Eurogiro has signed a membership agreement with China UnionPay affiliate Lucky Ventures Group, allowing members of the Eurogiro payments community reach to any account in China, and real-time conversion of funds into RMB, which are sent directly to recipients.
A service enabling account transfers to all accounts in China is in high demand. Members of Eurogiro’s payments network can already tap other Eurogiro members that have a combined reach of more than 500,000 branches and 4 billion people in more than 50 countries, and the partnership with Lucky Ventures Group will allow members a stronger business connection in China.
Transactions will have no threshold ceiling, only a limitation of USD 200,000 per transaction. The standard for remittance payment providers of payments to China is a USD 50,000 limit per year in sending volume
The programme will also offer an enhanced e-commerce payments platform and use of tax exempt Free Trade Zone facilities for merchants for their logistics and payment needs.
“Eurogiro’s payment service to China is simple and fast. Eurogiro members using the Eurogiro network can use it immediately,” Gene Gutierrez, Eurogiro Regional Director, Asia Pacific said. “They will send payments through the Eurogiro network to LVG. LVG, using the CUP intermediary bank in Hong Kong, conducts the foreign currency conversion and deposits the funds into any account in China. The transfer is almost real time once the payment instruction is received and the funding is in place in the settlement account.”
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