Experience Sharing: Opening an iFAST Global Bank Account with a UK IBAN
iFAST Global Bank (www.ifastgb.com) is a licensed bank headquartered in the UK, dedicated to providing global banking services for clients, enterprises, and financial institutions worldwide. It is a subsidiary of iFAST Corporation, fully regulated by the UK's Financial Conduct Authority (FCA), and covered by the Financial Services Compensation Scheme (FSCS) up to £85,000.
Before You Start
iFAST provides a UK IBAN account suitable for cross-border payments (non-commercial) and overseas investment purposes, and Chinese users are eligible to apply. If you do not have specific needs or use cases, I do not recommend applying.
If you plan to use the account for investment purposes, it is recommended to register with IBKR (Interactive Brokers): https://dwz.ovh/ibkr. If the link does not open, please use your own network tools.
Applying for iFAST
Before applying, you need to prepare the following:
- Chinese Passport or ID Card
- Frequently used email address
- Frequently used mobile phone number (domestic)
- Domestic bank statement (must show your name and address)
iFAST Global Bank application link: https://www.ifastgb.com/tellafriend/xiupingz6318
Register via the invitation link above. Deposit at least £500 and keep the funds in the account for 3 months to receive an additional £5 bonus.
After opening the application link, you can switch to the Chinese interface by clicking the top right corner, as shown below.
Select "Individual" as the user type.
The application for iFAST requires a significant amount of documentation. Since I have already completed the application, I cannot provide detailed screenshots for every step. However, ensure all information is filled out truthfully and pay attention to the following points:
- You will be asked to set a nickname and password; please remember them as they are required for future logins.
- I selected "Passport" as the ID type and uploaded a photo of my passport. Some users have reported that selecting an ID card is also acceptable.
- For the address, I entered my actual domestic residence address and downloaded a PDF statement from China Merchants Bank as proof of address. However, iFAST indicated that the PDF format was not supported, so I uploaded a screenshot of the PDF instead.
- After submitting the documents, you will be prompted to schedule a video interview. Select your available time (Beijing Time) on the webpage to book the appointment.
Once the appointment is successful, you will receive a notification email containing the meeting ID and password. I conducted my verification in July 2023 using the "Terms" software for the video interview. You must prepare the following in advance:
- Passport
- ID Card
iFAST offers Chinese customer service. If you are concerned about not having Chinese support during the interview, you can reply to the meeting email in English stating that your English proficiency is limited and request Chinese customer service support for the video conference (the email sender is: Digitalbooking@ifastgb.com). The interview covered the following questions:
- Company name
- Job title
- Annual income
- Pinyin of your name
- Verification of passport
- Verification of ID card
- Current employment start date
- Duration of residence at the current address
- Whether funds were deposited from a crypto platform (and a warning that proof may be required for future crypto deposits)
- Country of origin for the first remittance (UK)
- Amount of the first deposit (around £5,000)
- Name of the first remitting bank
- Date of birth
Individual circumstances may vary, and some users might not be asked these specific questions or may be asked different ones. As long as your information is truthful, simply answer honestly.
Note: Some users have reported that new applications may no longer require a video interview!
Timeline
Here is the timeline from "Application - Video Interview - Account Approval":
- 2023-07-16: Initiated the account opening application on the website
- 2023-07-17: Scheduled the video interview
- 2023-07-24: Received notification of successful account opening
The entire process took about one week, which is relatively fast. Some users have reported waiting up to a month for approval. In general, if you pass the video interview, just wait patiently; approval within one month is considered normal.
Account Approval
Upon successful account opening, you will be provided with a UK IBAN number. This account supports multiple currencies, with GBP (British Pound) and CNY (Chinese Yuan) as defaults. You can also add other currencies, including: Euro, US Dollar, Singapore Dollar, and Hong Kong Dollar.
Click on "Account Details" in the screenshot above to view your detailed IBAN information.
Funding and Activation
After opening the account, the first deposit must be made from an account in your own name. For users without overseas accounts, this may present some challenges.
Activating via WISE
I used WISE to deposit British Pounds into iFAST, transferring on a working day.
- 15:32: Initiated transfer
- 17:10: WISE began processing
- 17:31: Funds arrived in iFAST
Since WISE does not process transfers immediately, this process took about 2 hours.
Activating via Cross-Border Remittance
If you do not have a WISE account or an overseas bank account, you can purchase British Pounds through your domestic bank and transfer them via cross-border remittance. However, the fees may be higher.
Summary
- iFAST Global Bank has a low application threshold; currently, a complete set of authentic Chinese documents can be used to apply.
- After submitting documents, a video interview must be scheduled; you can request Chinese customer service support via email.
- Upon successful opening, iFAST provides a multi-currency UK IBAN account.
- iFAST does not currently offer virtual or physical debit cards.
- iFAST accounts have no annual fees or management fees, making them a suitable choice as a backup or for users without overseas accounts.
Additionally, I have created a Telegram group for discussion. If you have any questions, feel free to join: https://t.me/usecardone