UnionPay International announces today its partnership with MiFinity, a well-known payments provider, in cross-border remittance services. Overseas Chinese can now remit funds to UnionPay cards issued by 17 domestic banks on MiFinity’s official website or via the MiFinity eWallet. At present, the number of overseas institutions supporting UnionPay cross-border remittance has increased to 22, which extends the coverage of the service to 45 countries and regions including Japan, Singapore, the United Kingdom, and Russia.
Since the outbreak of COVID-19, due to travel restrictions, the need has grown significantly for overseas Chinese to remit money to their families. In response, UPI has stepped up its efforts to collaborate with financial institutions home and abroad to meet the demand. Bank of China (Hong Kong), EasyLink in Hong Kong, KB Card in South Korea, and other overseas institutions have successively introduced UnionPay cross-border remittance service. On the Chinese mainland, Bank of Inner Mongolia, Zhejiang Rural Credit Cooperative and Wuhan Rural Commercial Bank have joined other existing institutions to receive funds, making remittance hassle-free for overseas Chinese communities and speedy for UnionPay recipient card holders.
Compared with cross-border telegraphic transfer, UnionPay cross-border remittance has three major advantages: Firstly, it is cost-effective. Senders can lock in the exchange rate, and the fund is directly transferred in CNY to the receiving UnionPay accounts for immediate availability without additional service charges. Secondly, it is highly efficient. Usually the remittance is received in real time or within 12 hours. Thirdly, it is convenient. The senders can make cross-border remittance online without visiting their banks during the pandemic.
MiFinity, a well-known payment service provider in Europe, has a presence in most European countries and regions. Thanks to this partnership between UPI and MiFinity, Europe-based senders can make real-time remittances easily on MiFinity’s official website or through a loaded MiFinity e-wallet by putting in recipient’s UnionPay card number.
In addition to MiFinity, overseas senders are also able to remit money internationally to UnionPay cards issued by domestic banks including Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Bank of Communications, China Everbright Bank through services provided by MoneyGram, TransferWise, the Canadian Imperial Bank of Commerce, Russia-based Unistream, and MoovPay in Singapore.