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.20 cooperating institutions are included. Banks like CIBC，Kookmin Bank and specialized institutions like MoneyGram, and Transferwise. Through these institutions’ offline outlets, official websites, and mobile APP, costoms outside Mainland China can easily make cross-border remittance to UnionPay cards issued by 20 banks in China, including ICBC, BOC, China Construction Bank, Agricultural Bank of China, Bank of Communications, China Everbright Bank, and Hua Xia Bank. UnionPay cardholders in Mainland China 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)
|
||
|
Transferwise
|
Countries
and regions including the UK and France. (For details, please
refer to Transferwise’s public notice.)
|
1.Official
websites
|
|
Canadian
Imperial Bank of Commerce
|
Canada
|
1.Official
websites
|
|
2.Mobile
App
|
||
|
3.ATM
|
||
|
4.Branch
outlets
|
||
|
QIWI
Bank
|
Russia
|
1.Mobile
APP
|
|
Golden
Crown
|
2.Official
websites
|
|
|
Credit
Ural Bank
|
Offline
outlets
|
|
|
Branch
outlets
|
||
|
VTB
|
1.Official
websites
|
|
|
2.Mobile
APP
|
||
|
Mifinity
|
The
UK
|
1.Official
websites
|
|
PaySend
|
2.Mobile
APP
|
|
|
KB
Card
|
South
Korea
|
Mobile
APP
|
|
Kookmin
Bank
|
Branch
outlets
|
|
|
Woori
Bank
|
||
|
Tranglo
|
Malaysia
|
1.Official
websites
|
|
2.Mobile
APP
|
||
|
WING
|
Cambodia
|
Mobile
App
|
|
Geoswift
|
Hong
Kong SAR
|
Official
websites
|
|
Bank
of China (Hong Kong)Limited
|
Mobile
APP
|
|
|
Aleta
Planet Pte. Ltd.
|
Singapore
|
Mobile
APP
|
|
ABC
Bank
|
Mauritius
|
1.Official
websites
|
|
2.Mobile
APP
|
||
|
Rawbank
|
The
Democratic Republic of the Congo
|
1.Official
websites
|
|
2.Mobile
APP
|
||
|
SBI
|
Japan
|
Mobile
APP
|
|
CB
International Bank
|
Puerto
Rico
|
1.Official
websites
2.Mobile
APP
|
|
Russian
Standard Bank
|
Russia
|
Official
websites
|
|
BPRemit
|
UK
|
Official
websites
|
Domestic receiving institutions of Mainland China that support MoneyExpress are as follows:
|
Issuers
|
Debit
card
|
Credit
card
|
|
Industrial
and Commercial Bank of China Limited
|
√
|
√
|
|
Bank
of China
|
√
|
√
|
|
China
Construction Bank
|
√
|
×
|
|
Agriculture
Bank of China
|
√
|
×
|
|
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
|
√
|
×
|
|
Bank
of Inner Mongolia
|
√
|
×
|
|
Zhejiang
Rural Credit Cooperative
|
√
|
×
|
|
Wuhan
Rural Commercial Bank
|
√
|
×
|
|
Shanxi
Rural Credit Union
|
√
|
×
|
|
Bank
of Hainan
|
√
|
×
|
|
Guangxi
Beibu Gulf Bank
|
√
|
×
|