Mr. Guo from Shanghai opened a Huamei Velo account in 2023. After upgrading his account on July 15 of this year, the system sent him a notification stating that his account must maintain an average daily balance of $25,000; otherwise, a monthly account management fee of $25 will be deducted.

He’s been selling on Amazon U.S. for five years, with annual sales of $2 million. He usually keeps only $50,000 in his account for working capital, while the rest is held in PingPong.

He wasn't ”kicked out,” but rather ”assigned to the Velo Gold customer segment”—the new policy involves tiered service: accounts with balances under $25,000 are placed in Velo Standard, which requires a monthly fee; accounts with balances over $25,000 are placed in Velo Gold, which is free and offers upgraded features.

This is the biggest change in the U.S. bank card market in 2026—

Huamei Velo has scaled back its ”remote account opening + zero management fees” offerings and is refining its tiered service model; the other three established banks (BoA, Chase, and HSBC USA) are also readjusting their account opening policies for mainland residents.

01

After the upgrade, Huamei Velo now has three speed settings

Under the new rules effective July 15, 2026, Huamei Velo has divided its customers into three tiers:

Velo Standard: Average daily account balance of $0–25,000. Monthly account maintenance fee of $25. Free ACH transfers, free Visa card transactions, and free ATM withdrawals (up to 5 per month).

Velo Gold: Average daily account balance of $25,000–$100,000. No monthly fee. Includes a dedicated account manager, 10 free international wire transfers per month, and no fees for ATM withdrawals abroad.

Velo Premier: Average daily account balance of $100,000 or more. No monthly fees. Includes a Chinese-speaking account manager, family account management, and cross-border structuring consulting.

📌 The key change is that Velo Standard hasn’t been ”canceled” but rather ”subjected to a fee increase.” With a monthly fee of $25 or an annual fee of $300, this doesn’t pose a barrier for sellers with annual revenue in the millions of dollars, but it’s a deterrent for smaller sellers.

02

The Fundamental Difference Between Huamei Local Accounts and Velo

Many mainland customers do not understand the difference between Velo and Huamei’s domestic accounts, and the gap between the two will continue to widen in 2026:

Velo Account: Mainland residents can open an account remotely via video call without having to travel to the U.S. Account opening takes 1–2 weeks. The account supports ACH transfers, wire transfers, and linking to U.S.-based payment methods (PayPal/Apple Pay). No SSN, no U.S. credit history, and no eligibility for U.S. interbank clearing.

Huamei Local Account (East West Bank Full-Service Account): You must travel to the United States in person to attend an in-person interview at any branch in California, New York, or Texas. The account will be opened on the same day. Once the account is opened, you can apply for an SSN (Social Security Number), build credit in the U.S., apply for credit cards, and take out mortgages and auto loans.

Local accounts are suitable for people who ”plan to live in the U.S. long-term, intend to immigrate, or want to build credit in the U.S.”

Velo is ideal for people ”living in mainland China who need to receive payments from U.S. e-commerce platforms or settle cross-border transactions.”

The two can coexist. Mr. Guo went on a business trip to the U.S. once this year and opened a Huamei local account while he was there; upon his return, he continued to use Velo to handle his daily U.S. transactions.

03

Under the New Rules, How Should These Three Categories of Cross-Border Travelers Choose?

Category 1: Small sellers with annual sales of less than $500,000.

I recommend using Velo Standard; the annual $300 management fee is reasonable. However, you’ll need to maintain an average daily balance of at least $10,000 to avoid being classified as an ”inactive account” by the Velo system.

Or turn directlyPingPong, Wanlihui, LianlianWith these cross-border payment platforms, the multi-currency accounts they set up for you are mostly linked to the U.S. clearing network, with no monthly fees and no maintenance fees.

Category 2: Medium-sized sellers with annual sales of $1 million to $5 million.

We recommend upgrading directly to Velo Gold. Maintain an average daily account balance of at least $25,000 to enjoy zero monthly fees, free international wire transfers, and a Chinese-speaking account manager.

For those with larger funds, we recommend opening both a Velo Gold account and a Huamei domestic account. The domestic account is used for building U.S. credit, securing mortgages and auto loans, and managing family accounts.

Category 3: Large sellers/brands with annual revenue of $5 million or more expanding into international markets.

We recommend the three-part package consisting of Velo Premier, a Huamei domestic account, and an offshore structure (Hong Kong limited company + BVI company).

Velo Premier’s family account and cross-border structuring advisory services are the most in-demand services for high-net-worth individuals engaged in cross-border transactions.

Mr. Guo chose to open both a Velo Gold account and a Huamei local account. He said, ”The local account is enough for my once-a-year trip to the U.S.; Velo handles all my day-to-day transactions.”

04

The Three Most Common Pitfalls for Cross-Border Professionals

Pitfall #1: Holding a large amount of USDT in a standard Velo account.

The Velo system does not accept direct USDT deposits, but many customers sell their USDT and then wire the proceeds in U.S. dollars to Velo, which U.S. regulators identify as ”suspicious cross-border funds.”

Starting in Q2 2026, Velo will require a full explanation of the source of funds for non-salary income exceeding $50,000 per transaction.

Pitfall #2: Mistaking Velo for a U.S. bank account when applying for a U.S. mortgage.

Velo does not offer FDIC deposit insurance in the U.S., does not require an SSN, and cannot support U.S. mortgages or auto loans. Any broker who claims that ”a Velo account can be used for a U.S. mortgage” is misleading.

Pitfall #3: Providing a fake address when opening an account remotely.

Some customers provide the address of a friend in the U.S. or a virtual office address to pass KYC verification. In 2026, the Velo system will conduct a ”secondary video verification” for such addresses. If a false address is detected, the account will be closed immediately and any remaining balance will not be refunded.

📌 Mr. Guo’s experience is that when signing up for Velo, entering a real address in mainland China plus a backup contact address in the U.S. actually makes the KYC process go more smoothly than ”pretending to be in the U.S.”

Velo is not a one-size-fits-all card; it is a ”tool for U.S. region payments.” Those engaged in cross-border transactions should combine Velo, local accounts, payment collection platforms, and Hong Kong bank accounts into a single portfolio and manage them in tiers based on the intended use of funds.

The upgraded Velo, launched on July 15, 2026, represents a proactive effort by Huamei to refine its customer base. The customers who remain are all cross-border e-commerce professionals who are genuinely doing business in the U.S. and Canada.

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