WorldRemit launches digital money transfers to China UnionPay cards
WorldRemit customers in over 50 countries can now send money to China UnionPay debit cards in China directly from their phones
Beijing and London, 25 April 2019: Leading digital money transfer service WorldRemit has launched safe, fast and low-cost international transfers to China UnionPay debit cards in China.
The Chinese diaspora living in over 50 countries, including the USA, UK, Canada, Australia and Singapore, can now send money to any China UnionPay debit card in China using the WorldRemit app or website.
WorldRemit is a global leader in online money transfers. Its low fees and exchange rates are shown up-front and customers can send money in a few taps directly from their phones, without having to visit a money transfer agent. Over 90% of the company’s transfers are paid out within minutes.
WorldRemit has enabled digital money transfers to China UnionPay debit cards through a new strategic partnership with money services business, Merchantrade. The new service significantly increases WorldRemit’s footprint in Asia-Pacific, allowing customers to transfer money to over 14 leading banks in China including Industrial and Commercial Bank of China, Bank of China and China Construction Bank.
WorldRemit offers money transfers to around 20 countries in APAC and its business in the region is growing fast. Top sender countries from APAC include Australia, New Zealand, Singapore, Japan and Hong Kong.
China has the largest migrant population and is the second largest remittance recipient globally. The World Bank estimates that the Chinese diaspora sent home over $67 billion in 2018. However, China is one of the most expensive G20 countries to send money to, with an average cost of nearly 8.5% for sending $200.
Michael Liu, Managing Director for Asia-Pacific at WorldRemit, comments: “Asia Pacific is a hugely important market for WorldRemit, with transfers to the region growing by 35% in 2018. We’re further expanding our footprint in APAC by launching digital transfers to all UnionPay cards in China.
“With approximately 35 million Chinese people living abroad, China is one of the largest recipients of international money transfers in the world. However, the cost of sending money to the country is still well above the global average. Our new bank transfer service allows the diaspora to send money home quickly, securely and at a low-cost with a few taps from their smartphone.”
WorldRemit currently serves 5.7 million customers, completing 1.3 million transfers every month from over 50 countries to over 145 destinations.