Doing affiliate marketing abroad in China can be a bit troublesome when it comes to receiving payments. Previously, I found Payoneer to be quite convenient, and it worked smoothly for affiliate networks like Clickbank and Amazon. However, after a payment from Digitalstore24 was sent, it didn't arrive, and I received an email stating that the payment needed to be reviewed. The result was that I couldn't accept payments from affiliate networks.
This means that even though I received the payment, I couldn't withdraw it. So I had to find an alternative solution.
That's when I discovered Wise.com. It was founded in 2011 and is headquartered in the UK, originally known as TransferWise. It is a platform that provides international remittance and transfer services, supporting over 50 countries and more than 40 currencies for international transfers and remittances. It also offers virtual bank accounts for multiple countries (providing Account number, Routing number, and SWIFT code) and a MasterCard for global use with real-time exchange rate settlement. Wise is a legitimate and compliant company that follows Chinese mainland laws, and it is a reputable 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 your account can receive payments just like a regular bank account. You just need to provide the bank account information for 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 take 1-2 days. This may depend on factors such as the working hours of domestic banks and the remittance method, but it generally won't take too long.
Payment Methods with Wise
If you are sending money from the US, 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. These fees are for reference only, but in general, 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 Support: Checking Account (0.3% fee), Debit Card (1.15% fee), Credit Card (3.7% fee), Wire ($5 fee).
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TransferWise Fee - 1.5%, with no fees for the first $600 when registering as a new user using an invitation link.
Remittance Limits
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CNY Account Support: UnionPay Card (available for both China Merchants Bank and other banks such as Bank of China and Construction Bank), Alipay (requires a linked bank card).
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The maximum remittance amount per transaction is ¥31,000 RMB, 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 documentation for more details: https://wise.com/help/articles/2955298/guide-to-cny-transfers
Account Registration#
To register for a Wise account, go to the Wise.com website 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 simply enter your own phone number. Then click "send verification code," and you will receive a verification code on your phone. Enter the code you received and click continue.
Here, choose "Personal" and fill in your personal information, including your name, date of birth, phone number, nationality, address, and postal code. Please provide accurate information and use the pinyin format for Chinese characters.
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 Methods
Depositing funds into Wise can be challenging. Previously, there were several effective methods, such as using Payoneer or PayPal, but they may not work anymore. Wise can accept funds from US banks, 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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Transfer and deposit require matching names.
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Many banks no longer allow public wire transfers.
Currently, virtual cards from platforms like Global Pay and Yigou Card are also no longer successful for deposits. 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 related 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 recharge and deposit funds through the BKBPAY platform.
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And various other foreign banks, credit cards, and debit cards.
Personally, I used a virtual credit card called BKBPAY (bkbpay.com) to complete the payment verification. However, please note that many virtual credit card platforms operate in a gray area, so there is a certain level of risk. What works now may not work in the future. Please research and make decisions based on your own understanding. The safest option is to do nothing, as returns are inherently linked to risks. Don't deposit too much at once, as even if there are issues with a small amount, it can still be manageable.
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, which can be troublesome for those without a passport. Click "Verify Your Identity" on the main login page. Use your phone to scan the QR code and scan your ID card or other documents, and take a selfie.
Remittance Process
Go to the transfer page, select where you want to send the money from and where you want to send it to, and enter the amount. Let's use the example of transferring money from the US 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 the money 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 receive a notification that the transfer has been successful. However, be prepared to provide further documentation if necessary. For example, when I made my first wire transfer, there was a slight delay, and I had to reply to the additional information required in the email from customer service. I was asked if I held a government position 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 generally smooth, the fees are relatively low, and the related policies are constantly changing. I hope that Wise can remain a reliable channel for us affiliates for some time.
Wise Account Risk Control
Wise is not very strict when it comes to IP address risk control, but it's best not to change your IP address frequently when logging in. Real-name authentication is required.
During normal use, avoid making large transfers to different individuals frequently to prevent any association with unknown identities. Although this is an international remittance tool, it is important to understand that it is not meant for money laundering. Please use it legally and compliantly!
Some users have reported their accounts being blocked. They often have the habit of making random transfers. We are used to quick and frequent transfers with UnionPay cards, but please avoid doing so with Wise.
Once an account is blocked, you cannot register a new account with the same identity. Each identity can only register one account, so cherish it.