This article will guide you on the path of overseas capital outflow, including the acquisition and use of various bank cards, accounts, and practical tools.
Please Note Before You Start
- Do not feel pressured to open an account/card; if it doesn't work out, it's perfectly fine to give up.
- Investment carries risks; even large companies can go bankrupt. If you are in China, it is advisable to keep your money within the country.
- Do not provide KYC information unless necessary.
- Do not provide false KYC information unless necessary.
Overseas Address
An overseas address is a necessary condition for registering many financial-related accounts and can be roughly divided into three levels:
- An address that does not belong to you but is a real residential address that can be found using map software; you only need to fill in the information.
- A forwarding address. It can receive and send mail, but may require a subscription fee.
- A real address that can issue a declaration. If you do not own one or do not have a friend to help you provide it, you may need to forge (PS) address proof, such as a utility bill.
Currently, I am using a UK Postbox. The cost of forwarding two phone cards from the UK to China is as follows (having the address does not incur rent):
I used international mail with tracking, which is slightly more expensive than regular mail. The total cost is £13.62.
Note that if your address receives mail, it will automatically deduct fees from your account (which can go negative).
IBAN Personal Bank Account
This is the most complex asset application process. I tried Bitfinex but ultimately had to give up due to improper handling of address proof. You need to provide a passport, bank statements, and address proof. All documents must match in name.
Additionally, after successfully opening accounts with Wise and N26, you will also have an IBAN account.
You can also refer to this YouTube video.
Cards Issued by Overseas Organizations in China
Compared to native foreign bank cards, these cards may still have limitations in certain foreign currency payment scenarios.
As of February 2023, the known cards that can be applied for from overseas issuing banks in China are:
| Issuing Institution | Name | Type | Application Conditions | Currency | Application Link |
|---|---|---|---|---|---|
| HSBC | HSBC Premier Mastercard | Credit Card | RMB account, age ≥ 21, annual income ≥ 1 million | HSBC | |
| BOC | Zhuo Jun Visa/Mastercard | Credit Card | Unknown | USD/CAD/GBP | |
| BOC | Mo Nai/Fei Ren Zai Mastercard | Debit Card | Anyone can apply in Shanghai | USD | Shanghai only |
| CIB | American Express Card | Debit Card | Anyone can apply, but needs social security to activate online banking | RMB settlement | |
| BOC | Great Wall Cross-Border Card | Debit Card | Proof of study/work (Sichuan branch requirements) | Multi-currency |
Here, BOC stands for Bank of China, CIB stands for Industrial Bank, and HSBC stands for Hongkong and Shanghai Banking Corporation.
Visa and Mastercard are globally popular organizations, while AMEX primarily serves in the United States.
From the cards mentioned above, practical tests show:
- The Great Wall Cross-Border Card can be linked to Google Pay and used for payments, supports payment for Google Play Developer registration fees, but does not support Oracle verification.
- The Industrial Bank American Express Card supports Google Play payments.
- The CITIC American Express Card supports Google Play payments.
By the way, the difference between current exchange and cash: current exchange refers to the deposits in your bank account, existing in bank cards, passbooks, and electronic accounts; it is the on-paper foreign currency. Cash refers to the actual foreign banknotes you have on hand. Foreign exchange can circulate freely worldwide, while foreign cash is subject to regulation.
If the multi-currency card from Bank of China cannot convert foreign exchange to RMB, please first transfer the foreign exchange to another debit card before exchanging.
Overseas Phone Cards
Currently, the overseas phone cards that can be independently applied for in China are:
| Country | Name | Fees | Application Conditions | Remarks |
|---|---|---|---|---|
| Hong Kong (852) | ClubSim | Pay less than 50 RMB every three months to keep the number, free to receive messages | Available at major 711 stores in Hong Kong | |
| Philippines (63) | Globe | Pay less than 10 RMB annually to keep the number, free to receive messages | Passport verification | |
| UK (44) | giffgaff | Free to receive messages | UK forwarding address | As of December 2025, cannot be purchased directly from China, can go through Taobao |
| USA (1) | Google Voice | Requires a US Google account | US Google account | Currently, domestic e-commerce platforms are cracking down on such products, need to purchase through special channels |
Generally, the roaming fees for overseas cards are very high, so they are not cost-effective for scientific internet access, but receiving messages is still quite useful.
Overseas Physical Bank Cards
- HSBC: The blue lion of Hong Kong HSBC, requires entry into Hong Kong for application.
- Bank of China Hong Kong: Requires entry into Hong Kong for application, using a Hong Kong IP and location, self-service application available in the app since March 2024.
Overseas Virtual Bank Cards
Virtual bank cards can complete most online payment scenarios.
| Service Provider | Registration Requirements | KYC | Disadvantages | Advantages | Card Type |
|---|---|---|---|---|---|
| Wise | Scientific internet access | Passport | Requires an initial deposit of about 30 CAD, does not support deposits from US and Chinese bank cards | Low loss, reputable company | Visa |
| GCash | Philippines IP + phone card | Passport | Cannot withdraw to bank cards | No need for scientific internet access, no passport required | American Express |
| Revolut | Scientific internet access | Passport | Cannot withdraw to bank cards | Low loss, reputable company | Visa |
| Binance Card | Scientific internet access | Passport | Cryptocurrency deposits incur losses | Low loss, reputable company | Visa |
| Depay | Virtual currency wallet | ID card | High loss, both recharge and currency conversion have fees, minimum $1 monthly fee, can only use cryptocurrency for deposits | Relatively convenient | Visa |
| Charles Schwab | Scientific internet access | Passport | Requires a deposit of 25k | Extremely low loss, reputable company, currently the most ideal choice | Visa |
| N26 | Scientific internet access, English | Passport | English interview may be difficult | Extremely low loss, reputable company | MasterCard |
| SAVO | Scientific internet access | Passport | Full CN can open an account | Extremely low loss, reputable company | Visa |
From the above cards, practical tests show:
- Depay can pay for Google Play Developer registration fees, can be linked to Alipay for use in China, can subscribe to ChatGPT Plus.
- SAVO can pay for streaming and other fees.
- N26 can meet most payment scenarios, supports linking Alipay for RMB consumption (using my referral link to register is equivalent to giving me a free tip of ¥300).
- Wise can meet most payment scenarios (using my referral link to register, you can get a free transfer limit of 4500 yuan).
For wallets that require cryptocurrency deposits, you can continue to look at the cryptocurrency purchase section below.
Fiat and Virtual Currency Conversion
These tools can convert fiat currency into virtual currency, and then deposit into various wallets through cryptocurrency.
- OKX: Supports purchasing various virtual currencies using RMB, supports WeChat and Alipay.
- Binance: Same as above.
Fiat Deposit & Transfer Tools
- Sendwave: Supports lossless deposits to bank accounts in some African countries, including Nigeria.