Remitsy by Wyre business transfers to China review | finder.com

Remitsy business payments to China review December 2018

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Remitsy was recently acquired by Wyre, so sending money to China with Remitsy is no longer an option. If you land on Remitsy’s home page, you’ll be presented with an option to go to Wyre’s website to initiate your transfer.

Quickly and easily pay vendors and clients in China at the mid-market rate.

Remitsy takes the guesswork out of sending money to China for business purposes with a transparent fee structure that includes offering the mid-market rate on every transfer.

It boasts delivery speeds of 24 hours or less — and when fully integrated with its new parent company, Wyre, nearly all payments payments will be processed in a few short hours.

How much will I pay to send money with Remitsy?

Remitsy’s fee policy is simple to understand. You can initiate two types of transfers, each with its own service fee:

  • Regular transfers. Pay 1% of your transaction amount for arrival within 24 hours.
  • Express transfers. Pay 2.5% of your transaction amount for arrival within 7 hours.

How are Remitsy’s exchange rates?

You’ll get the best exchange rate available at the time of your transfer: the mid-market rate, which is updated on its website every five minutes.

Minimum transfer amounts and available countries

Remitsy doesn’t limit how little or how much you can send, but the details of your transfer could vary depending on the country you’re sending money from.

While Remitsy actually receives only one currency — Chinese yuan — it supports eight currencies to China:

What types of transfers does Remitsy support?

With Remitsy, you’re limited to sending business payments only. You’ll need to fund your transfers through your business bank account, and any recipients must also receive money to a bank business account.

In some cases, your recipient can receive funds to a personal bank account, but you may need to provide documentation that these funds are for business purposes, such as paying for freelance work.

If you’re looking to automate your business payments to China, Remitsy offers the flexibility of a robust API to deliver payments directly to bank accounts and mobile wallets.

How do I send money through Remitsy?

Sign up for a free business account with Remitsy to begin sending business payments to China, designating a representative from your company to handle the account. Simply provide your company name, company registration number, country of registration, industry and your representative’s personal information.

Once approved, you can initiate your business transfer in three easy steps:

  1. Enter the transfer amount and desired delivery time, uploading an invoice from which Remitsy can obtain all the details necessary to make your payment. (Remitsy offers invoice templates on its website, if you need guidance.)
  2. Provide your company details and your recipient’s information.
  3. Wire funds to the nearest Remitsy bank location.

Next steps

Once you initiate your transfer, Remitsy will convert your funds and deliver them to your recipient’s bank account. The exact speed of your transfer will depend on the location and policies of both your and your recipient’s bank account. However, your transfer should take no more than 24 hours for regular service and no more than 7 hours for express service.

Benefits and drawbacks of using Remitsy

Benefits

  • Unbeatable exchange rate. You’ll get the mid-market rate, making it hard to find a better rate anywhere else.
  • Low, transparent fees. Pay 1% of your transaction amount for arrival within 24 hours and 2.5% of your transaction amount for arrival within 7 hours.
  • Recently acquired by Wyre. When fully integrated, you’ll be able to send money to China in a mere few hours.
  • Keeps your info safe. Licensed as a money transfer operator in Hong Kong, Remitsy protects your personal and financial information using bank-grade encryption.

Drawbacks

  • Limited service. Remitsy offers its money transfer services to one country only — China.
  • Limited transfer options. If you’re looking to send something other than a bank-to-bank transfer, you’ll need to look elsewhere.
  • For businesses only. Your transfers to friends and family overseas will need to go through another provider.

Bottom line

If your business frequently pays vendors, clients, freelancers or other in China, or customers in China, Remitsy could be idea for your needs. It offers the mid-market rate on all transfers, which is rare among money transfer specialists.

However, if you’re an individual or don’t conduct business in China, compare the rates and fees of international money transfer specialists to find one that fits your specific needs.

Frequently asked questions

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US International Money Transfers Offers

Important Information*
XE Money Transfer

Transfer up to $500,000 with no minimums and no fees.

WorldRemit International Money Transfers

Use promo code FINDER to send your first transfer with no fee.
Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

World First

No maximum limit, no fees and competitive exchange rates for 100+ currencies.

TransferWise

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

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