real-time exchange rate settlement.
Wise is a legitimate and compliant company that complies with Chinese mainland laws. It is a legitimate remittance financial company. Wise has signed cooperation agreements with China UnionPay and Alipay, so it should be safe to use!
Receiving Payments with Wise
You can open accounts in multiple mainstream currencies such as USD, EUR, AUD, and GBP, and receive payments just like a regular bank account. Just provide the bank account information of the specific currency to the individual or company that wants to make the payment, and they can transfer the funds.
Processing Time
The official stated time for remittances to arrive is generally 8 hours, but it can also be as fast as 1-2 hours or as long as 1-2 days. This may depend on the working hours of domestic banks and the remittance method, but it generally doesn't take too long.
Payment Methods with Wise
For transfers from the United States, Wise supports four payment methods:
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Bank Debit (ACH): Arrives within 2 hours.
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Wire Transfer: Manually transfer funds from your bank to Wise, and then make the remittance. The recipient is expected to receive the funds within 6 hours.
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Debit Card: Arrives within 2 hours.
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Credit Card: Arrives within 2 hours.
The fees for each method can be seen below. This fee information is for reference, but generally speaking, credit card fees are the highest, followed by debit cards, and then bank checking accounts.
Fees and Exchange Rates
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USD Account: Checking Account (0.3% fee), Debit Card (1.15% fee), Credit Card (3.7% fee), Wire (around $5 fee).
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TransferWise Fee - 1.5%, with no fees for the first $600 if you register as a new user using an invitation link.
Remittance Limits
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CNY Account: UnionPay Card (can be from China Merchants Bank, Bank of China, Construction Bank, etc.), Alipay (requires a linked bank card).
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The maximum remittance amount per transaction is ¥31,000 CNY, which is approximately over $4,700 USD. The limit for each recipient is $10,000 USD per day or $50,000 USD per year.
Please refer to the official instructions for more details: https://wise.com/help/articles/2955298/guide-to-cny-transfers
Account Registration#
Go to the Wise official website, Wise.com, and click "Register" (you may need to use a workaround for the Google captcha).
Choose a personal account, enter your email and password, and select China as your nationality.
Next, verify your phone number. Wise supports activation with mainland China phone numbers, so enter your own phone number and click "send verification code". You will receive a verification code on your phone, enter it and click continue.
Here, choose "Personal" and fill in your personal information such as name, date of birth, phone number, nationality, address, and postal code. Please provide accurate information in pinyin format.
Click "Manage" as shown in the image.
After reaching this page, click as shown in the image.
Follow the registration process. You will need to deposit at least $20 to activate your account and complete the personal identity verification.
Wise Activation
Depositing funds into Wise can be a challenge. Previously, methods such as Payoneer and PayPal were effective, but they may not work now. Wise can accept transfers from foreign banks such as US banks and European banks, international credit cards, debit cards, and international wire transfers.
Common issues include:
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Inability to use mainland Chinese cards.
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Transfers require matching names.
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Many banks no longer allow corporate wire transfers.
Currently, virtual cards from platforms like Global Pay and Yigou Card are also unable to successfully deposit funds. So how can you solve the deposit issue?
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Directly transfer funds through Passbook from a US bank.
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Deposit funds through opening a Velo account with Huamei Bank. You can find relevant tutorials on the internet.
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Deposit funds through opening an N26 bank account in Germany.
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Deposit funds through opening a Swiss Raisin Bank account.
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The latest and simplest option is to deposit funds through the BKBPAY platform.
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And various other foreign banks and foreign credit cards, debit cards.
Personally, I used a virtual credit card called BKBPAY (bkbpay.com) to complete the payment verification. It is worth noting that many virtual credit card platforms operate in a gray area, so there is a certain level of risk. What works now may not always work, so please research and make decisions based on your own understanding. The safest option is to do nothing, as returns are inherently linked to risks. Do not deposit too much at once, as even if there is a problem with a small amount, it can still be accepted.
Wise Identity Verification
Wise has strict account verification requirements. Previously, it was possible to verify with a Chinese ID card, but now, it is generally only possible to pass verification by uploading a passport, so it can be a bit troublesome for those without a passport.
Click "Verify Your Identity" on the main login page. Use your phone to scan the QR code, scan and take a photo of your ID card or other documents, and take a selfie.
Remittance Process
Go to the transfer page, select where you want to remit from and where you want to remit to, and enter the amount. Let's use the example of transferring from the United States to China. Here, you can see the fees you need to pay and the actual amount the recipient will receive.
Select the recipient.
Fill in the recipient's details. You can send to a UnionPay card (for bank cards, you need to know the cardholder's name, card number, etc.) or to Alipay. Let's use Alipay as an example. Fill in all the information in English.
Select the reason for the remittance.
Preview the transfer.
If everything goes smoothly, you will soon receive a notification that the funds have been received. However, be prepared to submit further documentation, such as in my case where I had to reply to a survey email from customer service: "Additional information required". They asked if I held a position in the government (including state-owned enterprises) or had personal relationships with such individuals. I replied "no" to both questions, and the funds were released quickly.
In summary, the entire process is currently quite smooth, with relatively low fees. However, related policies are constantly changing, so I hope that Wise can remain a stable channel for us affiliates for some time.
Wise Account Risk Control
Wise is not very strict with IP address risk control, so try not to change your IP address randomly and make sure to verify your account with real personal information.
In your regular usage, avoid frequently transferring large amounts to different people to avoid any association with unidentified individuals. Although this is an international remittance tool, it is important to understand that it is not for money laundering and must be used legally and compliantly!
Some users who have had their accounts suspended often have the habit of making random transfers. We are used to quickly depositing and withdrawing large amounts with UnionPay cards, but do not do this with Wise.
Once an account is suspended, you cannot register a new account with the same identity. Each identity can only register one account, so cherish it.