Kraken Withdrawal Card:
After the Hong Kong card tutorial, the Siren tutorial that everyone wants is here.
1. Register a Kraken account (http://kraken.com). According to the latest test in 2024, domestic ID cards/passports can still pass KYC and reach the immediate level. The daily limit is 100,000 US dollars, which is enough for ordinary withdrawals;
2. After passing KYC, click Transfer, select Deposit, generate a USDC or USDT deposit address, and then transfer it from your current exchange. After the funds arrive, sell them for USD in the USDC/USD or USDT/USD trading pairs in Kraken;
3. Then click Transfer, then click Withdraw, select US Dollar, select SWIFT as the method, and then enter the corresponding information of your Hong Kong card. Generally, the money will be credited within one day;
4. If your Hong Kong bank refuses to accept the money (someone has encountered this with HSBC), then use ZhongAn to transfer the money. I and a lot of friends have tested it and it works fine. But remember, no matter which bank the US dollars go through, don’t make quick in and out without leaving any money, otherwise it will be easily controlled by risk control. At least keep some funds for financial management;
5. Once the US dollars arrive at the Hong Kong card, you can withdraw cash/swipe the card at an ATM in the mainland (the daily limit is 20,000 yuan, and some can be adjusted to 80,000 yuan), without occupying the exchange quota;
6. Of course, if you want to use the family credit limit and exchange 1 million yuan every year to remit it back to China, you can do that, but most of my friends and I have our money in Hong Kong card financial management/deposits. After all, the basic income is higher than that in China.
Kraken is the mainstream exchange for cash withdrawal in the West. Of course, there are several other compliant exchanges in the West that also withdraw money, but I won’t talk about it now. Binance’s Hong Kong dollar remittance also died after the kol exposed it. If Kraken blocks KYC one day, I will talk about it later.
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