Huamei (Velo) is my first American bank card. I previously wrote a usage tutorial. It was quite useful when I had a small amount of funds, especially when used in conjunction with local American brokers, but now I no longer use it. Let me talk about some of the drawbacks I perceive.
First: You must keep a certain amount of funds in the card; I don't remember the exact amount, but it's probably a few thousand dollars. Initially, it wasn't a problem, but the Huamei card is very difficult to use. It often cannot be swiped. I have tried using it in mainland China, Hong Kong, Macau, Singapore, and several other countries and regions, and it frequently fails to swipe, which results in the money being "dead money."
Second: The available limit for transactions is limited. Because it is applied for online, there are limits on the amount you can transfer in and out. I remember it being around $25,000, but I am not quite sure. Overall, if it's for small amounts, there isn't much of an issue, but if you want to use it for larger amounts, it becomes quite difficult.
Third: It is said that American bank cards are easy to use, but it's not just as mentioned in the first point that offline use is bad; even online, it does not work. I cannot pay for fees like X, AI, or even Netflix.
Speaking of which, this is not just a problem with Velo. The DBS and OCBC cards I have also do not allow payment for fees like X. I don't know the reason. However, payments for AI or Netflix work, which is strange.
I have mentioned many flaws, but Velo still has its advantages, and there are quite a few.
First: The previous Velo could be applied for directly online without needing a deposit.
Second: The application for Velo is fast, and you can start using it quickly.
Third: After applying, you also get a bank card. Although I always complain about this card, ATM withdrawals are still not a problem.
Fourth: There are mobile and web versions, all in Chinese, which is very convenient. The customer service can also speak Chinese.
Fifth: If detailed KYC and AML can be provided, Velo can be used as a channel card, allowing cryptocurrency funds to enter. It can be directly linked to Kraken.
I initially got to know a few customer service representatives from Kraken for Velo's AML, and thankfully it was resolved, but now I no longer use it, which is somewhat of a wasted channel.
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