# PingPong: UK business account

> Cross-border account for online sellers, marketplaces and digital businesses, from a payments group headquartered in Hangzhou, China. In the UK it is provided by PingPong Payment (UK) Limited, an FCA e-money institution. A company gets receiving accounts in its business name with IBANs or local details in 31 currencies, collects from marketplaces and its own customers, converts, pays suppliers in 25+ currencies and issues virtual cards. No prices are published: fees and the exchange rate are shown only inside the account.

Finzil profile: https://finzil.com/providers/pingpong · Provider website: https://pingpongx.com · Facts checked: 2026-10-23

## Key facts

- **Monthly fee:** Not published
- **Setup fee:** Not published
- **Currencies:** 31 (to receive; payouts in 25+)
- **Onboarding:** 3–5 days (typical)
- **Provider type:** E-money institution
- **IBAN:** Receiving accounts in your business name with IBANs or local account details, one per platform
- **Payment rails:** SWIFT and local transfers (local rails are not named)
- **Cards:** Multi-currency virtual cards
- **Safeguarding:** Segregated accounts with banks that are not named
- **Remote opening:** Yes
- **Headquarters:** China
- **Currency codes:** EUR, USD, GBP, CHF, CAD, AUD, JPY, AED, CNH, CZK, DKK, HKD, HUF, IDR, KES, KHR, MXN, MYR, NGN, NOK, NZD, PHP, PLN, RON, SAR, SEK, SGD, THB, TRY, VND, ZAR
- **Trustpilot:** 2.3 from 358 reviews (checked 2026-10-23)

## Who can apply

- **Non-resident owners** (owner or director living outside the company's country): Not published
- **Countries of incorporation accepted:** Not published
- **Countries of incorporation refused:** Not published
- **Owner residency accepted:** Not published
- **Owner residency refused:** Not published
- **Owner nationality refused:** Not published
- **Company types accepted:** Companies, Individuals in business without a registered company

## Industries

- **Industries served:** E-commerce, Marketplaces, Travel, Import and export
- **Prohibited industries (provider's own list):** Adult services; Gambling & Lottery; Cryptocurrency & Blockchain; Monetized Game Currency; Crowdfunding & Donation-based Activities (crowdfunding, fundraising, donation-based activities, charities, non-profit, religious, political organizations); Weapons & Defense; Controlled Substances, Marijuana & CBD; Intellectual Property Violations; Financial & Anonymous Services (unlicensed or prohibited financial services, including loans, cash advance services, money transmitters, credit repair services, buy-now-pay-later, debt collection agencies, non-bank lending services, shell banks, anonymous accounts); Multi-level Marketing; Cybercrime & Ransomware; Animals & Wildlife Products; Environmental & Hazardous Materials; Academic Cheating Services; Speculative and Opaque Social Services (fortune telling, astrology, horoscope consultation, shopping clubs, membership clubs, social associations, fraternities); Communication Jamming & Interference; Other Prohibited Businesses: Digital Non-Financial Products (browser extensions, digital applications); Metaverse Products; Layaway systems and annuities; unlicensed or high-risk health products or treatments; sale of email or direct marketing lists; items or sites that promote hate, violence, or racial intolerance; Prohibited transactions: money laundering; terrorist financing; processing transactions for another business other than the one listed on the account (source: https://terms.pingpongx.com/global/acceptable-use-policy)
- **Permitted industries (provider's own list):** E-commerce Sellers; Travel; Marketplace; Digital Services; Logistics; Offline Retail; Wholesale and Trades; Cross-border Services

## Licences

- United Kingdom: Financial Conduct Authority, E-money institution, PingPong Payment (UK) Limited, register no. 974154 (https://register.fca.org.uk/s/firm?id=0014G00002wHXZDQA4)
- Luxembourg: CSSF, E-money institution, PingPong Europe S.A., register no. W00000014 (https://edesk.apps.cssf.lu/search-entities/entite/details/711177?lng=en&q=&st=advanced&entNames=pingpong&entType=EMI)
- Hong Kong: Customs and Excise Department, Money service operator, PING PONG GLOBAL HOLDINGS LIMITED (https://eservices.customs.gov.hk/MSOS/wsrh/001s1)
- Hong Kong: Customs and Excise Department, Money service operator, PINGPONG GLOBAL TECHNOLOGY LIMITED (https://eservices.customs.gov.hk/MSOS/wsrh/001s1)
- Singapore: MAS, Major payment institution, MANA PAYMENT (SINGAPORE) PTE. LTD. (https://eservices.mas.gov.sg/fid/institution/detail/414606-MANA-PAYMENT-SINGAPORE-PTE-LTD)

Safeguarding: PingPong is not a bank, and the terms say its services are not a bank account. PingPong says customer funds are held in segregated accounts with tier-one banking partners; for UK customers the banks are not named. The money is not covered by the Financial Services Compensation Scheme.

