With UTGL, you can remit funds to Chinese bank accounts via UnionPay. This article details the key information regarding UnionPay to ensure that you have a smooth and hassle-free transaction.
Transaction Limits:
UnionPay's withdrawal limits are set and enforced to comply with regulatory requirements and prevent illegal or suspicious transactions. For each beneficiary/destination account, the limits for UnionPay transactions are as follows:
RMB 20,000 per transaction
RMB 60,000 per day
RMB 300,000 per calendar year
Supported Banks:
UTGL supports a wide range of banks in China. Please refer to the following link for the list of supported banks: https://www.unionpayintl.com/en/servicesProducts/servicesBenefits/crossBorderRemittance
If the receiver's bank is not on the list and you are not sure whether it is supported by UnionPay MoneyExpress, you can simply key in the account number to check the validity of the account.
Valid Beneficiaries:
It is important to note that UnionPay transactions are restricted only to Chinese bank accounts owned by Chinese citizens. Please ensure that you have the correct beneficiary details before proceeding with the transaction.