What is BitUnion#
BitUnion is designed for users in mainland China, overseas Chinese, and individuals outside of China, providing diverse and efficient comprehensive payment services. Through multiple channels such as remittance, Alipay fast collection, and UnionPay cards, users can flexibly use virtual currencies to easily achieve online and offline consumption payments, facilitating the convenient circulation and application of digital assets.
"BitUnion Global Remittance" offers a cryptocurrency-to-fiat remittance method relying on licensed financial institutions, focusing on solving the problem of USDT withdrawals being easily frozen. Users can exchange mainstream cryptocurrencies (currently only supporting USDT on Conflux eSpace) for Chinese Yuan (CNY) and transfer them to a designated bank account, with the fastest real-time arrival. Transfers to accounts with the same name (i.e., "paying yourself") are supported, suitable for daily consumption, cross-border payments, and remittances. Funds are settled and allocated by local compliant institutions, ensuring speed and security of arrival.
Withdrawal Steps#
1. Preparation#
You need to prepare a wallet that supports the Conflux eSpace network; the author uses the MetaMask wallet.
You also need to prepare photos of your ID card (front and back) and a passport photo for KYC verification.
2. Connect Wallet in the Upper Right Corner of the Official Website#
Pay attention to the signature request and permissions when linking the wallet.
3. Fill in Personal Information and Bank Account#
Fill in the required personal information accordingly; I have already filled it out here. You will need to upload your ID card and passport photos as required.
After completing the information, add your bank card information; the bank card must be the same name as your personal information.
4. USDT Recharge#
Users need to recharge USDT into their BitUnion account first; click on the account on the left, then click recharge.
Enter the amount you wish to recharge in the operation box; there are no fees for recharging. You can pay through your wallet or directly withdraw from the exchange. When transferring out from the exchange, you need to copy the transfer address for withdrawal, and the gas fee needs to be paid by yourself, but it will only be charged this once. After that, just wait.
5. Withdraw to Bank Account#
Click on Global Remittance on the left, select the corresponding amount; there is a limit of 50,000 RMB per day and an annual limit of 500,000 RMB.
Each remittance requires a fee of 5 USDT + 2.5% (it will be mentioned later that the basic fee of 5 USDT will be canceled for each transaction).
1% of the fee will be returned to your wallet in CFX, and the first withdrawal will waive the 7 USDT fee.
Please refer to the page content for the arrival time.
The overall arrival time is very fast; it took about 5 minutes from initiation to withdrawal, and the remittance was made through Helibao.
The CFX rebate is sent every hour and takes some time; this remittance returned 87 CFX, which is approximately 7.8 USDT based on the current exchange rate.
Conclusion#
The overall remittance speed is also very fast, but the fees are slightly high, and the exchange rate is not as favorable as C2C. However, it excels in compliance and safety for institutional remittances, making it more suitable for large withdrawals. In the current risk control environment, all fees seem less important in the face of compliance.
This article is synchronized and updated to xLog by Mix Space.
The original link is https://blog.lolita.best/posts/gotagota/bitunion-global-fast-compliant-withdrawal