Revolut has partnered with Ant International to allow secure money transfers to China in the Chinese yuan via Alipay.
China had a significant flow of remittance transfers in 2024 of approximately USD 48 billion. In Singapore, China is the preferred destination for remittances, according to PR Newswire. Knowing the strong demand and high transfer volumes, Revolut chose Alipay to facilitate faster, more secure, and cost-effective cross-border payments.
Secure remittances through Alipay
The collaboration highlights Revolut’s commitment to providing fast, secure and cost-effective solutions for global money transfers, further helping its customers to manage their finances conveniently across borders as part of its broader mission to offer more innovative solutions globally.
Revolut chose Alipay as it is a widely used payment app in the country, and one of the 36 e-wallets supported by Alipay+ under Ant International. The new remittance capability enables by the group’s global remittance solutions to offer Revolut suers overseas compliant, stable, and fast payments.
Ant International aims to redefine international remittance experiences by enabling its partners to easily manage and grow their remittance business while meeting customer’s needs of speed and security.
To make a transfer in China users head to Payments in the bottom menu of their app, tap the plus icon, select ‘Send international’ and choose China mainland as their destination, and input their transfer amount selecting Alipay as their transfer method. Then, they type the Alipay account ID and details of their recipient.
The partnership completes Revolut’s suite of international money transfer services, including its latest development, Instant Card transfers, which enable users to send money in over 80 countries, 24/7 with their name and the 16-digit Mastercard or Visa card number. Revolut also offers bank payments and transfers to other mobile wallets such as bKash in Bangladesh and M-Pesa in Kenya.
Moreover, Revolut reduced its fees for international money transfers, from 0.40% to o.15% for Standard plan customers. For Premium plan users, the fee decreased from 0.20% to 0.12%. The minimum fee varies based on currency and entity, with the maximum fee being set at USD 313 for standard plan and USD 250 for Premium users.
