Author: 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 the registration process 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 usage 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 recommended for Android, passport recommended 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 bank account services; the co-branded Mastercard can be used to bind to Alipay/WeChat and other channels 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 daily payments in China, 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.)/CEXs (Kraken, Bitstamp, Binance, etc.).
Q: Are there any security precautions?
A: This bank account and Mastercard are based on a Web3 architecture, and the following points should be noted:
Wallet Backup: Be sure to properly back up your wallet and ensure 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 the banking features, 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), mainly as the gas fee during the account opening process, with no additional fees.
Q: What does the following page mean?
A: As required, download ReadlD Ready, then click "Next" to automatically redirect.
Q: What should I do if my phone prompts that NFC is not supported during the identity verification stage of the registration process?
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 issue during the registration process?
A: It is recommended to try several times; if it is a network issue, try switching to mobile data (turn off WiFi). If it still doesn't work, try again at a different time. If it still 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: How to recover if a user accidentally closes their Fiat24 account?
A: The bank's official prompt is that once closed, it cannot be recovered. 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: It is currently recommended to register using a family member's identity; the main reasons for being flagged by risk control are: the name matches a PEP (Politically Exposed Person) or a person on a sanctions list; the address matches a blacklisted address, has interacted with blacklisted entities, personal information is on other banks' blacklists, or GPS location is in a high-risk area. 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 based on the same bank, Fiat2424, but the rates and other experiences differ, so those who are rejected cannot open an account again.
Q: After successful account opening, 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 the card to be issued manually. Please be patient for 1-2 days, and then go to the "Bank" page to 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 is only a recharge fee (long-term free, 100% instant refund, can be viewed in "Level" - "Total Rewards") + currency exchange fee (no exchange fee for RMB in China). Currently, with the exchange rate, the actual wear and tear is around 1%, and it is even smaller during weekdays, as the weekend rates have a larger spread. It is recommended to recharge USDC to RMB, USD, and other fiat currencies during weekdays.
Q: What does the following page mean? Do I need to deduct 10 USD?
A: When activating the bank card, a minimum verification of 10 USD 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 that can be used with the Mastercard?
A: USDC can be recharged to four fiat currencies: USD, RMB, EUR, and CHF, but please ensure that the USDC being recharged is the version based on the Arbitrum network 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 has a minimum payment limit of 0.1 RMB per transaction, with a maximum of 3000 RMB per transaction, and a maximum annual cumulative payment amount of 10,000 USD (approximately 70,000 RMB).
Q: Is there a risk in depositing funds?
A: The USD (USD)/RMB (RMB)/EUR (EUR)/CHF (CHF) in the SafePal bank account are all RWA tokens issued by Fiat banks based on the Arbitrum network, so in reality, our balances and consumption are fully transparent, ensuring that no third party can misappropriate or hold funds.
Q: Can fiat tokens like USD24, CNH24 be directly exchanged for USDC?
A: No, USD24 and others do not have an exchange trading pool on-chain, but they are 1:1 pegged to fiat currencies, which can be understood as a Fiat24 accounting token, achieving full transparency of transactions on-chain.
Q: How are the current gas fees paid?
A: For recharge, authorization, and currency exchange, we personally pay the gas fees, which are very low, averaging a few cents per transaction; for daily card consumption transactions, the bank pays the gas fees 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 regular U cards?
A: It is safer than regular U cards, essentially being a personal real-name Swiss bank account.
Q: What payment methods are currently supported?
A: Supports Alipay, WeChat (payment via QR code), Google Pay, Samsung Pay; Apple Pay support will be launched soon.
Q: How to process refunds during the beta testing period?
A: The refund process during the beta testing period is longer; after the official launch in January, refunds will be arranged manually, and after the beta ends, an automated process will be used.
Q: Why does binding WeChat Pay sometimes fail?
A: Payment may fail if WeChat is not using QR code payment; it is recommended to use QR code payment or Alipay.
Q: Some users find they cannot bind WeChat; what is the reason?
A: This is due to WeChat's risk control, and you can only follow the guided operations.
Q: A user received a message when binding Meituan payment: the bank reported that the card has risks… What is the reason, and how to resolve it?
A: It is likely that Meituan has strict risk control for foreign cards; it is recommended to bind Alipay/WeChat, which can also be used for payments through Meituan.
Q: For domestic consumption, is it more appropriate to recharge USDC to RMB or USD?
A: It is recommended to recharge to RMB first to save on currency exchange fees; of course, you can also recharge to USD, but there will be an automatic currency exchange fee (around 1%) when deducting—compare the actual loss when using USD, as USDC is pegged 1:1 to USD, depending on the exchange rate at the time of payment.
Q: Is the exchange of USDC to fiat currency in "Recharge" at real-time rates?
A: The bank will adjust based on real-time exchange rates.
Q: Why is there a significant difference in RMB recharge exchange rates between weekends and weekdays?
A: The bank indicates that the spread widens on weekends because there are no quotes; it is recommended to exchange during weekdays.
Q: How can I view my personal ID after registration?
A: Personal ID: It is the five or six digits after the # in "Account".
Q: If I didn't fill in the invitation code at the beginning, can I add it later?
A: Yes, you can add it within 7 days after successfully opening the account. Go to "Level" → "Invite" → "My Inviter" to fill in 244274.
Q: What are the benefits of adding my invitation code?
A: The 3-month commission-free period for recharging the SafePal Mastercard/bank account will be adjusted to a long-term 0 commission, so you can use it with confidence; users who open an account and receive a card using the exclusive invitation code "244274" will receive a free official SafePal hardware wallet X1 (only need to pay a small shipping fee), valued at $69.9.
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 X1 hardware wallet is shown at the bottom of the image).
Q: Can this card be used to activate X/GPT memberships?
A: Yes, for X, GPT, etc., but GPT has stricter requirements, needing the IP address to match, so a Swiss VPN is required for payment (according to GPT's rules, payment can only be made in the issuing institution's location).
Q: What to 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 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 CEXs (Kraken, etc.).
Q: How to deposit 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 service, 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, etc., through the bank account for deposits to overseas brokers.
Q: How to withdraw using the SafePal bank account?
A: For withdrawals, you can withdraw directly in euros by transferring to the SafePal euro account using the IBAN; if you want to withdraw directly to a domestic bank, Wise is generally used as an intermediary.
Q: What currencies can be transferred with the SafePal bank account? Is there USD?
A: It is important to 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 manually for now. The other party's account must first transfer you a sum for them to automatically become a contact (you can view your personal wire transfer receiving information in "Recharge" - "Wire Transfer").
Q: Which overseas brokers and CEXs can I deposit to?
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"—"External Transfer" at the bottom, click the exchange/broker icon to enter, select the corresponding institution, and transfer euros to complete the deposit. For other brokers, like Futu and Tiger Brokers, it can theoretically be done through Wise as an intermediary to complete the deposit.
Q: How long does it take to deposit to overseas brokers like Interactive Brokers?
A: Based on personal testing, it takes about 3-5 hours on weekdays, and at most 1 working day.
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