TransferWise has partnered with Alipay to expand money remittance options for its users to instantly send Chinese yuan to friends and family in China.
The partnership is designed to boost methods that TransferWise clients in China can use to receive money, since Alipay currently has over 700 million active users in that country.
“We’re excited to announce our partnership with Alipay. We’ve linked up to introduce a new way for recipients in China to receive money. You only need your recipient’s name and Alipay ID. And as always, your money will be sent with the real exchange rate — like the one you see on Google,” said Chee-Xuan Tang, senior product marketing manager at TransferWise, in a
In an effort to promote the new partnership the first 100 new customers will get the fees waived on their transfer of up to 5,000 Chinese yuan (about $714). Additionally, money transfer recipients will receive a bonus of 10 yuan (about $1.45) on their first inward remittance between March 17 and April 8, 2020.
TransferWise customers can send up to five transfers to Alipay per month. Each transaction is capped at 31,000 yuan (about $4,425) and there is an annual limit of 500,000 yuan (about $71,400).
The only restrictions are that a funds recipient must be a Chinese citizen and have a bank card linked to Alipay. The money will arrive in the recipient’s bank account linked to their Alipay ID within seconds. If the recipient doesn’t have a bank card linked to their Alipay ID yet, they would need to link it within 48 hours of the money being sent.
The Alipay deal follows on the heels of other new partnerships in recent months. In February, TransferWise connected with
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