Global Payment System Accounts as an Alternative to Conventional Banks

Selecting a well-established financial provider—be it a traditional bank or a fintech platform—is a wise choice for businesses. Even with many banks these days, you gain access to modern services, advanced online tools, and reliable customer support. However, opening an account with traditional banks has grown stricter due to evolving compliance standards worldwide. Not to mention difficulties for establishing accounts in well-respected, stable jurisdictions as a non-resident.

These are some of the reasons we often recommend payment systems, and can help you get set up with one particular, Singapore-based payment system, which operates in Hong Kong, and also, increasingly in the UK, among other jurisdictions.

All global banks and fintech platforms must strictly follow Know Your Customer (KYC) and Anti‑Money Laundering (AML) procedures. This entails rigorous identity checks and ongoing transaction monitoring. If a transaction appears unusual, it may be paused, frozen, or delayed pending further investigation—making some payment flows feel more cumbersome than in the past.

On the other hand, new payment systems are better than traditional banks in several ways. Offering a broader range of services, they are just as reliable. So, when you have to choose between a bank and a payment system, the payment system is often a better choice.

You are welcome to benefit from Q Wealth’s free consultations for opening accounts with the payment system that services high-risk businesses.

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One strong option is to open an account with the global payment platform we recommend. The company is from Singapore, but was founded in Australia, and it operates onboarding entities in Hong Kong, Malaysia, the Netherlands, Singapore, the United Kingdom, the United States, and Australia. It is now in the process of expanding more so into the UK, as demand for payment systems is increasing.

For many businesses seeking dependable, borderless financial services, the experience may feel similar to that of a traditional provider. However, companies involved in digital services, international trade, e-commerce, or the tech sector are especially well-positioned to take full advantage of the speed, flexibility, and cost-efficiency offered by a modern fintech platform.

Comparing the global payment system with conventional banks

The recommended payment system operates as a global financial platform and is regulated through licenses held by its fintech parent company. It is designed primarily for business clients, with a strong focus on serving small and medium-sized enterprises (SMEs). While it differs from traditional banks in structure and function, the platform delivers a wide range of financial services that meet the core needs of its business users. Compared to conventional banking, it offers distinct advantages in cross-border payments, currency exchange, and global account management.

Conventional banks vs the payment system:

Here are the key advantages of the recommended global financial platform:

• Multi-currency accounts with local bank details
• Receive payments for goods and services in the national currency on advantageous terms
• High cross-border transaction speed, regardless of the amount
• Opportunity to accept payments from customers worldwide
• Multi-currency corporate cards (with cashback and no fees)
• Real-time tracking of expenses and incoming funds
• Effortless integration between the global financial platforms and accounting software

The recommended global payment system and the services it offers

The global financial platform offers services equivalent to those of a traditional bank—but on significantly better terms and with fewer administrative hurdles. In some specific cases (such as businesses engaged in rare or unconventional activities), it may still be worth exploring the option of opening a corporate account with a conventional bank. However, for most small and medium-sized businesses, our recommended global payment system is the more efficient and practical choice.

Below, you will find the main services and features that the global financial platform comes with:

• Multi-currency corporate accounts.
• Swift and effortless cross-border transfers with straightforward and clear terms.
• Virtual (digital) debit cards offering extra services (a usual example being centralized limit management for all company cards).
• Integration with cutting-edge financial services.
• Currency exchange at advantageous rates.

You can also enjoy seamless integration of the global payment system (supported services):

• Xero
• Magento
• WooCommerce
• Shopify
• Amazon
• PayPal
• HubSpot
• NetSuite
• Alipay

The global payment system comes with enhanced security features:

• Segregated accounts with partner banks that are used to keep the funds of the financial platform’s customers (Standard Chartered Bank, DBS, and JPMorgan Chase Bank)
• Full alignment with PCI Level 1 security standards
• Multi-factor authentication for user data storage
• Two-factor authentication for login purposes (industry-standard SOC 2 Type 2).

Virtual multi-currency VISA cards in multiple currencies that allow for direct invoicing in:

• AUD
• CAD
• CHF
• EUR
• GBP
• HKD
• JPY
• NZD
• SGD
• USD.

Corporate account features:

• Accounts with local bank details in over 60 countries
• Local transfers with minimal or zero charges in more than 90 countries
• Opportunity to accept payments from over 180 countries.

The global payment system can be used to set up a payment gateway for:

• Alipay
• Mastercard
• PayPal
• UnionPay
• Visa
• WeChat Pay.

Supported currencies with SWIFT-based money transfers:

• AUD
• CAD
• CHF
• CNY
• CZK
• DKK
• EUR
• GBP
• HKD
• HUF
• ILS
• JPY
• MXN
• NOK
• NZD
• PLN
• RON
• SAR
• SEK
• SGD
• THB
• TRY
• USD
• ZAR.

Worldwide services and wallets supported by the global financial platform:

• Visa
• Mastercard
• American Express
• UnionPay
• Apple Pay
• Google Pay
• Paysafecard
• PayPal
• Skrill.

The global payment system is compatible with numerous services and wallets across various countries within the APC region. Here are some common examples:

• WeChat Pay
• Paynow
• eNETS
• Pay-easy
• Promptpay
• Jenius Pay
• DOKU Wallet
• Taiwan Convenience Stores (Hi-Life).

European and UK services and wallets supported by the financial platform:

• Latvian Banks
• eps
• Maxima
• Pay Post
• MyBank
• Narvesen
• Przelewy24 / P24
• giropay
• Satispay
• BLIK
• Paysafecash
• Trustly
• Multibanco
• Pay by Bank app (PbBa)
• Paysera
• Sofort
• Perlas Terminals
• iDEAL
• Bancontact.

