Revolut is targeting the $48 billion Chinese remittance market through a partnership with Ant International.
Revolut users around the world will be able to send money to China in yuan via Ant's hugely popular Alipay service.
Powered by Ant's global remittance infrastructure, users can choose the 'Send International' option in the Revolut app and choose mainland China as the destination.
They then enter the transfer amount, select Alipay as the transfer method, and add the recipient's Alipay account ID, name, and address. Standard customers are charged 0.15%, with premium users paying 0.12%.
"Our partnership with Ant International underscores our commitment to providing fast, secure and cost-effective solutions for global money transfers, further empowering our customers to manage their finances conveniently across borders,” says Raymond Ng, CEO, Singapore and Southeast Asia, Revolut.