SafePal Practical Manual: Transfer and Remittance, Inbound and Exit Brokerage/CEX, the most complete guide to connecting Crypto and TradFi

Author: Tyler

With today's Crypto, it's no longer difficult to obtain a consumer U card, but it's still quite scarce to have a compliant foreign currency account with a bank account level and a personal real name.​

Whether you are a Crypto user or an ordinary player who has not been exposed to Web3, you are likely to hope to easily invest in European and American stocks with overseas brokers such as Interactive Brokers (IBKR), pay foreign currency payments to overseas related services, or pay tuition fees for overseas relatives and friends across borders.​

To put it bluntly, most users need not just a foreign currency prepaid card that can directly consume cryptocurrencies, but a complete and compliant financial account system . At the beginning of the year, the author experienced the banking channel service launched by SafePal and Swiss Fiat24 Bank in depth.

This service not only provides Mastercard that facilitates small consumption and withdrawals, but more importantly, it is also a compliant Swiss bank account that supports euro and Swiss franc transfers and remittances. It can be used for deposits and withdrawals of overseas brokers (such as Interactive Brokers, Schwab, Tiger, etc.) and crypto exchanges (such as Kraken, Bitstamp, Binance, etc.) (Extended reading " Add to Understand SafePal Bank Accounts and Mastercards: A Complete Guide to Deposits from Account Opening to Overseas Brokers ", " Using U, SafePal Mastercard Registration and Use of Nanny-Level Tutorials ").

After nearly 3 months of in-depth testing, the author found that the SafePal & Fiat24 bank channel service, essentially provides a convenient pipeline for users in mainland China and other regions that originally lacked similar services, to realize low-threshold Euro SEPA transfer and remittance: Based on the IBAN Euro Transfer Pipeline, Crypto Wallet has the ability to have nearly full-function commercial bank accounts for the first time.

To put it bluntly, compared with the traditional "U card", SafePal bank channel service not only covers the Crypto consumption function, but also is a complete financial account that can freely send and receive euros, associate crypto assets, and has a compliant identity tag . Users can remotely open a compliant Swiss offshore bank account without leaving their homes, enjoying the sound bank account deposit and withdrawal, transfer and remittance functions, which is especially suitable for users who have cross-border transfer and remittance needs.

Therefore, this article will conduct in-depth testing of overseas securities companies, traditional banks/remittance service providers, crypto exchanges, Apple Pay/Google Pay and other aspects to help everyone better obtain and master a bank account that is both compliant and versatile.

1. Two-way connection between Crypto and the euro

As mentioned above, the bank channel service jointly launched by SafePal and Fiat24 essentially provides users with a compliance channel for low-threshold to achieve two-way conversion between crypto assets and the euro.

Before conducting euro transfer or deposit and withdrawal operations, you must first ensure that you have sufficient euro balance in your bank account. There are currently two main ways:

**1. Recharge USDC (Arbitrum) into Euro through the SafePal Wallet

App**

Users can select the "Recharge" service in the "Bank" page of the SafePal Wallet App to recharge USDC (Arbitrum) on the chain to EUR, and the system will automatically exchange USDC into euros according to the real-time exchange rate.​

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

It should be noted that in fact, SafePal currently implements a 100% return policy for all USDC to fiat currency recharge fees. That is to say, all the fees paid by users will be returned in the form of USDC. You can view and withdraw them in "Level" - "Total Reward" .

**2. Transfer Euros to personal SafePal Swiss bank account via SEPA

transfer**

In addition to recharge through crypto assets, users can also transfer euro funds from other banks or financial institutions to Swiss bank accounts provided by SafePal through SEPA (single euro payment zone) . This method is applicable to the situation where users have euro funds in other banks or financial institutions.​

The specific operation steps are as follows:

On the "Bank" page in the SafePal Wallet App, 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 Identification Code);

Or on the "Bank" page in the SafePal Wallet App, click "Recharge" directly, and you can enter the account details page to get your personal IBAN (International Bank Account Number) and BIC/SWIFT (Bank Identification Code) on the right.

Then, in other bank accounts where you hold euro funds, initiate a SEPA transfer. When filling in the payee information, enter the IBAN and BIC/SWIFT you obtained in the SafePal App. After confirming that the transfer information is correct, submit a transfer request.

