TransferWise adds Alipay support for Chinese money transfers
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 blog post.
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 Square’s Cash App to allow consumers to send and receive funds within the U.K. Last November saw the company ink a deal with accounting software provider, Xero, to allow business owners pay and manage bills using TransferWise services.
Most recently, Alipay has benefited from an Apple update that could link the Apple Wallet to Alipay, providing a boost in digital payment support for iPhone owners in China. Alipay, which is operated by Alibaba's payments affiliate Ant Financial, has more than 700 million active users in China with an additional 200 million overseas, according to the China Daily. Additionally, Over 40 million merchants in China support payment through the QR code stickers by Alipay.