Revolut is aiming to capture the $48 billion Chinese remittance market through a partnership with Ant International.
Revolut users worldwide can send money to China in yuan using Ant’s popular Alipay service. By leveraging Ant’s extensive global remittance infrastructure, users can select the ‘Send International’ option in the Revolut app, choosing mainland China as the destination. They simply enter the transfer amount, select Alipay as the transfer method, and provide the recipient’s Alipay account ID, name, and address. Standard customers incur a fee of 0.15%, while premium users are charged 0.12%.
“Our partnership with Ant International highlights our commitment to delivering fast, secure, and cost-effective solutions for global money transfers, empowering our customers to manage their finances easily across borders,” says Raymond Ng, CEO of Revolut for Singapore and Southeast Asia.