This also means that after users transfer the euro to their personal Swiss bank account provided by SafePal, they can exchange the euro into USDC or other crypto assets on-chain (other Swap supports currencies currently supported), thereby realizing the two-way connection between Crypto and the euro .

It should be noted that since SafePal & Fiat24 provides a Swiss bank account, the personal IBAN is an account number with a CH start (IBAN code in Switzerland) + 19 digits.

At the same time, although SafePal and Fiat24 do not charge bank transfer fees, if non-EU cross-regional transfers involving euros (such as New Zealand banks in non-EU zones), third-party banks may charge certain handling fees. Therefore, it is recommended to consult the relevant bank's fee policies before making the transfer.

In short, through the above two methods, SafePal users can easily convert crypto assets into euros, or transfer euro funds from other banks/financial institutions to personal Swiss bank accounts and exchange them into on-chain currencies such as USDC to meet the deposit and withdrawal needs of funds for compliant flow .

On this basis, whether it is for overseas brokerage deposits, CEX deposits, or daily consumption, transfers, or payment of subscription fees for international services such as 𝕏, SafePal banking channel provides efficient and low-cost solutions.

2. Practical application scenarios of SafePal bank channel service

The bank channel service jointly launched by SafePal and Fiat24 provides users with a compliance channel for low-threshold to realize two-way conversion between crypto assets and the euro. The following are several typical scenarios for this service in actual applications:

**1. Euro deposits and withdrawals from overseas brokers (such as

Interactive Brokers, Schwab Financial Management)**

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

This article takes Interactive Brokers' euro deposit process as an example, without loss throughout the process, with a deposit of 0 fees (and through Interactive Brokers, you can also exchange it into US dollars, Hong Kong dollars and other currencies at the optimal exchange rate and withdraw it to US cards or Hong Kong cards, etc. , and you can also develop and test more channels yourself).

First, open the Interactive Brokers APP (there are specific references to similar processes on the PC side), click the menu button in the upper left corner to enter the personal settings page.

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

• Previously, the author used SafePal & Fiat24 euros to deposit money many times, so as shown in the figure, there is a record of "Bank Transfer-SR Saphirs", which can be directly entered in the future;

• If it is the first euro deposit for a new user, you need to click "Use a new deposit method" below to select and add the deposit payment method;

Then select EUR in the remittance currency, select the second type of "Bank Transfer/SEPA" for the deposit method , and then click "Get Instructions" to enter the transfer command page.

After entering the transfer instruction page, there are 4 items to be filled in in order from top to bottom:

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

2. Account number (optional): that is, the personal IBAN account number mentioned above (CH+19 digits);

3. Deposit order notes (required) : Generally, after filling in the first item, this item will be automatically filled;

4. Deposit amount (required) : Fill in the specific amount of the planned remittance deposit, such as 50;

Note that after filling in the above 4 items, you do not need to check "Make this a recurring transaction" below (make it a regular transfer), and click "Get Transfer Instructions" to obtain the transfer instruction.

In the right half of the figure below, detailed transfer instructions will be presented. Just copy the payment reference at the bottom - the personal UID/personal name pinyin at the beginning + number , 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 "Securities Brokers" and Interactive Brokers, and finally fill in the same transfer amount and payment reference as before in Interactive Brokers, click Confirm and complete the on-chain transfer.

Tips: Fiat24 After remitting the euro, the user will receive an email notification; once remitted, usually in European and American working days, funds can be deposited into Interactive Brokers within a few hours .

**2. Euro deposit and withdrawal guide for traditional banks/remittance

service providers (such as domestic banks, Wise/Panda Moto, etc.)**

For users who want to realize euro deposits and withdrawals through traditional financial channels, SafePal provides a personal IBAN account that cooperates with Swiss licensed bank Fiat24, which supports SEPA-standard euro transfers. The following will provide detailed description of how to operate through domestic banks or third-party remittance service providers (such as Wise, Panda Money Transfer).​

(1) Deposit Service

In terms of deposit, mainland Chinese users can transfer euro funds into SafePal bank accounts through the following steps based on the legal foreign exchange purchase services of domestic banks :

• Buy foreign exchange: Purchase euro cash exchange in a mainland bank account under an individual's name;

• Get collection information: As mentioned above, in the SafePal Wallet App, click "Bank"> "Account"> "Account"> "Add" in turn to obtain personal IBAN account information (or on the "Bank" page, click "Recharge", and you can enter the account details page to get your personal IBAN account information);

• Remittance: Remitt the purchased euros to the Swiss bank account provided by SafePal through the bank counter or online banking;

• Purchase Crypto: After the funds arrive, enter the "Buy Coins" function on the SafePal bank page, and exchange the euro for USDC or other Swap support currencies. The funds will be automatically transferred to the user's SafePal wallet address;

Tips: Most domestic banks’ mobile applications support online foreign exchange purchase and overseas remittance functions, which can easily complete the above operations (note that you can compare the foreign exchange purchase and remittance fees of each bank to find the best path) ; in addition, you can also use international remittance service providers such as Panda Money to complete the deposit.

