NIUM, Geoswift partner to allow overseas customers to remit funds into China

The tie up allows NIUM’s customers worldwide to send funds directly to a receiver’s UnionPay card account with 14 banks in China in real-time, and another 50+ banks within 48 hours.

The partnership with Geoswift provides convenience and cost-savings to consumers and businesses looking to remit money into China, especially when social distancing measures are being implemented all over the world: 

• For overseas consumers looking to send money to their loved ones in China;
• For businesses looking to make payments to workers or freelancers in China;
• For banks and financial institutions looking to offer their clients remittance service to China.

Consumers and businesses can conduct the fund transfers through InstaReM, NIUM’s consumer and SME brand, on its website or app. All funds transfers into China can be initiated in any of the 40+ source currencies currently offered through NIUM’s Send service, and recipients will receive the payout in Chinese yuan.