Copyright © 2013 - 2018. Tai Pan Management Services Ltd., Company Service Provider Licence No. TC004077
Registered in Hong Kong. No 1942748
Tai Pan International
We are introducers to a number of banks worldwide (both offshore and onshore) and in many cases can arrange for accounts to be opened without a personal visit to the bank. We also offer an introduction to e-Wallets - the Fintech alternative to a full bank account. E-Wallets are very much faster to open
CONVENTIONAL BANKING VS. E-WALLET / E-MONEY
Are you looking for an alternative to conventional banking? Conventional banking is an analogue clock. It’s time to upgrade to the digital Smartwatch that is capable of a lot more at far faster speeds. Welcome to the world of E-Wallets.
You might be wary of using new technology, particularly where storing money is concerned. It might surprise you to learn that E-Wallets are remarkably similar to systems that you have probably already used like PayPal.
However, E-Wallets are more comprehensive than PayPal for the typical business. They provide a range of useful benefits including, variously, pre-paid cards, a dedicated real bank account, and in some cases payment processing. You’ll be able to handle and transfer money easily while getting the peace of mind that the E-Wallet is properly licensed.
WHAT IS AN E-WALLET?
Using an E-wallet, you will be provided with an online account. This can usually be accessed through a mobile app or computer which includes a 'dashboard' to utilise various different services e.g. receive and pay funds, convert to a different currency, top up your pre-paid card.
E-Wallet accounts also allow you to make or receive payments to account holders, without paying a fee.
Unlike Paypal, using a service like this, you will receive a debit card. You can add or withdraw money from this card in dollars, Euros, Pounds, Hong Kong dollars etc. These cards can be used to make direct purchases online or physically, or to withdraw money from a cash machine (ATM) just like any other bank card.
Some (but not all) E-Wallets offer merchant services; i.e. the ability to take payments from customers. A particular feature is 'Pay by Link' where an invoice can be sent to a customer/client with a payment link. The customer can settle the invoice by clicking on the link and paying by credit card. Conventional online shopping carts are also offered by some providers.
WHY AN E-WALLET RATHER THAN A CONVENTIONAL BANK ACCOUNT?
Opening a conventional bank account is time consuming and by no means certain - particularly in Hong Kong. By contrast an E-wallet offers speed of opening and convenience. If you are tired of waiting for hours to see a bank manager to open a new account, an E-Wallet is usually no more than a few clicks away. You will have full access in no more than a week for corporate accounts. Personal accounts can typically be set up instantly.
SOME OTHER ADVANTAGES OF E-WALLETS ARE:
● Favourable exchange rates. Many providers offer very competitive rates on currency conversions that will save you money. But that’s just the beginning.
● Pre-paid debit cards. As mentioned above these are available with the majority of E-Wallets in major currencies e.g. US$, Euros and £ pounds and of course HK$.
ARE E-WALLETS SAFE?
Almost all E-Wallets now are regulated, although the quality of regulation varies by country, it should be understood that E-Wallets do not come with Government protection in the event of failure or insolvency. Banks by contrast in many countries are covered by state guarantees in the event of insolvency e.g. in the EU a guarantee of a €100,000 is offered to all bank customers.
We would not recommend using E-Wallet to hold your pension pot or for large cash balances, but for day-to-day business (and private) expenditure they are fine.
We can assist with both conventional bank account and also E-Wallets, including one which is Hong Kong based.
If you would like to know more, why not instruct us under a simple consultancy arrangement and we can provide the following:-
A summary of the best e-Wallet companies detailing their unique selling points and also giving warnings were appropriate. For example, who offers pre-paid debit cards or a unique bank account number for receiving and making payments and in which currencies. Who offers merchant services both shopping cart and 'pay-by-invoice'* Who offers good exchange rates and has reasonable overall charges.
What we will need from you? The purpose of the account e.g. are you establishing a trading business e.g. a company that buys and sells products for profit or simply holds assets e.g. shares in other companies, property etc. The countries and currencies you are planning to trade?
We don't require a business plan but it will make our recommendations more appropriate if you can provide it.
What do we charge?
We offer an advisory/consultancy service to those establishing a company through us. Our fee for provision of written background information together specific recommendations based on your requirements is US$ 300 - it also includes a short consultation by phone/Skype.