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Ria Expands MT Service to China (Ria在中国扩展汇款服务)



Ria Expands MT Service to China

August 22, 1770 – James Cook names and lands on Possession Island and claims the east coast of Australia for Britain New South Wales.

Aug 22, 1846 – The second Federal Republic of Mexico was established.

Aug 22, 1941 – World War II: German troops begin the siege of Leningrad.

Aug 22, 2018 – Ria Money Transfer launched the newest and most advanced remittance service to China with ChinaPay.


Overnight, Ria’s China coverage dramatically expanded in breadth and depth, providing a firm foothold in the second largest remittance market in the world worth $63.9B in 2017. The new service will enable our worldwide customers to send funds in Chinese Yuan (“CNY”) currency that will be credited into their beneficiary’s existing deposit accounts with any of 120 banks in China, and to any beneficiary debit card that has been registered with Bank of Shanghai.


The service is made possible through the partnership between Ria and ChinaPay E-Payment Services Co. Ltd., a payment processing company based in Shanghai, China. Senders can use the service to wire funds intended for personal and household expenses, and even for travel expenses and consulting service fees, among others. In accordance with our corporate policy and licensing parameters, this service is not intended for business payments.


Compliance-wise, this deposit service is expected to be less risky vs cash pick-up service since the beneficiary accounts are already KYC-vetted by the banks where the account is maintained.  Additionally, “first-time” beneficiaries of the ChinaPay service will be subject to its own KYC vetting process that takes a maximum of three (3) calendar days. If ChinaPay is unable to complete its KYC review of the beneficiary within the 3-day period, the order will be cancelled and the funds will be returned in full to the sender. For beneficiaries that have already been vetted by ChinaPay or those who have already used the ChinaPay service through another money transfer company, the fund transfer can be completed within ten minutes or less.


To conform with local regulatory standards, all transactions transmitted by Ria to ChinaPay shall be subject to oversight monitoring by the Chinese Government’s State Agency for Foreign Exchange (SAFE) which supervises all matters relating to foreign currency transactions. As part of its oversight functionalities, SAFE monitors all transactions transmitted by all money transfer companies for possible structuring, money-laundering or violation of the following limits that are specified under local regulations:


• Maximum of USD 6,000 (or its CNY equivalent) per order per beneficiary;

• Cumulative total of USD 10,000 (or its CNY equivalent) per beneficiary per day;

• Three (3) orders per day per beneficiary;

• Cumulative total of USD 50,000 (or its CNY equivalent) per beneficiary per year.

Our own monitoring of the CNY/USD rates being provided by ChinaPay indicate that their rates are very competitive with the market. Additionally, ChinaPay has agreed to waive its commission fees for the first three (3) months of the Ria service launch. Thus, we are able to transmit our orders to ChinaPay at no cost until November 21, 2018 (Beijing time).


























































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