The State of Digital Remittance in China
This article will discuss the latest development in digital remittance in China. If you want to know how you can transfer money to China and the opportunities for digital remittance, stay tuned.
Digital remittance can be a great option to transfer money to china. With a growing Asian market, it’s becoming more accessible than ever to make payments.
According to a recent report, the Asia-Pacific digital remittance market will become a $269.78 billion market by 2026. The growth of the Asian market has been driven by the benefits of convenience, low costs and speed.
In the past, money transfers had to be carried out in person. It required a tedious form filling process with hefty transfer fees. In comparison, the move to digital remittance takes a customer-centred approach.
With new remittance technology, money to China can be sent instantly from one account to another. Customers have many options for transferring funds. For instance, Chinese transfers can be as:
- A TangoPay account transfer
- A card transfer
- A transfer to a digital wallet
Around the world, digital remittance transaction value has already hit the billions ($781.4 in 2022) just this year!
A significant benefit of money transfers to China through digital remittance is the low cost of currency exchange.
The MarketIf you want the best currency exchange rate for Yuan, digital transfers through TangoPay are often the best option. This is because you can see all costs upfront without any hidden banking fees and the most important advantage is of no transfer fees for the first 3 months.
Traditional banks use a system designed to keep exchange rates low while charging premiums on their transfer fees. However, with the digital remittance, the cost of exchange is usually closer to the market price.
Moreover, as of 2022, it will become even easier to manage money digitally in China. China's central bank is starting the transition to a new digital Yuan. This move is likely to shift the power of the dollar in the financial market. This means that the cost of currency exchange for the Yuan will become even cheaper.
TakeawaysIf you want a quick and easy way to send money to China, TangoPay has got you covered. It's simple to set up an account in just five steps. Simply:
- Download The App
- Sign Up
- Set Up Transfer
It's never been easier to send money abroad in just a few clicks!