A Comprehensive Guide to Understanding SafePal Bank Accounts and MasterCard: From Account Opening to Funding Overseas Brokers

Written by: Tyler

In the article "Using U for Consumption: A Step-by-Step Guide to Registering and Using the SafePal Mastercard," I shared in detail how to register and use the SafePal & Fiat24 bank account and Mastercard, helping many users successfully open their bank accounts and activate their Mastercards.

However, after the tutorial was published, I received a lot of feedback regarding the registration process, usage tips, and related issues, especially concerning the precautions during registration and how to perform deposit and withdrawal operations with overseas brokers through the SafePal bank account.

Therefore, I have systematically organized and provided in-depth answers to these frequently asked questions, covering everything from account opening thresholds and security precautions to various application scenarios. Whether you wish to use this service for convenient daily consumption or plan to use it as a bridge for more investment scenarios, I believe this article will help everyone better master the usage skills of the SafePal bank account and Mastercard.

Specific Question List:

Q: What are the thresholds and additional fees for opening a bank account and applying for a Mastercard?

A: Domestic users do not need to use a VPN; using an ID card or passport (ID card is recommended for Android, passport for iOS), download the SafePal wallet app, with 0 threshold for account opening, 0 card issuance fee, and 0 management fee/annual fee/monthly fee.

Q: What is the official download link for the SafePal APP?

A: The official wallet download link is: https://www.safepal.com/zh-cn/download

Q: What kind of bank account and Mastercard are being processed?

A: A compliant bank account and co-branded Mastercard based on the Swiss Fiat24 bank, where the Swiss bank account (Fiat24 bank account) allows users to obtain an independent IBAN account, supporting fiat currency deposits and withdrawals, bank remittances, currency exchanges, and other conventional banking services; the co-branded Mastercard can be used to bind to Alipay/WeChat for online/offline consumption.

Q: What are the benefits of having a SafePal bank account and Mastercard? How can they be used?

A: The Mastercard can be used as a U card to recharge USDC for domestic daily payments, facilitating small transactions and withdrawals; the bank account can facilitate bank transfers in euros and Swiss francs, as well as deposits and withdrawals with overseas brokers (Interactive Brokers, Charles Schwab, Tiger Brokers, etc.)/CEX (Kraken, Bitstamp, Binance, etc.).

Q: Are there any security precautions?

A: This bank account and Mastercard are built on a Web3 architecture, and the following points should be noted:

• Wallet Backup: Be sure to properly back up your wallet, ensuring the secure storage of your mnemonic phrase or private key to avoid loss or leakage.
• On-chain Address Usage: This service is entirely based on on-chain wallet addresses, and there is no need to use a phone number or email when applying for an account.
• NFT Ownership: The bank will mint an NFT for users as proof of account ownership. Users must ensure that this NFT is stored in a trusted wallet to avoid transfer or leakage; losing the NFT may affect account ownership.

Q: If the wallet is leaked or lost (or if I want to change wallets), how can I transfer the bank account and Mastercard?

A: If you want to change wallets to use banking functions, first transfer all asset tokens (USD24, CNH24, etc.) to the new wallet, then transfer the NFT to the same wallet to achieve the purpose of switching wallets.

Q: Do I need to transfer ETH at the beginning of the account opening? Is it a registration fee?

A: Since the recharge process requires transactions on the Arbitrum network, you need to ensure that there is enough Arbitrum ETH in your wallet to pay for gas fees; 0.0001 ETH is sufficient (less than 0.5 USD), mainly as the gas fee during the account opening process, with no additional fees.

Q: What does it mean when the following page appears?

A: As required, download ReadlD Ready, then click "Next" to automatically redirect.

Q: During the registration process, what should I do if my phone prompts that NFC is not supported?

A: If your phone supports NFC, first turn on the NFC switch, then re-enter the ID card mini-program; otherwise, it may be recognized as unsupported. If your phone does not support NFC, you need to switch to a phone that does.

Q: How to resolve a black screen or display issues during the registration process?

A: It is recommended to try several times; if it is a network issue, switch to mobile data (turn off WiFi). If it still doesn't work, try again at a different time; if that doesn't work, switch devices or restart the device and try again.

Q: How long do I need to wait after seeing the prompt "An email will be sent once completed"?

A: Under review, please be patient for the review results.

Q: What should a user do if they accidentally closed their Fiat24 account?

A: The bank's official prompt is that once closed, it cannot be restored. You can try registering a new address or contact the bank for consultation: service@fiat24.com

Q: What should I do if the following page shows that risk control has not passed?

