Wise clients across the globe will now have the option to conduct quick, seamless and cost-effective global fund transfers to Weixin users residing in China from 11 different currencies, including SGD, USD and GBP.
Wise (LON:WISE), the international tech firm focused on creating the best way to move funds across the globe, recently announced a partnership with Tencent Financial Technology which will enable money transfers to China via Weixin.
Weixin (the mainland Chinese equivalent of WeChat), owned and operated by Tencent, is a major social media platform in China.
With this launch, Wise’s clients will have the option to send funds from 11 currencies, including USD, GBP and SGD, to Chinese Yuan (CNY) within minutes at the mid-market exchange rate to Weixin clients.
The update clarified that only the recipient’s name and Weixin ID is required, making global transactions hassle-free and also a convenient process without needing a lot of bank details and codes. The money should reach the bank card linked to the recipient’s Weixin account.
Since introducing transfers to China back in 2016, Wise has been focused on forming key partnerships and infrastructure in order to bring different ways for its clients to send funds to the country.
Wise clients have been able to send funds to Alipay and UnionPay users based in China, and this recent partnership enhances the route by allowing its clients to send money to friends and family who are managing their funds via Weixin.
Wise has also enhanced its Wise Business product offering by introducing B2B transfers to China from 8 currencies, including USD, GBP and SGD. A long-standing user request, this enables companies to conduct transactions with their partners in mainland China at the mid-market exchange rate.
Lim Paik Wan, Wise’s APAC Expansion Lead, remarked:
“China is the world’s second largest remittance recipient with USD$60 billion inflow into the country in 2020, and through this tie up with Tencent Financial Technology, we’re thrilled to give Wise customers around the world yet another convenient option to send money to the country without exchange rate markups. With the upcoming Lunar New Year festivities, a service that is fast, convenient, affordable and transparent will provide immense value to people sending money home to their loved ones.”
Wenhui Yang, GM, Tencent Financial Technology Asia Pacific, stated:
“The partnership with Wise marks a key milestone in enabling users worldwide with the ability to send money into China through Weixin. The collaboration is another step in bringing convenience to our recipients in China leveraging on Wise’s global reach together with Weixin, a platform our recipients in China are most familiar with.”
From now until February 28, 2022, Wise clients in the United Kingdom may enter a lucky draw (organized/managed by Wise) in order to win an iPhone 13, iPad Mini, or a pair of AirPods Pro with every 1,000 CNY sent with Wise to Weixin users.
Wise clients are able to send funds to Weixin users in China from the following 11 currencies:
AUD, BRL, CAD, GBP, IDR, INR, JPY, MYR, NZD, SGD, and USD.t