Remitly|USD to CNY Exchange - $20 Discount on First Transaction!
Remitly
Get a $20 Discount on Your First Transfer Over $100
Main Content
Founded in 2011, Remitly is a Seattle-based tech company specializing in cross-border remittances. It successfully went public on NASDAQ (RELY) in 2021, with a current market value of approximately $5 billion. Remitly currently supports users from 17 countries, including the United States, the United Kingdom, Australia, and Singapore, allowing cross-border remittances to 100 countries and regions, including China.
Transferwise and Xoom require the recipient's information and bank account number in China (regional small banks may not be supported). Remitly supports Alipay, WeChat, and UnionPay card transfers, requiring only a phone number linked to an Alipay account, avoiding errors in recipient information and the security risk of bank account information leakage.
Of course, the most concerning aspects are the exchange rate and fees. Let's take the market situation on January 19, 2020, as an example (Google exchange rate 6.86), assuming we need to transfer $1000 to RMB:
Remitly: Final amount received is ¥6770, no fee, latest arrival by January 23, Alipay receipt; if immediate arrival is needed, the final amount received is ¥6750, fee $3.99, Alipay receipt.
Xoom: Final amount received is ¥6760, no fee*, almost immediate arrival*, domestic UnionPay card receipt.
Transferwise: Final amount received is ¥6735, fee $18.12, latest arrival by January 21, domestic UnionPay card receipt.
Additionally, Remitly supports payment via US debit cards without fees, whereas Xoom and Transferwise require an additional fee of $20-30. Overall, in this scenario, Remitly is faster, more convenient, and more cost-effective. Of course, everyone's situation is different, so it's recommended to compare and choose the best service based on your needs. For the latest review of Remitly, please see the Remitly Cross-Border Remittance Service Review Guide.
Register with Remitly through the exclusive invitation link from the New York Survival List and complete an international remittance of at least $100 to receive a $20 new user discount. Based on the example above, you could receive approximately 135 RMB more!
Further Reading
7 USD to CNY Exchange Services to Help You Save Money Easily!
Interpretation of the $50,000 Foreign Exchange Quota for Chinese Mainland Citizens + FAQs
If you have a better offer, feel free to share your link or referral code in the comments section!
Click to Register with Remitly and Get a $20 New User Reward