SafePal User Manual: Transfer Remittances, Deposit and Withdraw from Brokers/CEX, The Most Comprehensive Guide to Bridging Crypto and TradFi

Author: Tyler

In today's crypto world, obtaining a consumer-oriented U card is no longer a challenge. However, having a compliant foreign currency account at the level of a bank account, with personal real-name verification, is still quite rare.

Whether you are a crypto user or an ordinary player who has not yet engaged with Web3, you likely hope to easily deposit funds into overseas brokers like Interactive Brokers (IBKR) to invest in European and American stocks, pay for foreign services, or transfer tuition fees to overseas friends and family.

In short, the vast majority of users need not just a prepaid foreign currency card that allows direct consumption of cryptocurrency, but a complete and compliant financial account system. Earlier this year, I had an in-depth experience with the banking channel service launched by SafePal in collaboration with Swiss Fiat24 Bank.

This service not only provides a convenient Mastercard for small purchases and withdrawals, but more importantly, it is also a compliant Swiss bank account that supports euro and Swiss franc transfers, which can be used for deposits and withdrawals with overseas brokers (such as IBKR, Charles Schwab, Tiger Brokers, etc.) and crypto exchanges (such as Kraken, Bitstamp, Binance, etc.) (for further reading, see “Understanding SafePal Bank Account and Mastercard: A Comprehensive Guide from Account Opening to Depositing into Overseas Brokers” and “Using U for Consumption: A Step-by-Step Guide to Registering and Using SafePal Mastercard”).

After nearly three months of in-depth testing, I found that the SafePal & Fiat24 banking channel service essentially provides users in mainland China and other regions that previously lacked similar services with a low-threshold convenient channel for euro SEPA transfers: Based on the IBAN euro transfer channel, it allows crypto wallets to have nearly full-function commercial bank account capabilities.

In short, compared to traditional "U cards," the SafePal banking channel service not only includes crypto consumption functions but is also a complete financial account that can freely send and receive euros, associate with crypto assets, and has a compliant identity label ------ users can open a compliant Swiss offshore bank account remotely from the comfort of their homes, enjoying robust banking account deposit and withdrawal, transfer, and remittance functions, making it particularly suitable for users with cross-border transfer and withdrawal needs.

Therefore, this article will delve into the derivative use cases that can be achieved through this euro SEPA transfer channel, thoroughly testing various aspects such as overseas brokers, traditional banks/remittance service providers, crypto exchanges, Apple Pay/Google Pay, etc., to help everyone better acquire and master a bank account that is both compliant and multifunctional.

1. Bidirectional Connectivity Between Crypto and Euro

As mentioned above, the banking channel service jointly launched by SafePal and Fiat24 essentially provides users with a compliant channel for low-threshold bidirectional conversion between crypto assets and euros.

Before performing euro transfers or deposit and withdrawal operations, it is first necessary to ensure that there is sufficient euro balance in the bank account. Currently, there are mainly two ways:

1. Recharge USDC (Arbitrum) to Euro via SafePal Wallet App

Users can select the "Recharge" service on the "Bank" page of the SafePal Wallet App to recharge on-chain USDC (Arbitrum) to EUR. The system will automatically convert USDC to euros based on the real-time exchange rate.

As shown in the figure, when using 117.5 USDC to exchange for 100 euros, the system displays an exchange rate of approximately 1 USDC ≈ 0.85 EUR, and a recharge fee of 1.175 USDC (1%) will be displayed.

It is worth noting that SafePal currently implements a 100% refund policy for all USDC to fiat currency recharge fees, meaning that the fees paid by users will be fully refunded in USDC, which can be viewed and withdrawn in "Level" - "Total Rewards."

2. Transfer Euros to Personal SafePal Swiss Bank Account via SEPA Transfer

In addition to recharging through crypto assets, users can also transfer euros from other banks or financial institutions into the Swiss bank account provided by SafePal via SEPA (Single Euro Payments Area), which is suitable for users who have euro funds in other banks or financial institutions.

