Revolut, a United Kingdom-based fintech company, has partnered with Ant International to enable its customers to send money to China in Chinese Yuan (CNY) using Alipay.

The partnership aims to provide compliant and efficient cross-border remittance services for Revolut users.

This service is available globally, with a focus on overseas Chinese users.

With the new feature, Revolut users can transfer money by providing the recipient’s Alipay ID, name, and address.

Transfers are processed instantly, with fees varying by customer plan: Standard plan users are charged 0.15% (minimum SG$5.90), Premium plan users 0.12% (minimum SG$4.72), while Metal plan users can transfer for free.

Revolut also offers other international money transfer services, including Instant Card Transfers, bank transfers, mobile wallet transfers, and peer-to-peer transfers.

Launched in 2004, Alipay is the most widely used payment app in China and is part of Ant International’s global remittance solutions.

🔗 Source: Revolut

🧠 Food for thought

1️⃣ China’s strategic position in global remittance flows

China represents a massive remittance opportunity as the second-largest recipient globally after India, with approximately $48 billion in inflows in 2024 according to the article 1.

This position is supported by China’s estimated 35 million migrants worldwide, with the USA being the largest source of remittances due to its approximately 4 million Chinese-Americans primarily located in California and New York 1.

Chinese migrants in the USA tend to be better educated with higher average incomes compared to other migrant groups, contributing to the substantial remittance volumes 1.

Singapore identifies China as its leading remittance destination according to the article’s cited 2023 report, making this partnership strategically important for Revolut’s expansion in Asia.

The partnership taps into a well-established remittance corridor that has significant economic impact, as remittances often serve as crucial financial lifelines for recipient families.

2️⃣ Digital transformation reshaping the global remittance landscape