# XTransfer: Business account for companies outside mainland China > Cross-border trade account for importers and exporters registered outside mainland China. A company gets receiving accounts in its own name at XTransfer's partner banks in Hong Kong and Luxembourg and local accounts in about 60 countries, holds balances in 15+ currencies, and pays suppliers in 200+ countries, including in CNY to China. Opening and keeping the account is free; payouts cost from US$2 and the exchange margin is not published. Finzil profile: https://finzil.com/providers/xtransfer · Provider website: https://xtransfer.com · Facts checked: 2026-10-23 ## Key facts - **Monthly fee:** Free - **Setup fee:** Free - **Currencies:** 29 (to receive; 41 to pay out) - **Onboarding:** From 1 day - **Provider type:** Payment company licensed in Hong Kong, the UK, the Netherlands, Singapore and Australia - **IBAN:** Receiving accounts in your company's name (sub-accounts at partner banks) - **Payment rails:** SWIFT, SEPA, Faster Payments, CHAPS, BACS, ACH, Fedwire, HK CHATS and FPS, Canada EFT (for receiving; payout rails are not listed) - **Cards:** Not offered - **Safeguarding:** Client funds segregated; method not published - **Remote opening:** Yes - **Headquarters:** Hong Kong - **Trustpilot:** 4.4 from 58 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:** Afghanistan, Åland Islands, Albania, Algeria, American Samoa, Andorra, Angola, Anguilla, Antarctica, Antigua & Barbuda, Argentina, Aruba, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belgium, Belize, Benin, Bermuda, Bhutan, Bolivia, Bosnia & Herzegovina, Botswana, Bouvet Island, Brazil, British Indian Ocean Territory, British Virgin Islands, Brunei, Bulgaria, Burkina Faso, Burundi, Cameroon, Canada, Cape Verde, Caribbean Netherlands, Cayman Islands, Central African Republic, Chad, Chile, Christmas Island, Cocos (Keeling) Islands, Colombia, Comoros, Congo - Brazzaville, Congo - Kinshasa, Cook Islands, Costa Rica, Côte d’Ivoire, Croatia, Curaçao, Cyprus, Czechia, Denmark, Djibouti, Dominica, Dominican Republic, Ecuador, Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Eswatini, Ethiopia, Falkland Islands, Faroe Islands, Fiji, Finland, France, French Guiana, French Polynesia, French Southern Territories, Gabon, Gambia, Georgia, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guadeloupe, Guam, Guatemala, Guernsey, Guinea, Guinea-Bissau, Guyana, Haiti, Heard & McDonald Islands, Honduras, Hong Kong SAR China, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Kosovo, Kuwait, Laos, Latvia, Lebanon, Lesotho, Liberia, Libya, Liechtenstein, Lithuania, Luxembourg, Macao SAR China, Madagascar, Malawi, Malaysia, Maldives, Mali, Malta, Marshall Islands, Martinique, Mauritania, Mauritius, Mayotte, Mexico, Micronesia, Moldova, Monaco, Mongolia, Montenegro, Montserrat, Morocco, Mozambique, Namibia, Nauru, Nepal, Netherlands, New Caledonia, New Zealand, Nicaragua, Niger, Nigeria, Niue, Norfolk Island, North Macedonia, Northern Mariana Islands, Norway, Oman, Pakistan, Palau, Palestinian Territories, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Pitcairn Islands, Poland, Portugal, Puerto Rico, Qatar, Réunion, Romania, Rwanda, Samoa, San Marino, São Tomé & Príncipe, Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Sint Maarten, Slovakia, Slovenia, Solomon Islands, Somalia, South Africa, South Georgia & South Sandwich Islands, South Korea, South Sudan, Spain, Sri Lanka, St. Barthélemy, St. Helena, St. Kitts & Nevis, St. Lucia, St. Martin, St. Pierre & Miquelon, St. Vincent & Grenadines, Sudan, Suriname, Svalbard & Jan Mayen, Sweden, Switzerland, Taiwan, Tanzania, Thailand, Timor-Leste, Togo, Tokelau, Tonga, Trinidad & Tobago, Tunisia, Türkiye, Turkmenistan, Turks & Caicos Islands, Tuvalu, U.S. Outlying Islands, U.S. Virgin Islands, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Vanuatu, Vatican City, Venezuela, Vietnam, Wallis & Futuna, Western Sahara, Yemen, Zambia, Zimbabwe (only these) - **Countries of incorporation refused:** China, Iran, North Korea, Syria, Cuba, Russia, Belarus, Myanmar (Burma), Iraq, Cambodia, Kyrgyzstan, Tajikistan, Armenia - **Owner residency accepted:** Not published - **Owner residency refused:** Not published - **Owner nationality refused:** Not published - **Company types accepted:** Limited companies ## Industries - **Industries served:** Import and export, Startups and SMEs - **Prohibited industries (provider's own list):** Not published - **Permitted industries (provider's own list):** Importers and exporters of physical goods (B2B cross-border trade); Companies paying Chinese suppliers; Service trade (import or export of services); Sole proprietors / SOHO traders ## Licences - Hong Kong: Customs and Excise Department, Money service operator, XTRANSFER LIMITED - United Kingdom: FCA, Payment institution, Xtransfer UK Limited, register no. 799099 (https://register.fca.org.uk/s/firm?id=0010X000047QLL4QAO) - Netherlands: DNB, E-money institution, XTransfer B.V., register no. R194054 (https://www.dnb.nl/en/public-register/information-detail/?registerCode=WFTEG&relationNumber=R194054) - Singapore: MAS, Major payment institution, Xtransfer Pte. Ltd. (https://eservices.mas.gov.sg/fid/institution/detail/426704-Xtransfer-Pte-Ltd) - Australia: AUSTRAC, Remittance service provider, XTRANSFER AU PTY LTD Safeguarding: XTransfer is not a bank. It says client funds are fully segregated and that it works with banks including J.P. Morgan, Deutsche Bank, DBS and Bank of China to safeguard them; it publishes nothing more on how the money is safeguarded. The receiving accounts are sub-accounts XTransfer opens at partner banks, not accounts you hold with those banks. ## Fees Source: https://www.xtransfer.com/services/pricing (checked 2026-10-23) ### Plans - **XTransfer account:** Free ### Incoming - SWIFT / international: Free · From bank accounts in 200+ countries; correspondent banks may deduct their charges - Local transfer from another bank: Free · Local receiving accounts in about 60 countries; COP, PEN, CLP and ZAR from 0.5% - From another XTransfer account: Free ### Outgoing - SWIFT / international: From $2 · Per payout to your own or another business's bank account in 200+ countries; VND payouts 0.05% of the amount - Local transfer to another bank: 0.4% · CNY settlement to a Chinese supplier's bank account - To another XTransfer account: Free · Instant, 24/7 ### Currency exchange (FX) - FX markup: Not published · No separate conversion fee ('currently free of charge'); the margin in the rate is not published ### Cards - Virtual card issue: Not offered ## Opening an account XTransfer says business verification takes as little as one day; applications submitted before 14:00 on a business day are normally processed the same day. 1. **Register.** Register with a mobile number or email on xtransfer.com. 2. **Verify the business.** Upload the company documents and the IDs of the directors and of shareholders with 25% or more, then complete photo verification or online facial recognition. 3. **Review.** XTransfer's compliance team reviews the application: on the same day if it is submitted before 14:00 on a business day, otherwise in 1 to 3 business days. 4. **Receiving accounts.** Open global and local receiving accounts and share the details with your buyers. Accounts open instantly or within 3 Hong Kong working days, depending on the bank. Documents: Certificate of Incorporation; Memorandum and Articles with shareholder and director information, or shareholder and director registers signed by all directors; Board resolution as fits the company type (not needed for single-director entities); Valid IDs of all directors and of shareholders with 25% or more; Photo verification (or online facial recognition / mobile number); If the company's status cannot be verified: Certificate of Incumbency or Good Standing, or six months' statements from another bank ## Pros and cons - Pro: Free to open and keep, and incoming payments from bank accounts in 200+ countries are free - Pro: Receiving accounts in your company's name at DBS, J.P. Morgan, OCBC, Citibank, Deutsche Bank and Banking Circle, plus local accounts in about 60 countries - Pro: Receive 29 currencies, including BRL, MXN, KES and other emerging-market currencies, and pay out in 41 - Pro: Payouts from US$2, and CNY settlement to Chinese suppliers at 0.4% - Pro: Market orders around the clock and limit orders at a target rate for up to 7 days, with no separate conversion fee - Pro: Free, instant transfers between XTransfer accounts, and live chat 24/7 - Pro: Business verification in as little as one day - Con: The margin inside the exchange rate is not published, and conversion is into HKD, USD, CNY and EUR only - Con: Only for companies in cross-border trade: collections must be for goods or services, and XTransfer can ask for trade documents - Con: Payments to or from Iran, North Korea, Syria, Cuba, Russia, Belarus, Myanmar, Iraq, Cambodia, Kyrgyzstan, Tajikistan, Armenia and the occupied regions of Ukraine are banned - Con: No forward contracts and no cards - Con: Which XTransfer company signs your contract is not published; the public user agreement is with Xtransfer Limited in Hong Kong, under Hong Kong law - Con: Payments XTransfer treats as high-risk are returned, at a cost of about US$50 ## Finzil's take (opinion) XTransfer suits an importer or exporter outside mainland China that sells to buyers in many countries or pays Chinese suppliers, and wants free receiving accounts in its own name. The exchange margin is not published, conversion is into four currencies only and there are no forwards, so compare a real quote with WorldFirst or Airwallex. ## Alternatives - [WorldFirst](https://finzil.com/providers/worldfirst): E-money institution · UK - [Airwallex](https://finzil.com/providers/airwallex): E-money institution · UK - [Currenxie](https://finzil.com/providers/currenxie): Money service operator · Hong Kong - [Statrys](https://finzil.com/providers/statrys): Money service operator · Hong Kong ## FAQ **Is XTransfer a bank?** No. XTransfer is a payment group headed by Xtransfer Limited in Hong Kong, a licensed money service operator. Its UK company, Xtransfer UK Limited, is an FCA authorised payment institution (FRN 799099), and XTransfer B.V. is an e-money institution licensed by De Nederlandsche Bank (R194054). It also holds licences in Singapore and Australia. Your receiving accounts are sub-accounts XTransfer opens at partner banks. **Which XTransfer company will my company contract with?** Not published. The public user agreement is with the XTransfer Group headed by Xtransfer Limited (Hong Kong), under Hong Kong law. The service terms for collections, transfers and FX are signed at business verification and are not public. **Do the receiving accounts carry my company's name?** Yes. The account name is your company's name; at DBS a buyer may write 'XT' or 'XT-' before it, as long as the full company name is there. The payee address is your company's own address. **How much does XTransfer cost?** Opening and keeping the account is free, and so are incoming payments from bank accounts in 200+ countries (correspondent banks may deduct their charges) and most local collections; COP, PEN, CLP and ZAR collections cost from 0.5%. Payouts cost from US$2, CNY settlement to Chinese suppliers 0.4%, and transfers between XTransfer accounts are free. There is no separate conversion fee, but the margin in the exchange rate is not published. **Can I fix an exchange rate for a future payment?** Not with a forward contract: XTransfer publishes none. Limit orders buy or sell at your target rate within 7 days, and market orders trade around the clock at the live rate. **Can a company from mainland China open an account?** Not on xtransfer.com. Mainland Chinese companies use XTransfer China at xtransfer.cn. Companies registered elsewhere can apply, except in the countries and regions XTransfer bans all payments to or from: Iran, North Korea, Syria, Cuba, Russia, Belarus, Myanmar, Iraq, Cambodia, Kyrgyzstan, Tajikistan, Armenia and the occupied regions of Ukraine. --- Finzil (finzil.com) is an independent directory of business accounts. No paid placement. Find providers that accept your business: https://finzil.com/find