The specific steps are as follows:

In the SafePal Wallet App on the "Bank" page, click "Account" to enter the account details page, click the "Add" button to obtain your personal IBAN (International Bank Account Number) and BIC/SWIFT (Bank Identifier Code);

Alternatively, on the "Bank" page of the SafePal Wallet App, you can directly click "Recharge," and on the right side, you can enter the account details page to obtain your personal IBAN (International Bank Account Number) and BIC/SWIFT (Bank Identifier Code).

Then, initiate a SEPA transfer from your other bank account holding euro funds, entering the recipient information by inputting the IBAN and BIC/SWIFT obtained from the SafePal App. After confirming that the transfer information is correct, submit the transfer request.

This means that after users transfer euros into the personal Swiss bank account provided by SafePal, they can use the "Buy Crypto" function to convert euros back into on-chain USDC or other crypto assets (currently supporting other swap-supported tokens), thus achieving bidirectional connectivity between crypto and euros.

It is important to note that since SafePal & Fiat24 provide a Swiss bank account, the personal IBAN starts with CH (the IBAN code for Switzerland) followed by a 19-digit account number.

While SafePal and Fiat24 do not charge bank transfer fees, if the transfer involves euro transfers from non-EU regions (such as a bank in New Zealand), third-party banks may charge certain fees. Therefore, it is advisable to consult the relevant bank's fee policy before making a transfer.

In summary, through the above two methods, SafePal users can conveniently convert crypto assets into euros or transfer euro funds from other banks/financial institutions into their personal Swiss bank account and exchange them for USDC or other on-chain tokens, meeting the compliance needs for fund circulation.

On this basis, whether for deposits and withdrawals with overseas brokers, CEX deposits and withdrawals, daily consumption, transfers, or paying subscription fees for international services like 𝕏, the SafePal banking channel provides an efficient and low-cost solution.

2. Practical Application Scenarios of SafePal Banking Channel Service

The banking channel service jointly launched by SafePal and Fiat24 provides users with a compliant channel for low-threshold bidirectional conversion between crypto assets and euros. Below are several typical scenarios of this service in practical applications:

1. Euro Deposits and Withdrawals with Overseas Brokers (such as Interactive Brokers, Charles Schwab)

Since the personal Swiss bank account provided by SafePal supports euro transfers, users can directly transfer euro funds into overseas broker accounts that support euro SEPA deposits, such as Interactive Brokers (IBKR) and Charles Schwab, providing a more convenient channel for cross-border investment needs.

This article takes the euro deposit process of Interactive Brokers as an example, with zero fees for deposits (and through Interactive Brokers, users can also exchange for USD, HKD, and other currencies at the best exchange rate before withdrawing to US or HK cards, and more channels can be tested by users themselves).

First, open the Interactive Brokers APP (the PC version can refer to a similar process), click the menu button in the upper left corner to enter the personal settings page.

Then click "Deposit Funds," and in the pop-up options, select the first "Standard Deposit" to enter the deposit page:

• Previously, I had multiple euro deposits through SafePal & Fiat24, so as shown in the figure, there is a record of "Bank Transfer-SR Saphirs," which can be directly clicked later;

• If it is a new user making their first euro deposit, they need to click "Use a new deposit method" below to select and add a deposit payment method;

Then select EUR as the currency for the remittance, choose the second deposit method "Bank Transfer/SEPA," and click "Get Instructions" to enter the transfer instruction page.

On the transfer instruction page, there are four items to fill in from top to bottom:

1. Remitting Institution (required): You can fill in "SR Saphirstein AG" (the operating entity name of Fiat24);

2. Account Number (optional): This is the personal IBAN number mentioned above (CH+19 digits);

3. Deposit Instruction Note (required): Generally, this will auto-fill after completing the first item;

4. Deposit Amount (required): Fill in the specific amount you plan to remit, for example, 50;

Note that after filling in the above four items, there is no need to check the "Make this a recurring transaction" option below, just click "Get Transfer Instructions" to obtain the transfer instructions.

As shown in the right half of the figure, detailed transfer instruction information will be presented, just copy the payment reference at the bottom------the personal UID/name in pinyin starting with U , similar to "U12345678/Tyler."

