Revolut has teamed up with Ant International to let users around the world, especially overseas Chinese, send money to China in Chinese Yuan using Alipay.
Transfers can be made using just the recipient’s Alipay ID, name, and address, and are processed instantly.
The service is powered by Ant International’s global remittance infrastructure.
This feature supports growing demand for cross-border payments into China, which remained one of the world’s top five remittance destinations in 2024, receiving an estimated US$48 billion.
A 2023 report also found that China was the most common destination for remittances sent from Singapore.
Revolut offers a tiered fee structure for these transfers: Standard customers are charged 0.15% with a minimum fee of S$5.90, Premium customers pay 0.12% with a minimum of S$4.72, and Metal users get fee-free transfers.
The maximum fees are capped at S$400 for Standard users and S$320 for Premium users, depending on the currency and destination.
The new offering adds to Revolut’s suite of global money transfer services, which includes Instant Card Transfers, bank transfers, mobile wallet transfers to services like bKash in Bangladesh and M-Pesa in Kenya, as well as free peer-to-peer transfers between Revolut users.
The company recently lowered its fees for sending money in the local currency of a recipient’s country, reducing the cost from 0.40% to 0.15% for Standard users and from 0.20% to 0.12% for Premium users.
Alipay, launched in 2004, is China’s most widely used payment app and is one of 36 e-wallets supported by Alipay+ under Ant International.
“We are thrilled to partner with Ant International, to enable our 50 million customers globally to transfer money to China almost instantly via Alipay.
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.”
said Raymond Ng, Chief Executive Officer, Singapore and Southeast Asia, Revolut.
“We are grateful to collaborate with industry leaders like Revolut to redefine cross-border remittance experiences.
Through Ant International’s solutions, we are enabling more partners to easily manage and grow their remittance business while meeting customers’ needs on speed and security, “
said Jacques Xu, General Manager of Global Remittance Business, Ant International.
