LONDON—U.K. payments startup TransferWise is opening a currency transfer service to China, but the service initially won’t allow transfers out of the country. The company is transferring money in 14 currencies, including the U.S. dollar and euro, to the Chinese mainland. Customers with UnionPay, which holds a virtual monopoly on processing bank-card payments in China, will be able to receive transfers. Normally TransferWise...
TransferWise has announced plans to launch a currency transfer service to China this year. However to begin with, the new service won’t allow transfers out of the country, it will only convert other currencies into yuan, buying the currency on the wholesale market. “Our customers will be able to transfer their money from China over TransferWise by the end of the year,” the company said in a statement.