Then return to the "Bank" page in the SafePal Wallet APP, enter the "Transfer" service, click the "Transfer to Trading Platform" option, select "Broker" and Interactive Brokers, and finally fill in the same transfer amount and payment reference as previously in Interactive Brokers, click confirm, and complete the on-chain transfer.

Tips: After Fiat24 sends out the euros, users will receive an email notification; once sent, the funds can generally be deposited into Interactive Brokers within a few hours on business days in Europe and America.

2. Euro Deposit and Withdrawal Guide for Traditional Banks/Remittance Service Providers (such as domestic banks, Wise/Panda Express, etc.)

For users who wish to achieve euro deposits and withdrawals through traditional financial channels, SafePal provides a personal IBAN account in cooperation with the Swiss licensed bank Fiat24, supporting SEPA standard euro transfers. Below, I will detail how to operate through domestic banks or third-party remittance service providers (such as Wise, Panda Express).

(1) Deposit Service

For deposits, users in mainland China can use the legal foreign exchange purchase service of domestic banks to transfer euro funds into the SafePal bank account through the following steps:

• Purchase Foreign Currency: Buy euros in cash in a personal bank account in mainland China;

• Obtain Payment Information: As mentioned above, in the SafePal Wallet App, click "Bank" > "Account" > "Account" > "Add" to obtain personal IBAN account information (or on the "Bank" page, directly click "Recharge" to enter the account details page to obtain your personal IBAN account information);

• Remittance: Through the bank counter or online banking, remit the purchased euro cash into the Swiss bank account provided by SafePal;

• Buy Crypto: After the funds arrive, go to the "Buy Crypto" function on the SafePal bank page to convert euros into USDC or other swap-supported tokens, and the funds will automatically transfer to the user's SafePal wallet address;

Tips: Most domestic banks' mobile applications support online foreign exchange purchases and overseas remittance functions, making it easy to complete the above operations (be sure to compare the foreign exchange and remittance fees of various banks to find the most favorable path); in addition, you can also use international remittance service providers like Panda Express to complete the deposit via the CNY-->EUR path.

(2) Withdrawal Service

Similarly, for withdrawals, you can also choose to transfer euros back to domestic banks that support SEPA euro receipts for currency exchange and withdrawal.

Additionally, users can transfer euro funds from their SafePal bank account to a Wise account, and then use Wise to transfer funds to bank accounts in other countries or regions------for example, Alipay or WeChat in mainland China, thus achieving cross-border fund transfers. This method is particularly suitable for users who need to transfer funds back to mainland China.

When operating, you need to first register and activate a Wise account: new users can download the Wise App and complete the registration (users in mainland China can use their passport), then activate the euro account------generally, Wise will require you to transfer a certain amount (such as 20 euros) to activate the account. The transfer steps are as follows (the same steps apply for subsequent remittances to Wise).

First, open Wise, click "Recharge" on the homepage, select EUR, first enter the amount you want to remit to Wise (for example, 50 EUR), then choose "Manual Bank Transfer" as the payment method (other methods are currently not available for mainland users).

Then open the QR code generator website: based on the recipient account information from the last page of Wise, fill in the five required fields in order and generate a QR code (except for the last UID item, the first four items should theoretically be the same for all users):

• Recipient Name : Wise Europe SA;

• IBAN : BE79967040785533;

• BIC/SWIFT : TRWIBEB1XXX;

• Transfer Amount : Fill in the specific amount you plan to remit, for example, 50;

• Payment Reference : P followed by an 8-digit UID;

Then click "GENERATE QR CODE" in the lower left corner to generate the transfer QR code.

Finally, return to the "Bank" page in the SafePal Wallet App, click "Transfer," and use the QR code scanning function in the upper right corner to scan the generated QR code, authorize the remittance transfer, and you can transfer the specified amount of funds to the account provided by Wise.

Once Wise receives the euro transfer, simply select to remit to RMB (CNY) in the Wise App, choosing Alipay or WeChat as the payment method, and the maximum single transfer limit for Wise to mainland China is 50,000 RMB, with each recipient able to receive the equivalent of 50,000 USD in RMB per year.

