Digital money transfer service WorldRemit has launched international transfers to UnionPay debit cards in China.
The Chinese diaspora living in over 50 countries, including the USA, UK, Canada, Australia and Singapore, can now send money to any China UnionPay debit card in China using the WorldRemit app or website.
WorldRemit has enabled digital money transfers to China UnionPay debit cards through a new partnership with money services business Merchantrade.
This increases WorldRemit’s footprint in Asia-Pacific, allowing customers to transfer money to over 14 banks in China, including Industrial and Commercial Bank of China, Bank of China and China Construction Bank.
Michael Liu, managing director for Asia-Pacific at WorldRemit, comments: “Asia Pacific is a hugely important market for WorldRemit, with transfers to the region growing by 35% in 2018. We’re further expanding our footprint in APAC by launching digital transfers to all UnionPay cards in China.
“With approximately 35 million Chinese people living abroad, China is one of the largest recipients of international money transfers in the world,” Liu adds.
The World Bank estimates that the Chinese diaspora sent home over $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 $200.