how to send money to china with remitsy
TRANSCRIPT
Take control of your
payments
€ $ $ $
buyer
¥FX FX
FEES
buyer bank FX marketcorrespondent
banksupplier offshore
USD banksupplier mainland
USD bankFX market
supplier mainlandCNY bank
Handled by the supplier
It doesn’t have to be like this.
The Challenge
International payments are difficult. Currency spreads are confusing, and money lost in FX is often overlooked. What’s more, banks charge fees on top of this and spend days to process payments. Even when a payment is completed you can never be sure when your supplier will receive the funds.
Enter Remitsy
buyer
€ ¥
buyer bank seller bank
ONE FEE
Remitsy was founded to help solve these problems. Utilising the latest in blockchain technology, payments between currencies can now be completed quickly and at low cost.
But we don’t want to just stop there. We want to to make the entire experience of making payments more pleasant. Consumer payments are already faster, more mobile, more flexible. It’s time for business payments to catch up.
Traditional B2B Remittance
FEES
SPEED
UX
2.0% 1.5% 1.25% 1.0%2.5%=“…who paid what?”
+ + + + + + = 3-8%
Up to 5 working daysYour choice.
Between 6 - 72 hours (and we work on weekends!)
4.8% The average saving available to businesses when switching settlements to the RMB
Deutsche Bank Survey, 2012
“We estimate the fees
generated by banks and
other money transfer
platforms to be roughly
$30bn, or roughly 6% of
the total principal amount.”
36%of Chinese businesses would
would prefer payments in RMB
Western Union Survey, 2012
Goldman Sachs,
The Future of Finance, 2015
“55% of Chinese businesses
surveyed said they would offer discounts of
up to 5% to their trading partners for
RMB denominated transactions” HSBC Survey, July 2014
March 2012 The date RMB settlement was opened to all Chinese companies with import/export scope on their business licenses
How we do it
Payment time and cost is significantly reduced by limiting the number of intermediaries required for the
payment.
We’re able to offer cheaper and faster payments by utilising the power of the blockchain to convert currencies.
Traditional payments performed through banks must pass through multiple intermediaries and FX markets. Instead, we take a more direct route, matching sellers of bitcoin in Europe with buyers of bitcoin in China
By matching bitcoin liquidity in EUR* and CNY markets, Remitsy is able to convert currencies almost-instantly and offer its services at a significant discount to the bank rate.
*Remitsy also support payments in GBP and PLN.
buyer
EUR > B
TC
BTC >
CNY
6 hours
> > >BOOK PAYMENT
wire fundsbooking processing settlement
buyer
supplier
faster cashflow
more competitive
less administrative costs
china
profits kept onshore
less barriers to business
RMB internationalisation
cheaper goods lower payment costs faster supply chain
Who Benefits?
You can find out more
about our company
registration details here:
The security of your funds is central to everything we do.
All client funds are stored in guaranteed bank accounts and we work with the highly reliable domestic payments networks at each end of the transaction.
To avoid any price volatility during transfer, the blockchain is used only as a ‘stepping stone’ to swap currencies. Swaps happen almost instantly.
Even though we may be moving millions of dollars per hour, each client transaction is processed sequentially.
Remitsy is licensed as a Money
Services Operator regulated by HK
Customs & Excise (HK)
BTC
Data security is as important as fund security.
Our servers are protected according to Amazon S3 standards and we have a zero tolerance policy to plain text for customer data.
Whether it’s rotating passwords, encrypted devices, 2FA or multisig, we make we’re doing everything to keep your data safe.
See our site for a full breakdown of our security policies.
Security
Payments, with a smile :-)