Xendpay’s Head of E-Commerce Jake Holloway was interviewed by the news magazine ChinaDaily about the surge in demand for money transfers in Yuan (CNY) to China. Read the article in full here.
In the current financial market, almost all companies are targeting the Chinese market, striving for a slice of its fast-growing remittance market which is worth around 43 billion euros. Jake Holloway says that "Our mission is to facilitate the Chinese expatriate remittances home to help their families.
Currently, around 60% of remittances are made "cash-to cash"through remittance agencies, as this method allows beneficiaries to withdraw money directly without the need for a bank account. This trend is however gradually changing in favour for online payments since the start of online money transfer services,such as Xendpay.
Xenpay customers benefit from low transfer fees and great exchange rates that beat the majority of our competitors, such as banks and money transfer companies like Western Union.
Jake Holloday told ChinaDaily "It's still a big requirement when sending money to China that people are able to collect cash from somewhere local. It is pretty much the same everywhere in the world. People will always want to pick up cash. To resolve this problem, Xendpay has entered into a number of agreements with Chinese banks that will enable beneficiaries to withdraw money in local agencies.
"China is possibly one of the most difficult places to send money for personal customers, Business, it is easier. We send a lot of money to companies in China but it is usually in US dollars to US dollar bank accounts."In terms of sending money to China the restrictions are complicated, and in the past we've been very wary of sending renminbi to China. The whole process has so many restrictions and regulations that can change quite often. It's not something you want to make a mistake on and get someone in hot water, so we are very careful.>
Also interviewed in the article, Shuo L., a young Chinese graduate who is working in the UK, said that Xendpay saved her € 145 on the money transfers over the last three months. Our online payment platform allows her to send money to China every month in order to repay her student loan.
Since we launched Xendpay in traditional Chinese and simplified Chinese, we are growing by around 70 % per month, which proves a strong demand for money transfers to the second largest economy.