Yesterday we talked about Velo, today let's discuss Wise
I have been using Wise for a long time, but I only successfully applied for the card after moving to Singapore in 2023 and changing Wise's KYC to Singapore. You could say Wise is my first international card. In early 2024, when I went from Singapore to Dubai, I used Careem to bind to Wise's card, and it was very smooth.
The main advantage is that Wise's card does not require local currency; as long as there is money in the account, it will be used directly, and it is at the exchange rate provided by Wise. At least I think Wise's exchange rate is quite good. Even until now, I still have some euros in my Wise card.
The euros were transferred from Kraken. Before I arrived in Singapore, I was continuously transferring funds from Kraken to Wise, and Wise in turn transferred the funds to the domestic bank. I have been doing this for more than three years now and only triggered Wise's risk control once at the beginning. After completing the KYC and AML as required, I have never encountered issues since.
The biggest advantage of Wise's card is the multi-country account. For example, I am currently transferring money from my Singapore bank to Wise's Singapore account and then to a domestic bank. Wise's exchange rate is better than many banks and the speed is fast. I have linked it to WeChat for cross-border remittance, which is almost credited in real-time. Of course, I have also done AML once for the cross-border remittance.
Another benefit of Wise is that it offers financial management. Different currencies have investment plans that meet local requirements. For example, I have opened accounts primarily in euros (Belgium), US dollars, and Singapore dollars. The highest return is on the US dollar, at 3.44%, followed by euro at 1.7% and Singapore dollar at 1.01%. Since Wise is not my primary card now, I do not keep much money in it, but this kind of financial management is significant for my friends in mainland China.
Especially the ability to open a US dollar account, which is domestic in the US and can be directly used with US brokerages. The main point is that sometimes Wise's card can only be applied for outside of China, but you can apply for Wise within China using a passport.
There is almost no threshold; if there is one, it's just that you need to activate with an overseas card. If friends already have a Hong Kong card, they can directly activate with it. However, registering for Wise is not complicated, but if the amount of funds is a bit large, they will require AML and proof of funds. If you have a job, a salary proof will suffice, or proof of assets in the stock market is also acceptable.
In general, I personally believe that Wise account + Hong Kong bank card is one of the most optimized solutions for friends physically in mainland China.
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