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You Wanted Payments from India to China? …You got it!

Remitsy now supports sending Indian rupees to China

Since starting Remitsy we’ve been focused on supporting clients from North America and Europe, but we’ve always had a large number of enquiries from Indian businesses wanting to make payments to China.

Cheapest way to send money to China from India. Converting Indian rupees to Chinese yuan, transfer money to china bank account

Payments from India to China have just got a whole lot better

Making payments to China from India can be tough, with small businesses usually forced to make payments in US dollars. This means each payment is hit with two exchange fees (INR  USD, USD CNY) and results in a pile of paperwork at both ends.

Well, we are happy to announce that from now on Remitsy allows Indian businesses to settle payments to China in rupees, with their business partners receiving Chinese yuan direct to their bank accounts.

We’re offering the service at our usual world-leading rates: converting INR to CNY at the real exchange rate (mid-market rate), plus a 1% fee. No fixed send or receive fees. And no surprises. There has probably never been a cheaper way of sending money to China from India.

Send money to China from India

Our payment process for Indian customers is slightly different from other send regions. See below for the steps required:

  1. Book your rate at remitsy.com
  2. Provide us with company verification documents (you’ll only need to do this once!)
  3. Wire INR to our local banking partner bank account
  4. Provide us with your wire reference number
  5. Remitsy deliver CNY to your supplier within 24 hours! 

If you’re a business in India and looking to make a payment, [get registered and check out our platform now]. We have 24/7 live (human!) English-language support to answer any questions you might have (I’m there too sometimes).

This is going to be a huge money & time-saver for the Indian small business community (and their Chinese business partners as well!).

Book payment to China on Remitsy

If you’d like to help us spread the word, we run an affiliate program [Remitsy Share]. For any businesses you introduce to us, we will share half of our fees with you. Worth inviting a friend or two!

We’re looking forward to expanding our service in India and expect this to be one of our most popular corridors. See you at Remitsy soon!



Neil WoodfineNeil Woodfine

We’ve finally put together our video from the Cross Border Summit in Shenzhen (thanks for waiting!). Our colleague Neil, Larry Salibra (CEO @ Pay4Bugs) and Mike Michelini (CEO @ Global From Asia) discuss how the fintech revolution can improve your bottom line.

In this video you will learn about:

  • Key terms in cross-border payments – what do you need to know to sound like a pro?
  • Leveraging the pros and cons of a multiple-currency business
  • Walls online – banking regulations explained
  • Payment compliance and why your payments might have been red-flagged
  • ACH (Automated Clearing House) – what is it and who uses it?
  • SWIFT – overview and why we should care (including Mike’s own bad experiences with SWIFT!)
  • Bitcoin – what is it? Isn’t that the “funny money”? How can businesses use it?
  • Bitcoin in China & Hong Kong – what are the latest solutions?
  • PayPal in Hong Kong – dealing with currencies and verification.
  • Blockchain – debunking the hype. What is it? What are the latest news? With bitcoin or without? How the fintech revolution can save you money?
  • Using fintech in your business – this all sounds great, but how to apply it?
  • What options are there for sending money to China?

Cross Border Payments and Banking Panel Discussion

For your convenience, we have uploaded Cross Border Payments and Banking Panel Discussion also on Youku.



How the Fintech Revolution Can Save You Money

We’ve finally put together our video from the Cross Border Summit in Shenzhen (thanks for waiting!). Our colleague Neil, Larry Salibra (CEO @ Pay4Bugs) and Mike Michelini (CEO @ Global From Asia) discuss how the fintech revolution can improve your bottom line. In this video you will learn about: Key terms in cross-border payments [...]

Oliver LompartOliver Lompart

Remitsy at the Cross Border Summit in Shenzhen

Recently the Remitsy team headed down to China’s cross-border business nexus, Shenzhen, to attend Global from Asia’s Cross Border Summit.

Cross Border Summit coffee, payments to China, Remitsy, fintech panel, B2b

Remitsy are payments on caffeine, so we couldn’t miss a chance to take care of the coffee at Cross Border Summit

It was awesome to get the chance to speak to up-and-coming cross-border business owners from around the world. We learned a lot about the current trends in international e-commerce (which is clearly booming right now!) and the challenges faced in selling to customers across the globe.

Cross-Border Payments & Banking

Neil Woodfine (Remitsy’s COO) joined Larry Salibra and Mike Michelini in a panel discussing the complexities of cross-border payments and how the latest fintech solutions can be used to save businesses time & money. A major takeaway from the chat was that it only takes a bit of research and a few small changes to your payment process to make a business seriously more competitive.

We shot a video of the talk and will release a video of the event on Youtube soon. So watch this space!

Find Remitsy in this short video from Cross Border Summit in Shenzhen brought by HK News:




Oliver LompartOliver Lompart

International Business Payments are Expensive and Slow

“Banks have been doing international settlement much the same way since 1971,” says Richard, founder of Remitsy, in an interview for UK Investor Magazine.

Richard is a strong believer in the innovations in consumer payments, which are now more convenient than ever. But when he looks at business payments, he is a bit less positive. According to him, solutions from banks just aren’t up to scratch, where charging between 3 – 8 percent for international business payments is par of the course. In addition being expensive they are slow. It can take up to five working days for payments to arrive…five working days. There are also frequent cases when payments get “lost in the system” and you’re looking at a very complicated process to get it “unlost”.

Richard Bensberg, founder and CEO of Remitsy commenting on international business payments

Richard Bensberg, CEO of Remitsy

It happens because banks are using old technology and run an expensive service:

“Banks have been doing international settlement much the same way since 1971 – and even where they have leveraged new technology to improve their products, as a user it often feels clumsily crowbarred into legacy systems.”

Business Payments are Changing

Recently there’s been a lot of news on banks such as Barclays and Bank of America (and others) experimenting with blockchain technology. But Richard thinks that the real innovation won’t be coming from the traditional banks:

“Whilst it is clear that banks now see the potential of the blockchain, I think we’ll continue to see the most cutting edge implementations coming from leaner fintech companies. That being said, banks are more than the sum of their technology, and Remitsy are not looking to replace the bank. But we have all heard that software is eating the world, and I see payments as the banks’ bread and butter. And we are hungry!”

You can read the whole article from UK Investor Magazine here.




Oliver LompartOliver Lompart