Ethan Riley
Western Union is a global payment services company that provides money transfer services in over 200 countries and territories. In China, Western Union has been operating since 1995 and has partnered with various banks to offer its services, including the Bank of China. The Bank of China, one of the world's leading financial institutions, has been offering Western Union Money Transfer® services at its branches and sub-branches throughout mainland China since 2015. This partnership allows customers to receive international remittances directly into their online banking-enabled accounts or at selected self-service kiosks. With the addition of the Bank of China's extensive network, Western Union's services became accessible at more than 32,000 locations nationwide.
| Characteristics | Values |
|---|---|
| Bank of China Western Union Money Transfer Service | Available since 2015 |
| Number of locations in China | 32,000+ |
| Number of countries/territories serviced | 84 |
| Money transfer methods | Online, in-person, mobile wallet |
| Transfer fees | Variable |
| Exchange rates | Variable |
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What You'll Learn
Western Union services in China
Western Union has been providing money transfer services in China since the early 1990s. With over 28,000 service provider locations across 31 municipalities, autonomous regions, and provinces, Western Union offers convenient and fast money transfers to and from China.
Sending Money to China with Western Union
To send money to China with Western Union, you must provide a UnionPay debit card number that starts with '62' and is associated with a bank account at a supported bank. Transfers can be made during China bank processing hours, which are typically from 7:30 am to 9:45 pm China Standard Time. It's important to note that transfers to first-time receivers may be delayed until Western Union receives additional information from the recipient. Various factors can affect the availability of funds, including the amount sent, currency availability, regulatory issues, consumer protection requirements, identification requirements, and delivery restrictions.
Receiving Money in China with Western Union
Western Union offers several options for receiving money in China:
- Bank Account Transfer: You can provide your sender with your bank account details, and the funds will be transferred directly to your account. Western Union will validate the recipient's personal information before depositing the funds for first-time receivers.
- Mobile Wallet: Senders can choose the 'Mobile Wallet' service and select either 'Alipay' or 'Weixin' as the wallet service provider. Recipients can then receive the funds directly into their bank card linked to their Alipay or Weixin wallet balance.
- Cash Pickup: Western Union also offers the option to collect money in cash at various agent locations across China.
It's important to note that Western Union agents in China are subject to local regulations, risk control, and bank compliance requirements. Some restrictions may apply to money transfers to and from specific countries. Therefore, it's recommended to check with your local Western Union agent location for more details before sending or receiving funds.
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Bank of China's Western Union partnership
In 2014, The Western Union Company (NYSE: WU) announced a partnership with Bank of China Limited (SEHK:3988, SSE:601998). The partnership would see the bank offer Western Union Money Transfer® services at its branches and sub-branches throughout mainland China. The services were expected to be introduced in 2015, allowing customers to receive international remittances directly into their online banking-enabled accounts and at selected self-service kiosks. With the addition of the Bank of China's physical locations, Western Union Money Transfer® services would be available at over 32,000 locations nationwide in cooperation with 15 agents.
The partnership between Western Union and Bank of China aimed to offer fast, reliable, and innovative services to consumers throughout the country. Mr Zhu Shumin, Executive Vice President of Bank of China, emphasised the bank's focus on cross-border financial services and its belief that the collaboration would enable joint customers to enjoy a bigger range of remittance products and enhanced convenience.
Through this partnership, individuals in China gained the ability to send money to over 200 countries and territories using Western Union's Money Transfer services. Residents of China could also receive money (in RMB) directly into their bank accounts linked to mobile wallet services such as Alipay or Weixin Pay.
Western Union's presence in China is subject to local regulations, risk control, and bank compliance requirements. Money transfers to and from certain countries may be restricted based on guidance from local regulators and bank risk control measures.
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Receiving money in China
To receive money in China through Western Union, there are a few different options. Firstly, it is important to note that Western Union cooperates with ChinaPay, a subsidiary of UnionPay, to provide direct bank money transfer services. This means that money can be paid directly into qualifying bank accounts at major commercial banks in China.
If you are receiving money in your bank account for the first time, Western Union will match and validate your personal information before funds can be deposited. You will receive a notification SMS with a registration link to fill in your details, or you can contact Western Union China Customer Care for validation. For subsequent transfers, the money will be deposited directly into your appointed bank account in minutes.
