There are currently five common payment methods on the market: US bank account, Hong Kong bank account, World First, Payoneer, PingPong, and SKYEE.

1. Introduction to various payment methods

Payoneer

Payoneer, referred to as P Card, is a cross-border fund distribution company established in the United States in 2005. , is currently the only officially recommended payment method by Amazon. It provides a global payment solution and can also receive American B2B funds like an American company.

Payoneer Inc holds a U.S. Money Transmitter license and is registered with FinCEN (U.S. Financial Crimes Enforcement Bureau) as MSB (MoneyService Business) and an authorized service provider of MasterCard International MasterCard Organization.

World First

World First, referred to as WF Card, is a foreign exchange company established in the UK in 2004.

World First's parent company, World First UK Ltd., is authorized by the British Financial Conduct Authority ("FCA") to issue electronic money in accordance with the Electronic Money Regulations 2011 (license number: 900508). (FCA is the central regulatory agency for the British financial investment services industry, responsible for supervising banking, insurance and investment businesses.)

PingPong

PingPong Finance is the first domestic financial institution established in 2014 Cross-border payment platform, focusing on providing Amazon payment services for Chinese cross-border e-commerce. PingPong Financial has a financial services subsidiary (PingPong Global Solutions) registered in New York and is subject to supervision by the U.S. Financial Crimes Enforcement Agency (FinCEN).

SKYEE

SKYEE, also known as Easy Payment, was established in 2016 by Guangzhou Gaofu Information Technology Co., Ltd. and received a total of 2.8 billion from three banks: Industrial and Commercial Bank of China, Bank of China and China Guangfa Bank The credit line currently offers Amazon euro collection. SKYEE and its affiliated companies are subject to supervision by the US Financial Crimes Enforcement Network (FinCEN) and Hong Kong Customs respectively, and the safety of funds is guaranteed.

2. Comparison of Amazon payment methods and fees

1. Open an account

U.S. bank account:

You need to go to the United States in person or find one The intermediary company registers the US company as an agent and then opens a US bank account. The entire cycle will take more than a month and cost between 10,000 and 20,000.

Hong Kong bank account:

It is currently difficult to open an individual account. Since a large number of personal accounts are used to receive overseas commercial funds, Hong Kong banks strictly control and investigate the opening of mainland individual accounts. To open a company account, you need to register a Hong Kong company first, which costs several thousand yuan and takes more than one month.

SKYEE:

Currently, account opening only supports mainland companies and Hong Kong company registrations, and individual registration is not currently supported. SKYEE supports opening Euro accounts, and the account opening process is free.

WorldFirst:

Registration is flexible. There are two types of accounts, personal accounts and company accounts. Personal accounts can be opened with a personal ID card, while company accounts require a company business license. The opening time usually takes one to three days. World First supports opening accounts in five currencies: US dollars, pounds, euros, Canadian dollars, and Japanese yen. The account opening process is completely free.

Payoneer:

Registration is flexible, you can open personal accounts and corporate accounts, and it provides four collection accounts: US dollar account, euro account, pound account, and Japanese yen account. Generally speaking, when you open a Payoneer account, you will open accounts in four currencies: US dollars, pounds, euros, and yen by default.

PingPong Finance:

Currently only US dollar accounts are opened. Amazon can only register business accounts for the time being, while Wish can open personal accounts and business accounts.

2. Nature of the card

Payoneer can open a cardless account, or you can apply for a physical card for overseas purchases; while WorldFirst, PingPong, and SKYEE can only open a cardless account. ; U.S. bank accounts and Hong Kong bank accounts can only open physical cards. The cardless accounts mentioned here refer to virtual accounts.

3. Annual fee and transfer rate

Payoneer card, WorldFirst, and PingPong card collection accounts can all make online self-service transfers by logging into their respective official websites, but the transfer rate is There are high and low differences in terms, as follows:

1. Payoneer’s annual fee and transfer rate

(1) Payoneer physical card charges: Payoneer physical card account management fee is $29.95 per year. If you do not apply for a physical card, there is no annual fee. Payoneer physical cards can be used to withdraw cash at domestic ATMs, but cross-border cash withdrawal fees are higher. If you don’t need it, you don’t need to apply for a physical card. At the same time, it is not recommended to withdraw cash or swipe the card domestically.

(2) Payoneer cardless account: There is a 1% fee for US account deposits, and free deposits for other accounts; in terms of withdrawal fees, all accounts (USD account, Euro account, GBP account, Japanese Yen account) The transfer rate is 2% and can be as low as 1%; there is no exchange loss.

2. World First’s annual fee and transfer rate

(1) There is no annual fee for the World First card, and the handling fee for sellers to log in to the WF card backend to withdraw cash is 1%-2.5% ; No exchange losses.

(2) If you withdraw money through the WorldFirs account manager, in addition to the handling fee of 1%-2.5%, when the single transfer amount of pounds and euros is less than 500 pounds/euro, you will be charged 10 GBP/EUR fee; when the single transfer amount of US dollars and Canadian dollars is less than 1,000 US dollars/CAD, a fee of 30 US dollars/CAD will be charged.

3. PingPong Financial’s annual fee and transfer rate

The PingPong card has no annual fee, a 1% fee cap for transfers, and no other additional fees.

4.SKYEE’s annual fee and transfer rate?

SKYEE has no annual fee, only 0.8% fee when transferring money, and no other additional fees. It is currently Amazon’s global collection Lowest rate collection account.