LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
TransferWise announced today it now supports Chinese Yuan (CNY) transfers to Chinese UnionPay card accounts. The service starts off with a fee starting from ¥24 ($3.65).
China is currently the most expensive major currency corridor, according to the World Bank, with the average cost of sending $200 (£140) from the UK to China standing at a staggering US $19.6 (£13.70) or 9.8%. TransferWise will charge 1.5% for transfers with a delivery time of 1 to 3 days. Anybody with a UnionPay account will be able to receive transfers.
TransferWise also announced it is coming soon to popular messaging app WeChat…where you’ll be able to send money straight from the WeChat app.
To learn more about the new announcements click here.