How the iFAST Global Bank Ecosystem Empowers a China-connected Lifestyle

Today, more and more Chinese families have cross-border needs, including overseas education, international investment, global travel, and working abroad. As a result, demand for cross-border banking services continues to grow. Managing multiple currencies, making international payments, and sending money across borders should not be complicated by high fees, multiple accounts, or cumbersome processes. 

Fortunately, iFAST Global Bank is designed specifically for customers with international banking needs. With features such as multi-currency accounts, global online account opening, and fee-free remittance solutions, it makes cross-border financial management simpler and more convenient. 

How the iFAST ecosystem covers living abroad 

1. Multi-Currency Current Account that earns interest 

With an iFAST Multi-Currency Current Account, you can hold and receive 11 different currencies, including US Dollar (USD), British Pound (GBP), Euro (EUR), Hong Kong Dollar (HKD), Chinese Yuan Renminbi (CNY), and more. 

You can manage all 11 currencies within a single account, making fund transfers more convenient while reducing additional foreign exchange costs. Real-time currency conversion is also available within the account. 

More importantly, your funds continue to earn interest. Competitive deposit interest rates are offered across all 11 supported currencies*. Whether you hold US Dollars, British Pounds, or other major currencies, your account balance can earn interest around the clock, without the need to open a separate savings account. 

*18+, Interest rates are variable and are subject to change. Details regarding the interest rates can be found on our website at www.ifastgb.com. Please refer to our website for full terms and conditions. Deposits up to £120,000 are fully protected by FSCS (Financial Services Compensation Scheme). https://www.fscs.org.uk/ has further details on the scheme. 

2. Worldwide Scan & Pay: Making spending in China easier 

When overseas residents spend in China, they often face foreign exchange conversion costs, transaction fees, or the inconvenience of carrying cash in Renminbi. 

For both consumers and merchants, these options are not always ideal. While Chinese law requires merchants to accept cash, merchants may not always have sufficient change available. 

Worldwide Scan & Pay was created to solve these challenges. 

With Worldwide Scan & Pay, you simply scan a QR code to complete a cross-currency payment. The service links directly to your iFAST Multi-Currency Current Account, automatically handling currency conversion and transaction settlement*. 

This means you can keep your funds in an interest-bearing USD account and only convert the required amount into RMB at the point of payment. Meanwhile, idle funds continue earning interest, with no additional transaction fees, helping you maximise the value of your money. 

*Scan & Pay is for cross-currency payments only. Availability of QR payments may vary by country and merchant. T&Cs apply. 
"T&Cs Apply" https://www.ifastgb.com/en/transfer/international-payment 
 

3. EzRemit: A faster and easier way to send money home 

Cross-border remittances are often complicated. Traditional channels can involve lengthy processing times, and fees may be charged both by the sender's and recipient's banks. When converting USD or GBP into RMB for transfer to China, you may need to send more than the intended amount to ensure the recipient receives the full sum. 

EzRemit helps address these challenges: 

• Send international transfers to more than 50 countries and regions. 

• Transfer in over 25 currencies. 

• Enjoy fee-free international remittances. 

• Benefit from competitive exchange rates to maximise the value of your funds and help ensure recipients receive the intended amount. 

Transfer speeds are also highly efficient, with most payments arriving within minutes and all transfers completed within 48 hours*. 

*Actual processing times may vary depending on the destination country and recipient bank. 

4. Open an account anytime, anywhere