For independent exporters and small businesses engaged in international trade, navigating cross-border payments often presents challenges including high fees, account restrictions, and complex compliance requirements. XTransfer has emerged as a specialized digital banking solution tailored specifically for B2B trade transactions.
About XTransfer
XTransfer operates as a digital banking platform that provides virtual overseas bank accounts through partnerships with established commercial banks in Hong Kong, Europe, and the United States. The service focuses exclusively on B2B transactions via international wire transfers, currently excluding e-commerce platform payments such as Amazon or PayPal settlements.
Key Features: XTransfer supports nine major currencies (USD, EUR, GBP, JPY, HKD, AUD, CAD, KRW, and RUB) and offers compliant foreign exchange settlement without annual quotas.
Company Background
Founded by former Alibaba executives, XTransfer has secured multiple rounds of financing and established regulatory partnerships that position it as a leading solution in the cross-border trade payment sector. The platform claims to offer more cost-effective account services compared to traditional Hong Kong bank accounts.
Target Users
XTransfer primarily serves:
- Traditional export businesses operating on B2B models without e-commerce platform integration
- SOHO (small office/home office) exporters requiring efficient cross-border payment solutions
Account Requirements
The platform accepts corporate entities including:
- Mainland China registered companies and individual businesses
- Hong Kong registered companies
Documentation requirements include business registration certificates and identification documents for company representatives. Account approval typically completes within 1-2 business days.
Fee Structure
XTransfer maintains a transparent pricing model:
- Account maintenance: $10/month for Citibank accounts (others free)
- Currency conversion: 0.4% of settlement amount
- Domestic transfers: $10 or ¥70 per transaction
- International transfers: $20 or ¥140 per transaction
Operational Considerations
Users should note:
- All transactions require supporting trade documentation (contracts, invoices, shipping documents)
- Stringent compliance controls apply to all fund movements
- Some accounts may operate under non-direct naming arrangements
Transaction Process
Creating Payment Orders
- Log in to XTransfer account and navigate to "Collection Management"
- Select "Create Order" and input transaction details
- Upload supporting documents (PDF or image formats only)
- Submit for processing
Settlement Options
Direct Settlement: XTransfer handles currency conversion and transfers RMB to mainland China accounts without affecting personal forex quotas. No additional bank documentation required.
Standard Transfer: Funds transfer in original currency requires recipients to complete foreign exchange procedures personally, counting against annual forex quotas for individuals.
The platform has gained recognition among export professionals for its specialized services, operational efficiency, and compliance safeguards, presenting an alternative solution for cross-border trade settlements.