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, XOOM, 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 17 banks in China, including ICBC, BOC, China Construction Bank, 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) | ||
Xoom | The US. Please refer to public notice | 1.Official websites |
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 |
MoneySwap | Hong Kong SAR | Official websites |
Geoswift | Official websites | |
Bank of China (Hong Kong)Limited | Mobile APP | |
Aleta Planet | Singapore | Mobile APP |
Pte. Ltd. |
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 | √ | × |
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 | √ | × |