Due to this agreement, the Chinese living in over 50 countries will be able to send money to any UnionPay debit card in China using the WorldRemit app or website. Customers can transfer money to over 14 banks in China, including Industrial and Commercial Bank of China, Bank of China and China Construction Bank.
WorldRemit enabled digital money transfers to China UnionPay debit cards through a partnership with money services business Merchantrade.
The World Bank estimates that the Chinese diaspora sent home over USD 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 USD 200.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now