Revolut, the global fintech company with more than 60 million customers worldwide, has partnered with Ant International, a leading global digital payment, digitisation and financial technology provider.

This partnership allows Revolut customers globally-especially overseas Chinese to send money to China in Chinese yuan, with the recipient’s Alipay ID, powered by Ant International’s global remittance solutions.

China remains one of the top five global recipients of remittances in 2024, with an estimated inflow of $48 billion.

In Singapore, China is the leading destination for remittances, according to a 2023 report. Given the strong demand and high payment volumes, Revolut’s collaboration with Alipay positions it well to capture this flow, facilitating fast, secure and cost-effective cross-border transfers to China.

Sending money via Revolut is simple: users only need the recipient’s Alipay ID, name and address, and transfers are processed instantly. Revolut also offers one of the most competitive pricing structures in the market, with a tiered fee system:

● Standard customers: 0.15% (min fee: SGD 5.90 [4.62])

● Premium customers: 0.12% (min fee: SGD 4.72 [3.70])

● Metal customers: Free

“China is one of the world’s largest remittance markets and we see strong demand from ourcustomers for a secure and affordable way to send money there. We are thrilled to partnerwith Ant International, to enable our 60 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, CEO, Singapore and Southeast Asia, Revolut. “This is another step in our mission to break down financial barriers and provide innovative solutions for our global users.”

Launched in 2004, Alipay is the most widely used payment app in China, and one of the 36 e-wallets supported by Alipay+ under Ant International. The new remittance feature is enabled by Ant International‘s global remittance solutions to facilitate Revolut users especially overseas Chinese with compliant, stable and fast cross-border remittance services.

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.

Here’s how to make a transfer to China via Alipay:

1. Head to Payments in the bottom menu of your app

2. Tap + in the top-right corner. Select ‘Send international’, and choose China mainland as your destination

3. Input your transfer amount and select Alipay as your transfer method

4. Type the Alipay account ID and details of your recipient

This partnership complements the already comprehensive suite of international money transfer services that Revolut provides to its customers, including its latest innovation in remittances, Instant Card transfers, which enable customers to securely send money to anyone in over 80 countries, 24/7 with just their name and 16-digit Mastercard or Visa card number. Revolut also offers bank transfers and transfers to other mobile wallets like bKash in Bangladesh and M-Pesa in Kenya. In addition to these, peer-to-peer transfers among Revolut’s 60 million customers remain free of charge.

Additionally, Revolut has recently also reduced its fees for international money transfers. The fee decreased from 0.40% to 0.15% for Standard plan customers when sending a transfer in acurrency that's local to the recipient country. For example, if a customer sends money in GBP to a UK bank account. For Premium plan customers, the fee decreased from 0.20% to 0.12%.

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.

This is testament to Revolut’s commitment to continually innovate while keeping costs low and competitive for its customers.

Redisseminated by The Asian Banker