(2) Deposit Service

Similarly, at the withdrawal level, you can also choose to remit the euro to domestic banks that support SEPA euro collection to make a deposit and withdrawal.

In addition, users can also transfer the euro funds in SafePal bank accounts to Wise accounts, and then transfer the funds to bank accounts in other countries or regions through Wise - such as Alipay or WeChat in mainland China , thereby realizing cross-border transfer of funds. This method is particularly suitable for users who need to transfer funds back to China.

For specific operations, you need to register and activate the Wise account first: new users can download the Wise App, complete the registration (passport operation available to users in mainland China), and 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 are also required for subsequent remittances to Wise).

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

Then open the QR code generator website : Based on the account information of the recipient on the last page of Wise, fill in 5 required information in turn and generate the QR code ( except for the UID of the last item, all users are theoretically the same for the first 4 items ):

• Name of the payee : Wise Europe SA;

• IBAN : BE79967040785533;

• BIC/SWIFT : TRWIBEB1XXX;

• Remittance amount : Fill in the specific amount of the planned remittance deposit, such as 50;

• Payment reference : UID starting with P + 8 digits;

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

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

After Wise receives the euro transfer, you only need to select the remittance to RMB (CNY) in the Wise App, and choose Alipay or WeChat to receive payment methods. The maximum limit for Wise transfers to mainland China is RMB 50,000, and each payee can receive up to US$50,000 in equivalent RMB per year .​

In terms of fees, the handling fee for Wise remittance to mainland China is about 1%. The specific fee depends on the amount of the remittance (the higher the amount, the higher the fee, but the increase is getting smaller and smaller. The actual measurement of transferring RMB 50,000 is about 450 RMB, less than 1%) - SafePal remittance EUR/CHF to Wise, etc. is free .

Tips: Wise's initial attempt will sometimes fail and the refund will be returned. Personal experience, if you fail to return it, try a few more times and gradually increase the amount; after the remittance is successful, wait for a while, and the contact record will be available on the SafePal transfer page. After that, you can directly select the historical contact transfer without scanning the code (according to the official disclosure, the channel to add contacts will be directly online in the second quarter).

**3. Guide to deposit and withdrawal on CEX on crypto exchanges

(Binance, Kraken, etc.)**

In the current financial environment, the transfer of funds directly from crypto exchanges (such as Kraken) in some traditional financial institutions may trigger risk control mechanisms, resulting in funds being returned or frozen.

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

Withdrawal operation: Withdraw cash from the exchange to SafePal bank account

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

Deposit operation: Recharge euros to Binance through SafePal

At the deposit level, you can also use the joint Mastercard serviced by SafePal bank channel to realize euro deposit. Among them, there are two entrances in the Binance APP (choose one of them):

(1) Enter from "Add Funds" on the home page, first switch the currency in the upper right corner from "CNY" to "EUR", and then click "Recharge EUR" to enter.

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

Through any of the above two methods, you can enter the recharge page in the figure below, enter the recharge amount, fill in the card number, validity period, CVV and other information of SafePal Mastercard, and make payment .

After payment is completed, the actual measured funds can be received in seconds to the Binance account, realizing Euro (SafePal Mastercard) → Euro (Binance Account) .

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

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

• Click on the "eye icon";

• Click "Confirm" in the authentication pop-up window to complete the wallet signature;

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

Tips: Using SafePal Mastercard to pay USD is also possible in theory, but it doesn't make much sense, because the euro can be transferred from other financial institutions accounts to SafePal/Fiat24 through IBAN, and then entered into Gold Binance, which is equivalent to providing a personal real-name account transfer channel for Euro deposit CEX. For US dollars, the USD in Mastercard itself is recharged by USDC, and I went back after going around.

