With Speedpay, you can remit funds to Chinese bank accounts via UnionPay MoneyExpress . Different
from the traditional
cross-border telegraphic transfer, UnionPay MoneyExpress settles the exchange rate in advance and
deposit the remittance
into the remittee’s UnionPay account in RMB. Therefore, the payee does not need to handle the
payment of remittance or
pay the bank service fee; she/he can use the money directly. In general, the remittance is deposited
into the payee’s
account in real time or within 1 hours.
The use of UnionPay MoneyExpress services carries low risk of account freezing as they are fully
legal. It follows
strict compliance regulations and implements robust security measures to protect its customers'
assets. Customers can be
confident that their funds are secure and accessible at all times through UnionPay Express services.
Transaction Limits and Services Charge:
UnionPay's withdrawal limits are set and enforced to comply with regulatory requirements and prevent
illegal or
suspicious transactions. For each beneficiary account, the limits for UnionPay transactions are as
follows:
Minimum RMB 2000 and Maximum RMB 20,000 per transaction
Maximum RMB 60,000 per day
Maximum RMB 300,000 per calendar year
And Services charge per transaction is HKD 50.
If the receiver's bank is not on the list and you are not sure whether it is supported by UnionPay
MoneyExpress, you can
simply key in the account number to check the validity of the account in your system. It is
important to note that
UnionPay transactions are restricted only to Chinese bank accounts owned by Chinese citizens.
Please
ensure that you
have the correct beneficiary details before proceeding with the transaction.
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