In terms of fees, Wise's remittance to mainland China has a fee of about 1%, with specific fees depending on the remittance amount (the higher the amount, the higher the fee, but the increase becomes smaller; in practice, transferring 50,000 RMB costs about 450 RMB, which is less than 1%)------SafePal remitting euros/chf to Wise or any financial institution is free of charge.

Tips: Sometimes, the initial attempt with Wise may fail and refund back; based on personal experience, if you encounter a failure, try again a few times and gradually increase the amount; after a successful remittance, wait a while, and the SafePal transfer page will have contact records, allowing you to directly select historical contacts for remittance without scanning the QR code (according to official disclosure, a channel for directly adding contacts will be launched in the second quarter).

3. Deposit and Withdrawal Guide for Crypto Exchanges (Binance, Kraken, etc.)

In the current financial environment, some traditional financial institutions may trigger risk control mechanisms when funds are transferred directly from crypto exchanges (such as Kraken), leading to funds being returned or frozen.

To avoid such risks, users can utilize the crypto-friendly banking services provided by SafePal & Fiat24 as a transit channel to bypass risks and achieve smooth fund flow.

Withdrawal Operation: Withdraw from the Exchange to SafePal Bank Account

Users can withdraw euros from exchanges like Kraken to the Swiss bank account provided by SafePal. This operation not only reduces the risk of being controlled by traditional banks but also ensures the safe arrival of funds. After withdrawal, users can choose to convert the funds into USDC or other stablecoins for further investment or transfer.

Deposit Operation: Recharge Euros to Binance via SafePal Co-branded Mastercard

For deposits, you can also use the co-branded Mastercard service of the SafePal banking channel to achieve euro deposits, with two entry points available in the Binance APP (you can choose either):

(1) Enter from the homepage "Add Funds," first switch the currency in the upper right corner from "CNY" to "EUR," then click "Recharge EUR" to proceed.

(2) In the C2C service, first switch the currency in the upper right corner from "CNY" to "EUR," then click "Recharge EUR to Account" to proceed.

By using either of the above two methods, you will enter the recharge page shown below, enter the recharge amount, fill in the SafePal Mastercard number, expiration date, and CVV information, and proceed with the payment.

After completing the payment, the funds will be credited to the Binance account almost instantly, achieving euro (SafePal Mastercard) → euro (Binance account).

Note that if you need to view the detailed information required for the above Mastercard, you can copy the card information in the SafePal Wallet App:

• On the "Bank" page, click "Bank Card" to enter the details page;

• Click the "eye icon";

• In the identity verification pop-up window, click "Confirm" to complete the wallet signature;

• After authorization, you can click to view the complete card number, expiration date, and CVV security code for binding to WeChat, Alipay, or for use in other payment scenarios (note: do not disclose the CVV security code and card number to anyone);

Tips: Using the SafePal Mastercard for USD payments is theoretically possible, but it is not very meaningful because euros can mainly be transferred from other financial institution accounts to SafePal/Fiat24 via IBAN, and then deposited into Binance, providing a personal real-name account transfer channel for euro deposits to CEX. For USD, the dollars in the Mastercard are all recharged from USDC, which essentially goes in circles.

4. Bind Apple Pay, Google Pay, and Pay for 𝕏 Blue Check and Other Overseas Subscriptions

The Mastercard service in the SafePal banking channel service currently also supports binding to mainstream payment platforms like Apple Pay, Google Pay, and Samsung Pay, allowing users to use funds in their SafePal bank account in USD, EUR, CHF, and RMB for daily consumption.

The binding process for Apple Pay, Google Pay, and Samsung Pay is quite similar: (1) Open the "Wallet" App on iPhone / "Google Pay" App / "Samsung Pay" App, click to add a card; (2) Enter the SafePal Mastercard number, cardholder name, expiration date, and CVV security code (specific detailed information as mentioned above); (3) Complete mobile number verification according to the prompts, enter the received verification code to complete the binding.