If you do not have a bank account, you can still receive money through Western Union. You can visit any of Western Union's 27,000+ agent locations in China to receive money in person. You will need to provide the sender's details, including their name, the amount sent, and the Money Transfer Control Number (MTCN). You will also need to show a valid government-issued photo ID.
Another option for receiving money without a bank account is through the Weixin app. You will need to open the Weixin app and search for the 'Tenpay Global Remittance' mini program. Select 'Receive with Western Union MTCN', input the 10-digit MTCN and the currency, and agree to the payout service with Shanghai Pudong Development Bank. Once the bank has processed the request, you will see the successful deposit in your transaction history.
It is worth noting that some restrictions have been implemented by Western Union bank agents on money transfer services to and from selected countries and their passport holders. These restrictions are based on guidance from local regulators and bank risk control. Therefore, it is recommended to check with your local Western Union bank agent location for the most up-to-date information before receiving money.
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Sending money from China
Western Union
Western Union offers money transfer services from China to over 200 countries and territories. You can send money through Western Union online, via their mobile app, or in person at one of their agent locations. The receiver can choose to have the money deposited directly into their bank account or sent to their mobile wallet, such as Alipay or Weixin Pay. The amount of money that can be sent through Western Union is limited to $7,000 USD online, and there may be additional restrictions based on transfer history and selected products. Western Union also offers transparent transfer fees and currency exchange services, with fees and exchange rates varying based on brand, channel, location, payment method, and delivery method.
Xoom by PayPal
Xoom is a service offered by PayPal that facilitates money transfers to designated countries, including China. With Xoom, you can send money from the US to your recipient's Renminbi (CNY) bank account at several Chinese banks, including the Bank of China and Ping An Bank. Xoom also supports transfers to mobile wallets such as Alipay and WeChat. However, it is important to note that PayPal China accounts can only be used for making payments and not for receiving funds.
Statrys
Statrys is another option for sending money to China, offering low fees and real-time tracking. To use Statrys, you need to open a business account in Hong Kong and provide the recipient's full name and address.
Chinese Banks
When sending money from a Chinese bank to an overseas account, you may need to provide proof of the source of funds, such as employment contracts, tax certificates, and bank account records. Additionally, you may need to provide information about the recipient, including their name, address, account number, and SWIFT code. There may also be limits on the amount of money that can be transferred, and you may need to pay a small fee for the transaction.
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Western Union agents in China
Western Union has over 27,000 agent locations in China, allowing you to send money from China to over 200 countries and territories. Western Union agents in China are banks that are subject to local regulations, risk control, and bank compliance requirements. Some restrictions have been implemented by WU bank agents on money transfer services to and from selected countries and their passport holders. For example, Postal Savings Bank of China has restricted its money transfer business to 84 countries/territories.
To receive money in China through Western Union, you can visit one of their partner bank locations or use their online/mobile banking services. If visiting a bank location, you will need to provide the sender's details, including their name, the amount sent, and the Money Transfer Control Number (MTCN). You will also need to show a valid government-issued photo ID as proof of identity. If receiving money through online or mobile banking, you will need to log in to the bank's online or mobile banking service and fill out your money transfer details, including the sender's information and the 10-digit tracking number (MTCN).
Residents of China can also have money sent directly to their bank card linked to Weixin Pay, Weixin wallet balance, or Alipay/Alipay wallet balance. The sender needs to choose the 'Mobile Wallet' service and select the appropriate wallet service provider. For first-time receivers, Western Union will validate the customer's personal information before depositing funds into their bank account.
It's important to note that transfers to certain accounts may only be available during China bank processing hours, which are 7:30 am to 9:45 pm China Standard Time. Funds sent to a first-time receiver may be delayed until Western Union receives additional required information from the receiver. Service and fund availability depend on various factors, including the amount sent, currency availability, regulatory issues, consumer protection issues, identification requirements, required receiver actions, delivery restrictions, location hours, and time zone differences.
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Frequently asked questions
Yes, since 2015, the Bank of China has offered Western Union Money Transfer services.
Residents of China can send money online using Western Union's bank partners' online banking and mobile banking services. Alternatively, you can visit one of Western Union's 27,000+ agent locations in China to send money in person.
Residents of China can receive money (in RMB) sent directly to their bank card linked to Alipay, Weixin Pay, or their Weixin wallet balance.