## Fees

Source: https://terms.pingpongx.com/global/registration-and-payment-terms (checked 2026-10-23)

### Plans

- **Business Account:** Not published

### Incoming

- Local transfer from another bank: Not published · Fees are shown only after you log in to your PingPong Account

### Outgoing

- SWIFT / international: Not published · Payments to suppliers and withdrawals to your own bank account; fees shown after you log in

### Currency exchange (FX)

- FX markup: Not published · The live rate is shown on the withdrawal and payment pages before you confirm; no margin is published

### Cards

- Virtual card issue: Not published · Multi-currency virtual cards; no conversion fee when paying in USD, EUR, GBP, HKD, JPY, CAD, SGD, AUD or CNH

## Opening an account

Receiving accounts are issued 1 to 3 business days after you apply for them, once your identity verification is approved. Requirements vary by country and account type.

1. **Create an account.** Sign up at global.pingpongx.com with an email, phone number and password, and activate the account by email.
2. **Set a PIN.** Log in and set a 6-digit transaction PIN.
3. **Verify the business.** Choose the country where the business is registered and the account type, complete the business profile, and enter the directors and business owners.
4. **Receiving accounts.** Apply for receiving accounts by payment source, bank location and currency. They are issued 1 to 3 business days after you apply.

Documents: Name, date of birth and address of the people verified; Government-issued ID: national ID card, passport or driver's licence; Business profile, with the details of the directors and business owners; Bank statement or cancelled cheque for each withdrawal account

## Pros and cons

- Pro: Receiving accounts in your business name with IBANs or local details in 31 currencies, including CNH, IDR, PHP, VND, NGN, KES and MXN
- Pro: Collect from marketplaces and from your own customers and partners into the same account
- Pro: Convert at a live rate shown before you confirm, with limit orders and no margin needed for them
- Pro: Pay suppliers in 25+ currencies, single or in batches by file upload or API
- Pro: Multi-currency virtual cards for ad spend, subscriptions and team expenses
- Pro: Support in English, Mandarin, Cantonese, French and Japanese
- Pro: Receiving accounts are issued 1 to 3 business days after you apply for them
- Con: No prices are published: account, transfer and card fees and the exchange margin are shown only after you log in
- Con: The UK terms say the accounts are only for making and receiving payments, not for storing funds
- Con: Only senders PingPong approves may pay into your receiving accounts, and each platform needs its own receiving account
- Con: Gambling, crypto, crowdfunding, charities, money transmitters and other financial services, adult services and multi-level marketing are on the prohibited list
- Con: No forward contracts are published: the help centre lists only instant conversions and limit orders

## Finzil's take (opinion)

PingPong suits an online seller or marketplace business that collects from several platforms in many currencies and pays suppliers in Asia. It publishes no prices and its terms say the accounts are not for storing money, so compare its in-app quote with WorldFirst or Payoneer before you move volume.

## Alternatives

- [WorldFirst](https://finzil.com/providers/worldfirst): E-money institution · UK
- [Payoneer](https://finzil.com/providers/payoneer): E-money institution · UK
- [Airwallex](https://finzil.com/providers/airwallex): E-money institution · UK
- [XTransfer](https://finzil.com/providers/xtransfer): Money service operator · Hong Kong

## FAQ

**Is PingPong a bank?**

No. In the UK, PingPong Payment (UK) Limited is an electronic money institution authorised by the Financial Conduct Authority (FRN 974154). The group's PingPong Europe S.A. is an e-money institution licensed in Luxembourg (W00000014), two group companies are money service operators in Hong Kong, and MANA PAYMENT (SINGAPORE) PTE. LTD. is a major payment institution in Singapore. Customer money is not covered by the FSCS.

**Which PingPong company will my company contract with?**

It depends on where your company is. UK customers contract with PingPong Payment (UK) Limited, EEA customers with PingPong Europe S.A., North America and India with PingPong Global Solutions Inc., Singapore with Mana Payment (Singapore) Pte. Ltd., Australia and New Zealand with Mana Payment Australia Pty Ltd, and most other countries with Ping Pong Global Holdings Limited in Hong Kong.

**How much does PingPong cost?**

PingPong publishes no price list for any region. Its terms say all fees are disclosed after you log in to your PingPong Account, and the exchange rate is shown live before each conversion or withdrawal.

**Do the receiving accounts carry my company's name?**

Yes. PingPong opens receiving accounts in your business name with IBANs or local account and routing numbers, at banks in the currency's country or elsewhere. You need a separate receiving account for each marketplace, and only senders PingPong approves may pay in.

**Can I fix an exchange rate for a future payment?**

PingPong's help centre lists two FX products: instant conversion and limit orders, which convert at your target rate and need no margin. Single orders go up to about US$1 million. No forward contract terms are published.

**Does PingPong accept gambling or crypto businesses?**

No. Gambling and lotteries, cryptocurrency and blockchain, monetised game currency, crowdfunding and charities are on PingPong's prohibited list.

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