Geoswift partners with Bank of Shanghai for remittance services
Geoswift, a cross-border payments provider between China and the rest of the world, has unveiled its partnership with Bank of Shanghai to launch a new remittance service in 2017.
The partnership will enable businesses and individuals globally to remit funds into China through a secure medium that is recognised by China’s regulators.
The partnered service will allow for continuous real-time remittance of funds from seven currencies USD, GBP, HKD, CAD, AUD, JPY and EUR to the local currency RMB for recipients in China.
The service uses a fixed daily rate to minimise risks arising out of foreign exchange fluctuations and is designed to provide ease of transaction and transparency for both the sender and receiver.