Once successfully bound, users can use the SafePal Mastercard for payments at merchants that support Apple Pay, Google Pay, or Samsung Pay:

• In-App Purchases : Such as purchasing apps or in-game items in the App Store or Google Play;

• Online Shopping : Shopping on e-commerce platforms that support Mastercard, such as Amazon, eBay, etc.;

• In-Store Consumption : Making contactless payments at physical merchants that support Apple Pay, Google Pay, or Samsung Pay;

• Subscribing to Other Services : Such as Netflix, Spotify, YouTube Premium, and other international subscription services;

Taking the recent example of the 𝕏 Blue Check subscription, many users who lack usable overseas cards often encounter limitations with traditional payment methods. By following these steps, there is a workaround to successfully subscribe using the SafePal Mastercard:

• On an Android device, open the "Google Play" App, go to "Payment Methods" settings, and add and bind your SafePal Mastercard;

• Open the 𝕏 (Twitter) App, go to "Settings and Privacy" > "Subscriptions" > "Twitter Blue," and select the subscription option;

• On the payment page, choose to use Google Play as the payment method, and the system will automatically call the bound SafePal Mastercard to complete the payment (though it may incur slightly more fees than the web version);

In practice, using the above method can bypass the limitations of traditional payment channels and successfully complete the 𝕏 Blue Check subscription.

3. User Experience and Precautions

Overall, the banking channel service of SafePal & Fiat24 can be divided into two parts:

• Compliant Swiss Bank Account (IBAN starting with CH) : Suitable for SEPA or SWIFT transfers in euros (EUR) and Swiss francs (CHF), commonly used for deposit and withdrawal operations with overseas brokers (such as Interactive Brokers, Charles Schwab) or exchanges (such as Binance, Kraken);

• Co-branded Mastercard (MasterCard) : Suitable for daily consumption, can be bound to payment platforms like Alipay, WeChat, Google Pay, etc., enabling online and offline payments;

Among them, the deposit and withdrawal operations of personal real-name bank accounts are all paths that cooperate with licensed financial institutions/traditional banks, and all fund flows comply with the foreign exchange control regulations of mainland China, providing a much more compliant and secure channel for deposits and withdrawals than C2C.

According to the regulations of the State Administration of Foreign Exchange of China, individuals can conduct foreign exchange purchases and settlements equivalent to 50,000 USD per year. Through SafePal's bank account, users can fully utilize this quota to achieve efficient conversion between crypto assets and fiat currencies, meeting the needs for cross-border income and expenditure and asset allocation.

In practice, since SafePal is currently conducting a long-term fee waiver activity, and there are no additional charges for incoming and outgoing transfers, users only need to bear the exchange loss and related fees from mainland banks (in some cases, there may be third-party intermediary banks), with a comprehensive fee loss of about 1%-3% ------ it is recommended to conduct foreign exchange operations on business days to obtain better exchange rates.

It is important to emphasize again that the ownership of the SafePal bank account and Mastercard is bound to the user's wallet address through NFTs, so be sure to properly safeguard your mnemonic phrases and private keys to avoid asset loss, and remember to ensure that you do not disclose any Mastercard-related information (card number and CVV security code) to others.

In Conclusion

Recently, crypto payment cards like U cards have flooded the Web3 ecosystem, seemingly becoming the new darling of the market. However, to be realistic, many products under the "U card craze" are essentially just prepaid cards, with functions still limited to basic consumption payments------mainly focusing on binding Alipay/WeChat for offline scanning consumption and online payment subscriptions.

This makes it difficult to meet users' diverse needs for cross-border fund flows and asset allocation, as U cards only achieve "consumption terminal access" but cannot construct a complete ecological closed loop for fund flow ------ for example, when users need to remit funds to Interactive Brokers, 99% of U cards can only remain silent.

Therefore, objectively speaking, the services represented by SafePal & Fiat24 not only have competitive rates but also achieve differentiation in functionality------compared to traditional "U cards," SafePal, based on its personal real-name compliant Swiss bank account, is one of the few products currently supporting euro transfers, providing users with a compliant, convenient, and secure channel for crypto-fiat fund flows.