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I tested Zhongan Bank's remittance function, testing both Alipay and bank cards.
Entry: Zhongan app - Overseas Remittance ()
is a financial technology company that provides international remittance and multi-currency account services. It allows users to make international transfers at lower fees with transparent exchange rates and hold balances in multiple currencies.
Zhongan remitted 198 HKD to Alipay, receiving 155.73 CNY, with a fee of 27.77 HKD (Wise charged 27.27 HKD, Zhongan charged 0.5 HKD), taking 1 day;
Alipay will prompt that a sum of money needs to be accepted and requires manual confirmation.
Zhongan remitted 839 HKD to a bank card, receiving 744.15 CNY, with a fee of 25.5 HKD (Wise charged 23.4 HKD, Zhongan charged 2.1 HKD), taking 1 day.
Automatic transfer, no confirmation needed.
I do not know if the fees are related to the amount.
Before remitting, I also received an SMS from Zhongan, asking me to contact customer service within the Zhongan app.
Is it a fixed fee?
Not a fixed fee
If you have set up a payment account with Alipay, the payment will be received in seconds.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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