iFAST Global Bank is a digital bank regulated by the UK's Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), offering a range of financial services and investment products. Key advantages of iFAST include no annual fees and free account opening, support for multiple currency accounts, and international remittance services. Customers can trade in six currencies: GBP, USD, EUR, SGD, HKD, and CNY, and transfer funds to over 160 countries or regions. Transfers between iFAST accounts are possible across the UK, Singapore, Hong Kong, and Malaysia.

iFAST Account Types

iFAST offers three main types of accounts:

• Multi Currency Account: Allows users to hold and manage multiple currencies, suitable for international transactions or travel.
• Fixed Term Deposit: Offers deposit terms ranging from 1 to 24 months with fixed interest rates for the duration. Ideal for customers seeking stable returns.
• Notice Deposit: Typically offers higher interest rates than standard savings accounts. Account holders must provide 95 days' notice to iFAST before withdrawing funds.

iFAST Account Fees

iFAST provides fee-free personal finance accounts, but multi-currency accounts do not support ATM withdrawals. The following are some fees:

• Foreign Currency Transfers to Domestic UK Accounts:

  • EUR: €12
  • USD: $18
  • SGD: $25
  • HKD: HK$145
  • CNY: ¥126

• GBP Transfers to Overseas Accounts:

  • GBP: £15

• Foreign Currency Transfers to Overseas Accounts:

  • EUR: €12
  • USD: $18
  • SGD: $25
  • HKD: HK$145
  • CNY: ¥126

iFAST Account Opening Conditions

The conditions for opening an account are straightforward: applicants must be at least 18 years old and provide proof of address. iFAST currently accepts only individual account applications and does not offer joint accounts. Required documents include:

• Identification: National ID card, passport, or UK driving license.
• Proof of Address: Bank statements, utility bills, or tax documents showing the applicant's full name and address, dated within the last three months.

iFAST Account Opening Process

The account opening process involves the following five steps:

1. Visit the iFAST website and complete the application form.
2. Upload identification and proof of address.
3. Record a video answering a few questions and arrange a video verification call with the iFAST team.
4. Depending on the choice, the application may be sent directly to the internal team for review, or a video call may be scheduled. Customers will receive a confirmation email with the video call time.
5. After the review, once the account application is approved, the account can be used.

Notes：

• If the required documents and details are provided, the account opening process typically takes two hours. However, in some cases, the review may take up to seven working days.
• The minimum deposit required to open an iFAST account is 1 unit of the chosen currency.

iFAST Global Bank offers low-barrier account opening conditions and diverse account options, making it suitable for users with international remittance needs. Its fee-free account structure and low charges make it an attractive option. Through the above process, you can open an account quickly and easily, and enjoy its multi-currency account and cross-border remittance services.