China, as the largest trading nation in goods, possess highly concentrated supply chains, efficient productivity, relatively lower domestic costs of industrial power and production materials, as well as many trade partners' heavy dependence on its industrial goods and semifinished products. Whether for foreign trade or e-commerce, there is no doubt that the Chinese market remains a hot cake.
On the other hand, capital controls are strictly enforced in China, so making payments to China at a high cost and long-time processing remains to be a ticklish problem. Wire transfer, one of the most common payment methods in China, is widely used, but transactions may be subject to additional fees imposed by the sender as well as high exchange rates, and enterprises sometimes are asked to the counter to submit a lot of information.
As FinTech provides a new generation of banking businesses, iPeakoin has launched Global Account to help enterprises of all sizes make and receive global payments in a convenient and efficient way. Enterprises are able to open and manage multi-currency business bank accounts all on one online platform that can be accessed wherever and whenever.
iPeakoin's Global Account supports more than 40 currencies including USD, EUR, and GBP in over 180 countries and regions. When transferring funds to Chinese suppliers or manufacturers, you can choose to pay RMB directly from the Global Account or convert into other currencies. Some may worry about the rates, while iPeakoin can help enterprises save large with live FX rates.
Especially for start-ups and SMEs, fund processing is much more complex and bank fees can add up. While iPeakoin sets fewer restrictions to open an account online, and there is no minimum balance and deposit as well as any hidden fees. With integrated local payment networks, iPeakoin can help enterprises to process fund transfers quickly at much lower fees. As for the fund security SEMs may concern, iPeakoin is FDIC secured and insurance of $250,000 is available to each account holder.
Furthermore, iPeakoin supports the Global Account API solution for enterprises, which allows enterprises to make multiple payments to a bulk list, completely removing manual intervention from the payment process. With this innovative and integrated solution, enterprises can also access real-time reporting and payment status updates, aiding reconciliation and eliminating the need for payment tracking. The payment process is immensely simplified with digital technology, enabling enterprises to focus on business growth.
iPeakoin, a one-stop cross-border financial services platform, also has other advanced products including Virtual Cards, Crypto Wallet, and Particle Treasury , committing to providing an all-around solution to meet all financing needs for enterprises.
If you have any questions or feedback, or just want to say hi, send us a note at firstname.lastname@example.org. We always love to chat.
As a neobank, iPeakoin builds a new generation of banking for all businesses to operate without borders and restrictions. We aim to create social value, serve the public good and drive sustainable growth for our customers.