Revolut enables instant AUD-China transfers via Alipay in Australia
Revolut has introduced a new remittance feature for Australian customers, enabling instant money transfers to China via Alipay, supported by Ant International's platform.
The move is aimed at providing a more efficient and cost-effective way for users in Australia to send funds directly to recipients in China using the widely adopted digital wallet.
According to industry data, China is the second most frequently chosen destination for money sent overseas from Australia, and remains one of the world's top five recipients of remittances. In 2024, an estimated USD $48 billion in remittance inflows were reported into China. The high payment volumes underline the importance of convenient and secure remittance solutions for residents with connections in China.
Transfer process
Australian Revolut users are able to initiate instant transfers to China by providing the recipient's Alipay ID, name, and address.
Funds are delivered in Chinese Yuan, requiring only basic personal details from the sender. Transfers are processed instantly, intended to streamline the experience compared to traditional cross-border banking channels, which can be slower and more costly.
Pricing and fees
Revolut is offering this service under a tiered fee structure depending on the customer's account type, with claims of competitive pricing versus incumbent remittance providers.
The introduction of this feature supplements the company's existing money transfer services like PayTo, PayID, BPAY, bank transfers, and peer-to-peer transactions.
Alipay's role
Alipay, first launched in 2004, is the most widely used payment application in China and one of the 36 e-wallets supported by Ant International's Alipay+ suite. By utilising Alipay's dominance in the Chinese digital payments market, Revolut seeks to facilitate access for both Chinese expats in Australia and those needing to remit funds for personal or business reasons.
Company perspectives
"For our customers here in Australia, sending money globally, especially to a major economic partner like China, is a significant need. We consistently see strong demand for a service that is both secure and affordable. We're thrilled to partner with Ant International to enable our customers to transfer money to China almost instantly via Alipay," said Greg McDonnell, Head of Retail Australia, Revolut.
"This collaboration is a game-changer for our Australian users, providing them with a fast, secure, and incredibly cost-effective solution for global money transfers. It underscores Revolut's commitment to breaking down traditional financial barriers and empowering our customers to manage their finances conveniently, no matter the destination," said McDonnell.
Jacques Xu, General Manager of Global Remittance Business, Ant International, said, "We are grateful to collaborate with industry leaders like Revolut to redefine cross-border remittance experiences. Through Ant International's solutions, we are enabling more partners to easily manage and grow their remittance business while meeting customers' needs on speed and security."
