Connect with us

Business

International Money Transfer is easier now with TransferWise and Alipay

Published

on

Sending money overseas is a complex process but when technology is there for you then everything is possible. There are wide arrays of companies helping customers in sending money to their friends, relatives, and family members and that’s too worldwide. The transfers are processed within seconds as the online money transfer services are powered with the latest technology and algorithms. They offer a secure way of transferring money to others. In this era of globalization, every company is dependent on the demographics and the government support to expand its business. TransferWise has successfully managed to step into China.

How TransferWise has expanded its business to China?

One of the world’s renowned companies has entered into the market of China. Yes, we are talking about the international money transfer service TransferWise. The company has partnered with China’s Alipay to ease international money transfer. It was started by Skype’s first employee along with a financial consultant Kristo Käärmann. Its net profit reached $8 million in 2018. Now, this British e-commerce payment system is expanding the services in China.

Although TransferWise has faced struggled in maintaining secure partnerships with others, this is a smart move played by them. This will definitely raise the customer base and boost transaction volume. However, this is the second partnership after partnering with GoCardless in November. Sometimes, people have compared TransferWise to the Hawala money transfer system.

How TransferWise users can transfer money in China

The TransferWise users can add the recipient’s name and Alipay ID for transferring money to their linked bank account. After the partnership, TransferWise can access the customer base of Alipay having 1.2 billion people globally. In Europe, it is already the most valuable Fintech. The investment of UBER, Snap, and Spotify has backed it up with a value of $3.5 billion. With the tie-up, TransferWise has increased its customer base from 7 million users to 8.2 million. It will empower users to transfer the Chinese Yuan from 17 currencies to Alipay users. Let’s see how this will work.

How this will benefit users?

-Sending money overseas is eight times cheaper, secure and reliable with TransferWise and your bank

– All the transactions and costs are shown to you to keep your trust and tell you the real charges. Some other companies hide additional charges but TransferWise doesn’t.

– You can take the example of Europe and the UK where payments are delivered less than 24 hours whereas you have to wait for more than 3-7 days for regular bank payments.

– All your transfer can be done online without any issue

– The regulatory authority ‘Financial Conduct Authority’ controls oversee everything. It has the trust of more than 3 million people.

-Freelancers, businesspersons, and even individuals can use

Exchange Rates

The TransferWise allow you sending money with the trustworthy mid-market exchange rate. Search online to find more about it. Google and you will get to know more about currency pairing. Most of the banks deny providing such rates to the retail customers and puts further mid-market rates by keeping some amount for themselves. Don’t let them do this to you in your country. Use the benefit you will get with the partnership of Alipay and TransferWise.

Is it safe to use TransferWise?

The Chinese economy will get a boost up as both companies are coming together to make digital payment more secure. Financial Conduct Authority verifies all the transactions and users to keep the payment system safe. So, you are always on the safest side with TransferWise and Alipay online payment system.

How to use transfer money?

Reach to the site of TranferWise and provide the necessary details asked. Apart from that, enter the recipient’s details along with the amount you want to transfer. Either type the debit card detail or direct transfer from the online bank account. This is for other countries. Chinese people can use the recipient name and Alipay ID as we told earlier. This is a matter of a few minutes. The money transfer is processed within a day and the maximum time will be 3-7 working days.

-Transferwise users can transfer to up to five times to Alipay accounts every month. The transfer completed at RMB 31,000 each (approx. $4,400), with the annual limit kept to RMB 500,000.

-For the transfer to be successful, the recipient’s Alipay account must be of a Chinese citizen. In addition, it is necessary for him or her to have a bank card linked.

Can TranferWise help freelancers?

Freelancers serving to the different parts of the world can use Transfer Wise even in China now. The bank rates are low so you can enjoy the full benefits of higher pay. Also, you can take advantage of opening a multi-currency borderless account. The service will provide you the details of the local bank so you can receive payments without fees in multiple currencies like GBP, EUR, etc. Moreover, you can keep your balance in more than 40 currencies at the same amount. What else you need? Regardless of your location, you can work from anywhere in the world and get paid through TransferWise. Tell your payment provider to implement TransferWise for the payment.