A: Currently, it is recommended to register using a family member's identity; the main reasons for being flagged by risk control are: the name matches a PEP individual or a person on a sanctions list; the address has interacted with blacklisted addresses or black U; personal information is on other banks' blacklists; GPS location is in high-risk areas. Overseas banks have this list, and generally, to mitigate risks, they will require more documentation for secondary review.

Q: If my SafePal registration is rejected, can I still register for similar Mastercard services like imToken/TokenPocket?

A: They are all from the same underlying bank, Fiat2424, but the rates and other experiences differ, so those who are rejected cannot open an account again.

Q: After successfully opening an account, what does it mean when applying for a Mastercard shows the following image?

A: The account has been successfully opened, and you need to wait for manual card issuance. Please be patient for 1-2 days, and then go to the "Bank" page and click "Bank Card" to activate the Mastercard.

Q: Is there a physical card?

A: Not at the moment, but binding to Alipay/WeChat and bank account transfers are not affected.

Q: What are the overall fees and wear and tear for using this Mastercard?

A: There are only recharge fees (long-term free, 100% instant refund, can be viewed in "Level" - "Total Rewards") + currency exchange fees (no exchange fee for RMB in China). Currently, with the exchange rate, the actual wear and tear is around 1%, and it is mainly due to the larger spread on weekends. On weekdays, it shrinks to below 1% because there are no quotes on weekends. It is recommended to recharge USDC to RMB, USD, and other fiat currencies on weekdays.

Q: What does it mean when the following page appears? Do I need to deduct 10 USD?

A: When activating the bank card, a minimum of 10 USD verification is required (0 fee, just for verification). You can recharge 10 USDC at the "Recharge" entry to convert it to 10 USD; this fee will remain in your account and will not be charged.

Q: After successfully opening the card, how can I recharge on-chain stablecoins (U) to dollars, RMB, and other fiat currencies usable with the Mastercard?

A: USDC can be recharged to four fiat currencies: USD, RMB, EUR, and CHF. However, please ensure that the USDC you recharge is based on the Arbitrum network version to avoid recharge failures or loss of funds.

Q: How to bind the SafePal Mastercard to Alipay/WeChat?

A: After activating the SafePal Mastercard, you need the card number, expiration date, and 3-digit security code to bind to WeChat or Alipay.

Q: What are the transaction/consumption limits?

A: The transaction limit for the SafePal bank account (remittance, currency exchange, consumption) in domestic regions is 100,000 USD/month;

If binding to Alipay/WeChat for daily consumption (each has its own limits for international cards):

• WeChat is 3000 RMB per transaction, 3000 RMB per day, 15,000 RMB per year;
• Alipay's minimum payment limit is 0.1 RMB, with a maximum of 3000 RMB per transaction, and the annual cumulative payment amount cannot exceed the equivalent of 10,000 USD (about 70,000 RMB).

Q: Is there a risk in depositing funds?

A: The USD/RMB/EUR/CHF in the SafePal bank account are RWA tokens issued by Fiat banks based on the Arbitrum network, so in reality, our balance and consumption are fully transparent, ensuring that no third party can misappropriate or hold the funds.

Q: Can USD24, CNH24, and other fiat tokens be directly exchanged for USDC?

A: No, USD24 and others do not have exchange trading pools on-chain, but they are 1:1 pegged to fiat currencies, which can be understood as a Fiat24 accounting token, achieving full transparency in transactions on-chain.

Q: How are the gas fees paid now?

A: For recharge, authorization, and currency exchange, we personally pay the gas, but it is very low, averaging a few cents per transaction; for daily card consumption transactions, the bank pays the gas on our behalf, and we do not need to pay.

Q: What is the address of Fiat24 bank?

A: The registered address of Fiat24 is: Bellerivestrasse 245, 8008 Zurich, Switzerland.

Q: What are the advantages compared to ordinary U cards?

A: It is safer than ordinary U cards, essentially being a personal real-name Swiss bank account.

Q: What payment methods are currently supported?

A: Supports Alipay, WeChat (showing QR code for payment), Google Pay, Samsung Pay; Apple Pay will soon be supported.

Q: How to refund during the internal testing period?

A: The refund process during the internal testing period is longer; after the official launch in January, manual refunds will be arranged, and after the internal testing ends, an automatic process will be used.

Q: Why did binding WeChat payment fail?

A: WeChat may fail to pay unless showing a QR code; it is recommended to use QR code payment or use Alipay.

Q: Some users found they couldn't bind WeChat; what is the reason?

A: It is due to WeChat's risk control, and you can only operate according to the guidance.

