While more Chinese travel overseas every year, they leave as much as 3 billion Euros worth of tax refund unclaimed because of language barriers or tedious procedures. The MasterCard-Transforex tax refund platform will make tax refund much easier for Chinese travelers and reduce their financial losses. In addition, it will bring special privileges to MasterCard cardholders.
MasterCard launched China’s largest tax refund platform with HNA Transforex Currency Exchange Company Limited (“Transforex”) in Shanghai. The ground-breaking partnership is uniquely structured to provide smart, simple tax refund solutions to Chinese travelers not before, but after they return from overseas trips.
The partnership with seven tax groups, covers more than 50 key markets and around 420,000 merchants in Europe and Asia. The refund volume of participating groups accounts for more than 90% of the world’s travel tax refund market, according to a press release.
How does it work?
Shop overseas, claim in China. Travelers only need to stamp their tax refund forms upon departure and then they can head back home with the goods directly. They don’t have to wait in long queues at the airport to submit the forms and complete tax refund procedures.
Doing it from home. After travelers arrive in China, SF Express, a leading shipping provider in the country, will collect their tax refund forms from their homes and courier them to the platform. Travelers won’t have to bring or mail the forms to any offline offices in person, which is efficient and safe as it also reduces the risk that items might get lost during long distance mailing.
Offer for MasterCard cardholders.
Cardholders will enjoy a bonus from MasterCard, which is equivalent to 1% of the tax refund payment they’ve received and will be transferred directly to their MasterCard accounts.
Payment within 3 days. The tax refund will be paid to cardholders’ MasterCard accounts within 3 days at the earliest after the forms are validated. Travelers can track and check the status during the whole process. Traditionally, this would take 15 to 40 working days or travelers will be asked to pay service charges when they claim at airports.
0 service charge. Travelers can enjoy the service without any additional charges.
Dennis Chang, MasterCard’s Head of China, noted that China has become the world’s largest overseas travel market and the platform comes in time of rising demands for travel tax refund, which provides simple, smart and safe tax refund solutions for cardholders.
If they register for the MasterCard Traveler Rewards program, cardholders will enjoy a further 5% reward if they purchase from one of MasterCard’s exclusive merchants. The program now covers 1,000 merchants with over 300 prestigious international brands.
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