Do you perform the regular transfer of money across the border? TransferWise will reduce the cost by allowing you to gain the mid-market exchange rate. This will charge you a small fee while transferring but that’s fixed. Business people have the choice to use the TransferWise feature known as the Batch Payments tool that lets you process 1000 transactions. For this, you only have to upload a CSV file. With this efficient way of transferring, you and your sender will establish fruitful communication. Besides, the recipient will be able to know when the money will reach by sending a confirmation to your mail.

How many currencies does TransferWise support?

TransferWise has the support for more than 750 currency routes such as GBP, USD, EUR, AUD, and CAD. Therefore, you have plenty of options to choose from. The services are provided in around 10 languages including English, Polish, French, Chinese, German, Italian, Russian, and so on.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

OPPO and Vodafone announce partnership agreement to bring a broad range of OPPO products to Vodafone’s European markets

Published

on

Photo: OPPO

• OPPO will first enter Vodafone’s European markets, including Germany, United Kingdom, Spain, Portugal, Romania, Turkey and the Netherlands, progressively rolling out across Vodafone channels
• Vodafone customers will benefit from a broad range of OPPO’s products from entry-level to state-of-the-art flagship products, including both 4G and 5G smartphones
• Partnership agreement will enable OPPO and Vodafone to accelerate 5G adoption and expand availability of OPPO products to more Vodafone markets and customers.

OPPO and Vodafone announced a comprehensive partnership agreement that will bring a broad range of OPPO’s smartphones to Vodafone’s European markets starting from May 2020.

As a leading smartphone brand with an innovative product portfolio, advanced 5G technology know-how, and annual handset shipments of more than 100 million, OPPO is a natural partner for Vodafone’s leading gigabit network. The collaboration between the two companies will give consumers more choice and accelerate 5G adoption across Vodafone’s international markets.

OPPO’s broad range of products will be made available across Vodafone’s retail and online channels, spanning value-for-money handsets to industry-leading 5G flagship smartphones including the OPPO A series, Reno series and Find X series.

In the first phase of cooperation, Vodafone will introduce OPPO products across retail channels in Germany, United Kingdom, Spain, Portugal, Romania, Turkey and the Netherlands. The two companies will jointly develop their global partnership, working together to expand the future availability of the OPPO range across Vodafone’s markets

Alen Wu, Vice President and President of Global Sales, OPPO said: “OPPO is confident that our industry-leading products and technologies will enable Vodafone to win new opportunities in the 5G era. Vodafone’s vision that ‘we connect for a better future’ aligns with OPPO’s value of ‘Benfen’ – to do the right thing and provide real value to customers. OPPO looks forward to solidifying a long-term win-win relationship with Vodafone to create a better future for our customers in the 5G era.”

Photo: OPPO

Ahmed Essam, Vodafone Group Chief Commercial Operations and Strategy Officer, said: “The combination of OPPO’s state-of-the-art devices and Vodafone’s leading network will give our customers greater choice with the full potential of 5G. Vodafone’s partnership with OPPO brings together their attractive product portfolio with our growing strength in 5G to our markets across Europe and beyond.”

OPPO predominantly manufactures its products in-house and most of its manufacturing facilities have resumed normal operation, ensuring that even during the Coronavirus outbreak period, OPPO can continue to provide products to Vodafone and ensure business continuity. While physical retail is currently constrained, both companies will develop online sales channels and ensure continued support for customers. OPPO will also closely work with Vodafone to ensure the continued safety of employees and customers as restrictions at retail are lifted.

OPPO’s series of products will be rolled out from May through Vodafone in Germany, the United Kingdom, Spain, Portugal, Romania, Turkey and the Netherlands. Further announcements will be made by OPPO and Vodafone about product availability in other countries.

Continue Reading

Business

Huawei Releases White Paper at its “5G+, Better World” Online Summit

Published

on

Photo: Huawei

Huawei held the “5G+, Better World” online summit. At the event, the President of Huawei’s Carrier BG Marketing and Solution Sales Dept, Peng Song called on the ICT industry to stay together and build a better world.

