CBI member, TransferWise has announced that it has established a partnership with Chinese e-commerce giant, Alipay, to facilitate cross-border money transfers.
The tie-up will enable TransferWise’s more than 7 million customers to send money held in 17 currencies to Alipay users as Chinese yuan, according to a statement made by TransferWise on Tuesday. Alipay serves over 1.2 billion people globally.
TransferWise users will need to fill in the recipient’s name and Alipay ID before transferring money to the bank account linked to the recipient’s Alipay profile.
The company said: ““The partnership is a major expansion for TransferWise as it reaches a new, additional market of people managing their money via the Alipay platform.”
China is currently the most expensive major currency corridor, according to the World Bank, with the average cost of sending $200 (£140) from the UK to China standing at a staggering US $19.6 (£13.70) or 9.8%.
In response, TransferWise will charge 1.5% for transfers with a delivery time of 1 to 3 days. Anybody with a UnionPay account will be able to receive transfers.
In 2018, China received $67 billion in overseas remittances, making the country the second-largest recipient of such payments after India with $79 billion.
To read TransferWise’s announcement in full, please follow the link.
