Cross-border Remittance

MoneyExpress is a cross-border remittance service that has been launched in 45 countries and regions including the US, Japan, Singapore, Australia, the UK, Russia, and Kyrgyzstan.12 cooperating institutions are included. Banks like CIBCKB and specialized institutions like MoneyGram, XOOM, and Transferwise. Through these institutions’ offline outlets, official websites, and mobile APP, individuals outside Mainland China can easily make cross-border remittance to UnionPay cards issued by 14 banks in China, including ICBC, BOC, China Construction Bank, Bank of Communications, China Everbright Bank, and Hua Xia Bank. Domestic cardholders can get remittance in RMB and then can make purchases or withdraw cash, and they do not have to handle the payment of remittance and foreign exchange settlement.

 

Different from the traditional cross-border telegraphic transfer, MoneyExpress settles the exchange rate in advance and deposit the remittance into the remittee’s UnionPay account in RMB. Therefore, the payee does not need to handle the payment of remittance or pay the bank service fee; she/he can use the money directly. In general, the remittance is deposited into the payee’s account in real time or within 12 hours.

 

Sending institutions that support this service are as follows:

Institution

Region

Service channels

MoneyGram

The UK, Korea, Australia and other countries and regions. (For details, please refer to MoneyGram’s public notice.)

1. Official websites
2. Offline outlets (including branch outlets and other cooperative outlets)

Xoom

The US. Please refer to public notice

1. Official websites
2. Mobile APP

Transferwise

Countries and regions including the UK and France. (For details, please refer to Transferwise’s public notice.)

1. Official websites
2. Mobile APP

Canadian Imperial Bank of Commerce

Canada

1. Official websites

2.Mobile App

3.ATM

4.Branch outlets

PNB

The Philippines

Branch outlets

QIWI Bank

Russia

Mobile APP

Golden Crown

RIB

Kyrgyzstan

Branch outlets

Mifinity

The UK

1. Official websites
2. Mobile APP

PaySend

KB

South Korea

1.ATM

2.Branch outlets

Tranglo

Malaysia

1. Official websites
2. Mobile APP


 

Domestic receiving institutions of Mainland China that support MoneyExpress are as followed:

Issuers

Debit card

Credit card

Industrial and Commercial Bank of China Limited

Bank of China

China Construction Bank

×

Bank of Communications

×

China Everbright Bank

×

Hua Xia Bank

×

Harbin Bank

×

Bank of Shanghai

×

Fujian Rural Credit Cooperative

×

Linshang Bank

×

Hunan Rural Credit Cooperative

×

Qinghai Rural Credit Cooperative

×

Guangdong Rural Credit Cooperative

×

Henan Rural Credit Cooperative

×