Foreign exchange transactions provider RationalFX has launched in China a local version of Xendpay, its online funds-transfer service, the company announced Jan. 23.

The London-based company is looking to tap China’s $57 billion global remittance market with the new Chinese-language Xendpay service, which would enable users to remit funds between Europe and China, Hong Kong and Taiwan, according to a Xendpay press release.

Xendpay enables business customers to send funds ranging from £100 (US$156 or 120 euros) to £50,000 directly to bank accounts in Hong Kong, Taiwan and China using their debit or bankcards, a customer service representative tells PaymentsSource.

The company does not charge any fees or commissions for its online service but the representative says it makes a small amount of revenue from the foreign-exchange transaction.

“Our users can also send funds by first transferring funds from their bank accounts to any one of RationalFX’s 100-plus bank accounts around the world,” she says. “ Xendpay accounts accept Hong Kong dollars, Taiwan dollars, Chinese yuan, U.S. dollars, Singapore dollars, euros, Australian dollars and British Pounds.”

Transfers from the United Kingdom and European Union into China and other countries in the Far East can take from one to three days, depending on banking processes in the beneficiary country.

Xendpay CEO Rajesh Agrawal said in the press release that he was banking on the rapidly growing reach of Chinese businesses across the world, for which Xendpay can be “a safe way of making foreign-exchange payments worldwide.”

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