**4. Bind Apple Pay, Google Pay, pay 𝕏 Blue Label and other overseas

subscriptions**

The Mastercard service in SafePal bank channel service has currently supported binding to mainstream payment platforms such as Apple Pay, Google Pay, Samsung Pay, etc. Users can use the US dollar, euro, Swiss franc and RMB funds in SafePal bank accounts for daily consumption.

The binding process of Apple Pay, Google Pay, and Samsung Pay is similar: (1) Open the "Wallet" App/"Google Pay" App/"Samsung Pay" App on the iPhone and click to add a card; (2) Enter the card number, cardholder name, validity period and CVV security code of the SafePal Mastercard (the specific details are as described above); (3) Complete the mobile phone number verification according to the prompts and enter the received verification code to complete the binding.

After the binding is successful, users can use SafePal Mastercard to make payments at merchants that support Apple Pay, Google Pay or Samsung Pay:

• In-app purchases : such as purchasing apps, in-game props, etc. in the App Store or Google Play;

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

• Store consumption : Contactless payments at physical merchants that support Apple Pay, Google Pay or Samsung Pay;

• Subscribe to other services : such as Netflix, Spotify, YouTube Premium and other international subscription services;

Here, take the 𝕏 Blue Label Subscription reported by many users recently as an example - domestic users who lack easy-to-use overseas cards often encounter the problem of restricted traditional payment methods. Through the following steps, there is a curve method to successfully subscribe with SafePal Mastercard:

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

• Open the 𝕏 (Twitter) App, go to "Settings and Privacy" > "Subscribe" > "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 (but it will be more expensive than the web page);

Through the above method, we can bypass the restrictions of traditional payment channels and successfully complete the subscription of 𝕏 Blue Label.​

3. Use experience and precautions

Overall, SafePal & Fiat24's banking channel service can be divided into two parts:

• Compliant Swiss bank account (IBAN starts with CH) : SEPA or SWIFT transfers suitable for Euro (EUR) and Swiss Franc (CHF), often used to deposit and withdraw funds to overseas brokers (such as Interactive Brokers, Schwab Financial) or exchanges (such as Binance, Kraken);

• Co-branded MasterCard : suitable for daily consumption, can be bound to payment platforms such as Alipay, WeChat, Google Pay, etc. to realize online and offline payment;

Among them , each path of deposit and withdrawal operations for personal real-name bank accounts is to cooperate with licensed financial institutions/traditional banks. All capital flows follow the foreign exchange control regulations in mainland China , which provides a much more compliant and safe deposit and withdrawal channel than C2C.

According to the regulations of the State Administration of Foreign Exchange of China, individuals can purchase and settle foreign exchange at an equivalent value of US$50,000 per year. Through SafePal's bank account, users can make full use of this amount to achieve efficient conversion between crypto assets and fiat currencies, and meet the needs of cross-border revenue and expenditure and asset allocation.

In actual testing, since SafePal is conducting long-term free handling activities and no extra charges are charged for remittances, users only need to bear the relevant fees of foreign exchange losses and mainland banks (in some cases there are third-party transfer banks), and the comprehensive cost wear is about 1%-3% - it is recommended to exchange exchange operations on working days to obtain a better exchange rate.​

It should be emphasized again that the ownership of SafePal bank account and Mastercard is bound to the user's wallet address through NFT. It is necessary to properly keep the mnemonic words and private keys to avoid loss of assets, and remember to ensure that Mastercard-related information (card number and CVV security code) is avoided to others.​

Written at the end

Recently, crypto payment cards such as U cards and other crypto payment cards in the Web3 ecosystem have become the new favorites of the market. But to be honest, many products under the "U card carnival" are essentially just prepaid cards, and their functions are still limited to basic consumer payments -mainly focusing on binding Alipay/WeChat offline scanning code consumption and online payment subscription.

This is difficult to meet users ' diversified needs in cross-border capital flows, asset allocation, etc. After all, U cards only achieve "consumption terminal access", but cannot build a complete ecological closed loop of capital flow - for example, when users need to send money to Interactive Brokers, 99% of U cards can only remain silent.

Therefore, objectively speaking, the services represented by SafePal & Fiat24 are not only competitive in terms of rates, but also differentiate in functions. Compared with the traditional "U card", SafePal's personal real-name compliant Swiss bank account is one of the few products currently supporting euro transfer and remittance, providing users with a compliant, convenient and secure deposit and withdrawal channel for the Crypto-fiat currency system .