The digital bank will enable same-day money transfers in Yuan via Alipay, targeting China’s global diaspora and expanding its footprint across Asia. This feature supports growing demand for cross-border payments into China, which remained one of the world’s top five remittance destinations in 2024, receiving an estimated US$48 billion.
Revolut has teamed up with Ant International to let users around the world, especially overseas Chinese, send money to China in Chinese Yuan using Alipay. Transfers can be made using just the recipient’s Alipay ID, name, and address, and are processed instantly, according to the press release.
The service is powered by Ant International’s global remittance infrastructure.
The new offering adds to Revolut’s suite of global money transfer services, which includes Instant Card Transfers, bank transfers, mobile wallet transfers to services like bKash in Bangladesh and M-Pesa in Kenya, as well as free peer-to-peer transfers between Revolut users.
The company recently lowered its fees for sending money in the local currency of a recipient’s country, reducing the cost from 0.40% to 0.15% for Standard users and from 0.20% to 0.12% for Premium users.
The minimum fee for these transfers will vary by currency and entity and the maximum fee would be set at SGD 400 ($313.37) for Standard plan customers and SGD 320 ($250.69) for Premium plan customers. As a Revolut customer, transfers to 60 million other Revolut customers remain fee-free.
“We are thrilled to partner with Ant International, to enable our 50 million customers globally to transfer money to China almost instantly via Alipay. Our partnership with Ant International underscores our commitment to providing fast, secure and cost-effective solutions for global money transfers, further empowering our customers to manage their finances conveniently across borders.” – said Raymond Ng, Chief Executive Officer, Singapore and Southeast Asia, Revolut.
“We are grateful to collaborate with industry leaders like Revolut to redefine cross-border remittance experiences. Through Ant International’s solutions, we are enabling more partners to easily manage and grow their remittance business while meeting customers’ needs on speed and security, “ – said Jacques Xu, General Manager of Global Remittance Business, Ant International.
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