Countries and regions where the global payment system and its services are available:

Access to card services and products across various countries and regions:

Fees and commissions

Conventional banks typically charge fees for most of their services. While this might not be a significant concern for established businesses, it can pose a challenge for small enterprises and startups. For companies operating on tight budgets, these banking fees can quickly add up. In contrast, the global financial platform offers core services at no cost, with only minimal fees for accessing advanced features.

Corporate accounts come with the following free services:

• Accounts in national and/or foreign currencies
• Multi-currency wallets
• Local transfers
• Direct debits from global wallets
• Multi-currency virtual cards
• Expense management (integration of financial platform software with accounting solutions)
• Integration with payment services.

Fees for paid services offered for corporate accounts with the global financial platform:

• SWIFT transfers (SHA / OUR) – 10 to 20 EURO 
• Currency exchange – 0.5% (for USD, HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, and JPY) and 1% for all other currencies
• Physical employee cards – 6 EURO per month, with the first 5 cards issued free of charge.

Corporate accounts with the financial platform, payment processing rates (for more information about payment methods, please see below):

• Payments to EU cards or wallets (Visa, Mastercard, Apple Pay, Google Pay): 1.30% + €0.20
• Payments to EEA cards or wallets: 2.40% + €0.20
• Payments to international cards or wallets (Visa, Mastercard, UnionPay, Apple Pay, Google Pay): 3.15% + €0.20
• Payments to American Express cards or wallets: 2.40% + €0.20
• Local payment methods (such as WeChat Pay, GrabPay, and more than 160 others): €0.20 plus a method-specific service fee

Account setup

To open an account with the global payment system, you’ll need a few basic documents. Compared to traditional banks, the requirements for your company and its executives are far less demanding. That said, the registration process may vary depending on your country or region—so it’s important to confirm the details with Q Wealth experts.

In the following sections, we’ll walk you through the steps to open a corporate account. Keep in mind that while the payment system offers a more flexible and business-friendly approach, you are still required to meet standard KYC and AML compliance checks.

These are the corporate documents you will need to open an account for a Limited Liability Company (* – please specify one option):

• *State registration certificate or extract from the register of the Chamber of Commerce
• *Founding agreement, articles of association, or any similar document
• Personal ID + addresses of all directors
• Personal ID + beneficiary’s address.

These are the corporate documents you will need to open an account as a Limited Liability Partnership (* – please specify 1 option):

• Verification of the partnership’s legal address
• *Partnership agreement or extract from the register of the Chamber of Commerce and Industry
• Personal IDs and actual addresses of all partners.

These are the corporate documents you will need to open an account for a General Partnership (* – please specify 1 option):

• Verification of the partnership’s name and legal address
• *Partnership agreement or extract from the register of the Chamber of Commerce and Industry
• Personal IDs and actual addresses of all general partners.

These are the corporate documents you will need to open an account for a sole proprietorship:

• Extract from the register of the Chamber of Commerce and Industry
• Personal ID
• Actual address
• Verification of the legal name and registered address of the sole proprietorship.

Ready to start?

Are you interested in opening a corporate account with the global financial platform?  If so, feel free to get in touch with Q Wealth experts using a communication method that suits you the most (info@qwealthreport.com, or alternative communication channels).

In addition, we have other services that may be relevant to you. For example, you can open personal and corporate Accounts with a UK payment system online, or set up a corporate account in a Singapore payment system remotely. If you want an EU institution, consider opening a personal Euro account with a European IBAN in Lithuania. Whatever your needs, we can offer guidance and support you with the setup.

Frequently asked questions

Does the global financial platform cater to high-risk businesses?

No, the payment system does not serve companies involved in high-risk activities. While exceptions may exist, it’s essential to discuss your case with Q Wealth experts on a case-by-case basis.

What customers are not serviced by the global payment system under any circumstances?

With no exception or excuse, the global payment system does not service the following customer groups:

• Companies and individuals who are subject to international sanctions.
• Companies that issue or have previously issued bearer shares.
• Banks and financial institutions without physical presence, including neobanks and shell banks.
• Legal entities that do not meet the internal security criteria of the global financial platform.
• Investment firms
• Gambling operators (including casinos, lotteries, betting platforms)
• Arms, weapons, and military-related businesses
• Pharmaceutical, medical device, or biotechnology companies
• Charitable or non-profit organizations (registered or unregistered)
• Airwallex will refuse applications if a company’s UBO or director is based in a sanctioned country, such as Russia or Belarus, unless the individual has a valid residence permit in a non-sanctioned jurisdiction.

What actions should be cleared with the compliance department beforehand?

While some business activities might not be officially prohibited, they still pose substantial risks. In such instances, approval of the compliance department is necessary for registering new clients and using the payment system’s capabilities.

These are the businesses that are higher-risk and may require pre-approval:

• Activities involving cryptocurrencies or digital assets
• Financial services or fintech intermediaries, including money transmitters
• Platforms holding or processing funds on behalf of third parties (e.g. marketplaces, legal firms, payroll services)
• Operations with high-risk attributes as defined by internal compliance thresholds
• Complex or opaque ownership or business structures

Does the global payment system offer bank or audit confirmations?

It does, upon request.

For more information about payment systems, neobanks, and financial platforms, please check the articles below:

• A foreign bank or a payment system: where should you set up an account?
• Is PayPal a Fintech – Guide for Dummies
• What do Acronyms SEPA, SWIFT, and IBAN Stand For in International Money Transfers?