Q: A user binding Meituan payment received a message: the bank feedback indicates that this card has risks… What is the reason, and how to resolve it?

A: It is likely that Meituan has stricter risk control for foreign cards; it is recommended to bind Alipay/WeChat, which can also be used for payment through this channel.

Q: For domestic consumption, is it more appropriate to recharge USDC to RMB or USD?

A: It is recommended to recharge RMB first to save on currency exchange fees; of course, you can also recharge USD, and the deduction will automatically exchange (with a 1% currency exchange fee) ------ you can compare how much actual loss there is if using USD, because USDC is 1:1 with USD, just see what exchange rate is used for automatic exchange during payment.

Q: Is the exchange of USDC for fiat currency in "Recharge" at real-time exchange rates?

A: The bank will adjust according to real-time exchange rates.

Q: Why is there a significant difference in RMB recharge exchange rates between weekends and weekdays?

A: The bank states that the spread will widen on weekends because there are no quotes; it is recommended to exchange on weekdays.

Q: How to check personal ID after registration?

A: Personal ID: in "Account," the five or six digits after the #.

Q: Can I fill in the invitation code after not filling it in at the beginning?

A: You can fill it in; it is valid within 7 days after the account is successfully opened. Go to "Level" → "Invite" → "My Inviter" to fill in 244274.

Q: What are the benefits of filling in my invitation code?

A: The 3-month commission-free period for SafePal Mastercard/bank account recharge commissions will be adjusted to a long-term 0 commission, so everyone can use it with confidence; users who open accounts and receive cards using the exclusive invitation code "244274" can receive a free official SafePal hardware wallet X1 (only need to pay a small shipping fee), valued at 69.9 USD.

Q: How to receive the hardware wallet? Is it free?

A: Send me your ID, and you only need to pay a small shipping fee. (Domestic warehouse, official direct shipping, the one at the bottom of the image is the X1 hardware wallet).

Q: Can this card be used to activate X/GPT memberships?

A: Yes, for X, GPT, etc., but GPT has stricter requirements, and the IP address must comply, so a Swiss VPN is needed for payment (GPT's rules state that payment can only be made in the card issuing institution's location).

Q: What should I do if the card expires?

A: The bank has an update process, so there is no need to worry.

Q: Can this card only be used for consumption and not for withdrawals?

A: SafePal is a combination of a bank account and a bank card; the bank card is used for consumption, while the bank account has transfer functions (direct interbank transfers in euros and Swiss francs). Currently, it is not possible to directly transfer RMB to domestic banks, but transfers can be made through third-party platforms like Wise, as well as deposits to overseas brokers (Interactive Brokers, Charles Schwab) and CEX (Kraken, etc.).

Q: How to deposit funds using the SafePal bank account currently?

A: Currently, in mainland China, if you want to deposit using the SafePal bank account, first purchase euros in cash through the bank's cross-border foreign exchange business, then transfer the funds to the SafePal bank account. On the "Bank" service page, click "Buy USDC" to deposit as USDC.

Q: Can I deposit RMB?

A: It is not recommended, and it is actually unnecessary. This card is mainly used for consuming U and converting U to euros through the bank account for deposits to overseas brokers.

Q: How to withdraw funds using the SafePal bank account?

A: For withdrawals, if you want to withdraw euros directly, just transfer to the SafePal euro account according to the IBAN; if you want to withdraw directly to a domestic bank, you generally need to use Wise as an intermediary.

Q: What currencies can be transferred with the SafePal bank account? Is there USD?

A: Please note that currently, only euro and Swiss franc interbank transfers are supported. In "Transfer," click "Contacts" to make transfers (bank remittances, broker deposits and withdrawals, etc.) with 0 interbank fees; however, you cannot add contacts independently for now. The other party's account must first transfer you a sum for it to automatically become a contact (you can view your personal wire transfer receiving information in "Recharge" - "Wire Transfer").

Q: Which overseas brokers and CEX can I deposit funds into?

A: Any non-bank institution that supports euro deposits (supports IBAN) can theoretically be used ------ currently, Charles Schwab and Interactive Brokers both support direct euro deposits via IBAN. You can go to the SafePal "Bank" service page, click "Transfer" ------ at the bottom of "External Transfer," click the exchange/broker icon to enter, select the corresponding institution, and remit euros to complete the deposit. For other brokers like Futu and Tiger Brokers, theoretically, you can use Wise as an intermediary to complete the deposit as well.

Q: How long does it take to deposit into overseas brokers like Interactive Brokers?

A: Based on personal testing, it takes about 3-5 hours on weekdays, and at most 1 working day.