Comment on Alipay Business Account For 1688: Easy Guide for Foreigners by SIMON.
Alipay business has SGD wallet but they don’t allow us to topup using SGD. The only currencies we are allowed in Singapore is USD or CNY only. In addition, they must come from our Company Name, not personal accounts. Corporate banking in USD are costly to open/maintain, let alone the fees bank will take for currency conversion and TT. Which is probably the reason why Ben commented below that he tried Wise.com but failed as well due to “unmatched” beneficiaries. A difficult roadblock, too much regulations everywhere.
SIMON Also Commented
Hello Eric, may i know which payment company are you recommending to topup Alipay Business USD account? Was planning to try wise.com but a comment from Ben on 25Oct2022 mentioned it couldn’t work. I’m also from Singapore.
Coincidentally, I chanced upon WorldFirst: https://www.worldfirst.com/sg/marketplaces/1688-supplier-payments
The WorldFirst guide mentioned that we can connect directly to 1688.com via KJB for supplier payments, and to remove Alipay business KJB connection once WorldFirst is set up. Are you able to help verify? What are the pros and cons between Alipay Business vs WorldFirst?
Thank you so much for your advices. They have been really really helpful. Cheers!