Alipay Wallet Launches International Money Transfers

Ebrun.com, 6/11/14

Chinese third-party payment processor Alipay and Bank of Shanghai have jointly released an "International Money Transfer" feature that allows domestic Alipay users to transfer funds into overseas banks accounts, with transactions usually completed in 3-5 business days.

The new service currently supports 8 currencies, including USD, HKD, EUR, AUD, GBP, CAD, CHF, and SGD. International money transfers are currently available through Alipay's "Alipay Wallet" mobile payment app, but not through Alipay's online site.

Users can send as much as USD 49,986.50 in a single transaction through the service. Bank of Shanghai converts RMB to foreign currencies based on current exchange rates. The service fee for money transfers is RMB 60 plus a percentage of the total transaction. For money transfers under RMB 100,000, the commission rate is 0.06%, with a minimum fee of RMB 70 and a maximum fee of RMB 120. For money transfers higher than RMB 100,000, the commission rate is 0.08%, with a minimum fee of RMB 140 and a maximum fee of RMB 260.

Keywords: wireless Bank of Shanghai Alipay mobile payment third-party payment Alipay Wallet

Feedback

Sending

Disclaimer

The information contained in this newsletter is based upon sources that Marbridge Consulting believes to be reliable, and we have made every effort to translate the original articles or article excerpts as faithfully as possible. However, Marbridge Consulting makes no warranty of and assumes no legal responsibility for the accuracy of either the original source material or the English language translations.

Marbridge Daily