“2020 marks the beginning of the third decade of the 21st century”, said Peng. “This year, global digital transformation will accelerate, meaning both opportunities and challenges for telecom operators and industries. To address these opportunities and challenges, operators must aim for more resilient, automated, and intelligent target networks, and their annual network plans and activities should be geared towards achieving these goals.” Peng continued, “Huawei is launching its “5G+, Better World” online platform to work with operators and partners worldwide, share valuable experiences, and build better target networks.”

At the event, Huawei released its white paper, Technology against Pandemic: Insights and Practice on Telecom Networks. This white paper provides deep insights into global networks and explains the important role telecom networks have played in the fight against the pandemic. Stable telecom networks have helped people move vital activities online, such as online education, online shopping, and remote working. This has been the basis of continued learning and production when school and work were suspended. The white paper also explains global operators’ best practices for overcoming the pandemic with networks. For example, they introduced 5G, AI, fiber 10G PON, and other advanced technologies that enable more applications to combat the pandemic more efficiently.

Several guests attended the event and delivered keynote speeches. These included Dr. Su Yu, Deputy Dean of China Mobile Chengdu Industrial Research Institute, Mr. Robert Wigger, Chief Business Officer of Sunrise, Mr. Su Xiaoming, Vice President of YITU Technology, Mr. Shaun Collins, Chief Executive Officer of CCS Insight, and Mr. Bob Cai, Chief Marketing Officer of Huawei’s Carrier BG.

Continue Reading

Business

Building 5G City Macro-Pole Networks, China Telecom Shenzhen Achieves Excellent 3D 5G Coverage with Book RRUs

Published

on

Photo: Huawei

China Telecom Shenzhen and Huawei have taken the lead in achieving the global ultra-large scale 3D networking that involves macro and pole base stations in China. With hundreds of 5G C-Band Book RRUs used, the deployment helps this operator deliver an undifferentiated experience in 5G-covered areas.

Book RRU is an innovative product that is small in size, lightweight, and easy to deploy. This offers an effective approach of addressing challenges associated with insufficient site resources. 5G Book RRUs enable significant improvements in 5G in-depth coverage and user experience in residential areas while increasing network capacity.

Huawei / Commercial 5G Book RRU deployment of China Telecom Shenzhen on poles

In-depth coverage in residential areas, urban villages, upscale communities, and backstreet alleys is a long-standing challenge which has faced operators. Insufficient resources and difficult acquisition lead to difficult and time-consuming site deployment.

Lightweight 5G Book RRUs enable quick 5G deployment in residential areas by using walls, lamp poles, monitoring poles, and electricity poles as sites. This offers a quick solution to achieving quick deployment, helping eliminate coverage holes and offload network traffic.

Huawei / Data rate tests of China Telecom Shenzhen with 5G Book RRUs

In December 2019, China Telecom Shenzhen completed the deployment and verification of the first 5G Book RRU. 4T4R 5G Book RRUs were used in the project.

After the recent 5G Book RRU deployment, tests show showed that the downlink speed exceeds 1.2Gbps on commercial mobile devices (Mate30 Pro) when the network spectrum is 100 MHz. With Book RRU deployment, coverage holes 150 to 200 m away from streets are eliminated and indoor in-depth coverage of low-rise buildings standing 50 m to 100 m above the ground is achieved.

This places the operator in a unique position to meet the capacity requirements in value hotspots in Shenzhen, such as school campuses, office buildings, business districts, and scenic parks. Book RRUs supplement macro base stations with in-depth coverage and hotspot capacity absorption. This improves user experience and releases suppressed traffic while also increasing ROI.

Shenzhen Telecom is the pioneer of digital construction. Under the overall construction plan of the new infrastructure construction China Telecom Shenzhen will continue to collaborate with Huawei to complete quick 3D networking based on 5G standalone (SA) technologies through combined deployment of macro, pole, and indoor products, enabling optimal user experience while securing 5G leadership.

Continue Reading
Advertisement

Popular