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April 26, 2019

WorldRemit supports money transfers to China UnionPay cards

Remittance firm WorldRemit has enabled international transfers to China UnionPay debit cards in China.

The Chinese diaspora can avail the service through the WorldRemit app or website and send money home.

The service is supported through an alliance with money services business Merchantrade.

Customers can make fund transfers to over 14 banks in China.

Among these banks are Industrial and Commercial Bank of China, Bank of China and China Construction Bank.

WorldRemit managing director for Asia-Pacific Michael Liu said: “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.”

The Chinese diaspora is scattered in over 50 countries including the US, UK, Canada, Australia and Singapore.

According to World Bank data, this diaspora made remittances worth over $67bn to China last year.

Among G20 countries, China is considered to be one of the most costly destinations to send money transfers.

For sending an amount of $200 to the country, one is said to bear an average cost of around 8.5%.

 

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