Fintech platform NIUM has joined forces with global payments tech firm Geoswift to allow customers to send money to China in real time.
Under the new service, users in Australia and other Asia-Pacific countries will be able to make near-instant international money transfers (IMT) into UnionPay accounts connected to 14 different banks in China.
This means recipients in China will no longer have to make physical trips to bank branches or remittance centres in order to pick up funds from overseas.
All personal and business money transfers can be made via InstaReM, NIUM’s consumer and SME brand, with recipients to get their payments in Chinese Yuan (CNY) directly through UnionPay.
The collaboration comes at a time when social distancing measures are being enforced across the globe, including in China.
Geoswift CEO and Founder, Raymond Qu said the latest alliance responds to “the ever-growing business and customer demands for instant money movement into China.”
“This partnership is a testament to our increasing focus to provide an easier and also more convenient way for people and businesses to conduct funds transfer,” NIUM CEO and Co-founder, Prajit Nanu added.
Which Chinese banks now offer real-time transfers?
NIUM and Geoswift’s real-time money transfer service is available through the following Chinese banks:
– Fujian Rural Credit Cooperative
– Guangdong Rural Credit Cooperative
– Henan Rural Credit Cooperative
– Hunan Rural Credit Cooperative
– Industrial and Commercial Bank of China
– Qinghai Rural Credit Cooperative
Is it a good time to send money to China?
According to the XE Currency Chart, the mid-market exchange rate for AUD to CNY plunged to a record low last month as the fallout from coronavirus hit the Australian economy at full force.
In fact, in mid-March, the Australian Financial Review reported that the AUD had dropped to levels even lower than what was seen during the GFC.
However, since then, the AUD/CNY currency pair has bounced back a little, sitting at 4.46135 at the time of writing.*
And while the Aussie dollar value remains weak, there’s a way to get more bang for your buck if you’re looking to send funds to China.
For instance, Mozo data reveals that for a transfer of AUD10,000 into CNY, you would save CNY2,263, just by hopping onto the average online IMT specialist exchange rate rather than big bank Westpac’s rate.**
Scroll down below for a list of these money transfer specialists and get started on finding a competitive exchange rate today.
Or for other IMT tricks and tips, check out our guide on sending money to China.
*XE data, as of 12.07pm, 22 April 2020
**Mozo data, as of 12.35pm, 22 April 2020
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Katherine O’Chee is Mozo’s international money transfer and forex expert and business banking writer. She keeps Mozo’s readers on top of the latest news and writes in-depth features to inform and help Australians make smarter financial decisions. Her work has been published in major media outlets including Sydney Morning Herald, SBS News and Bangkok Post. She has a Bachelor of Arts (Media and Communications) from the University of Sydney. She is also ASIC RG146 (Tier 2) certified for general advice.