Recent Update: EzWallet to Alipay China by iFAST Global Bank

iFAST Global Bank recently launched the EzWallet service, which supports direct money transfer to Alipay China.  

We have summarized some common questions for user reference. For other usage questions, feel free to leave us a message in the backend. 

Q: What is the remittance limit to Alipay? Does it use up the recipient's foreign exchange settlement limit? 

According to the regulations of the State Administration of Foreign Exchange of China, the annual total limit for personal foreign exchange settlement and purchase is $50,000 per person. 

iFAST Global Bank's remittances to Alipay are subject to this $50,000 annual limit per person. 

The maximum amount for a single transaction from iFAST Global Bank is £25,000. 

For specific transaction limits for Alipay's  "Flash Collection"（闪速收款）service, please refer to the product usage interface of Alipay. 

Q: Can I remit to someone else's Alipay? 

Yes, iFAST Global Bank supports remittances to third-party Alipay accounts. Just fill in the recipient's information correctly. 

Q: What should I pay attention to when filling in the remittance information? 

1. Recipient's Name 

Based on the pinyin of the name shown in the "Flash Collection"（闪速收款）interface, fill it out as is when using iFAST Global Bank's EzWallet. 

Note the spaces between names, for example, if the recipient's name is Li Meimei: 

A. LI MEIMEI  

B. LI MEI MEI 

Both formats are acceptable. 

2. Recipient's Phone Number 

Currently, Alipay supports multiple Alipay accounts linked to one phone number. iFAST Global Bank transfers funds to the corresponding Alipay account based on the phone number and name. 

Please check the Alipay ID in your  "Flash Collection"（闪速收款）interface. If it shows an email address instead of a phone number, confirm that the phone number linked to this Alipay account has never been used to register another Alipay account. 

Example: Li Meimei's Alipay account A Alipay ID is ABCD@qq.com, linked to phone number 1234567. 

If Li Meimei has not registered another Alipay account using the phone number 1234567, the remittance will directly go to account A. 

If she has used 1234567 to register Alipay account B, she needs to log in to this account, enable the  "Flash Collection"（闪速收款）feature, and then the funds will be transferred to account B. Otherwise, the remittance will fail and be returned to the iFAST Global Bank account. 

Q: How are remittance fees and exchange rates calculated? 

Currently, there is no handling fee for remittances to Alipay in China through iFAST Global Bank's EzWallet. 

The exchange rate fluctuates with the market, and the specific rate is subject to the order page. 

Q: How long does it take for the remittance to be processed? 

If all information is filled out correctly, it usually takes a few hours to arrive. 

Generally, it will not exceed 24 hours. 

If it has not arrived within 24 hours, please reconfirm whether the recipient information is correct (refer to question 3), and whether the funds have been returned to the bank account. 

You can also directly contact our online customer service on the official website or mobile app for inquiries.