Insights

Here’s how global senders can transfer money in real-time directly to their loved ones in China

Consumers from around the world carry out enormous amounts of online transactions and payments from ordering goods and services to remitting money back to families regularly in times of need, celebration or sickness thousands of miles away.

Similarly, for millions of Chinese citizens living and working outside of their hometown, the most important thing on their minds is their loved ones. In today’s world a digital connection with family and friends can make all the difference, whether they are in the same city or thousands of miles apart.

The world’s second largest remittance recipient still faces high costs

Today, cross-border payments are still costly, cumbersome and opaque, while navigating the complex regulatory landscape.

China is the second largest recipient of remittances in the world yet the average costs of remittances stand at 8.32%, which is well above the global average of 6.37%, according to the World Bank. These costs are also substantially higher compared to the United Nations’ Sustainable Development Goal to bring down the costs globally to 3% by 2030.

One way forward for many individuals to ensure they are not inhibited by high remittance costs is to tap on a trusted financial settlement network that streamlines the cross-border payment process and eliminates additional costs.

Through this, customers can be assured of secure, transparent and cost effective financial settlements at competitive foreign exchange rates, improving their customer journey significantly.

Seamless cross-border payments with EMQ’s expanding China gateway

EMQ is a neutral financial settlement network with the largest footprint in China offering unparalleled access into the world’s second largest economy. It has the widest coverage in China, currently covering 126 banks and will be expanding to over 150 banks in the coming months. Leveraging our comprehensive network, our global customers can send money to their relatives in China in an efficient, compliant and cost effective way.

Globally, EMQ’s network spans across Europe, China, Hong Kong, Singapore, India, Indonesia, Japan, Vietnam, Cambodia, Thailand, Taiwan and the Philippines, with expansion underway across key business markets in the Middle East, Africa and the Americas.

Back to Insights
Featured Items