Alipay International Transfer

International transfers have never been this easy! Send money to China with Alipay in a fast, convenient way - with lower fees than a traditional wire. All you need to enter is the recipient’s name and Alipay ID, then submit! (Note: Currently Velo only supports Alipay transfers to accounts in mainland China for limited personal use purposes.)

How to send Alipay transfer

Step 1:

Tap “Transfer” on your
mobile app dashboard

Step 2:

Select "Alipay account" or an existing Alipay account

Step 3:

Enter the amount you’d like to transfer in USD. We’ll then display the applicable foreign currency exchange rate and delivery amount converted to CNY directly below the amount you entered.
Next, fill in the recipient information and select the applicable “Purpose of Transfer” reason. Then, click “Continue” to proceed to the summary screen and submit.

What’s the transfer fee and delivery time for an Alipay transfer?

Velo charges $15 for each Alipay transfer.

Generally, it can take from an hour to up to four days for your recipient to receive the money. Delivery timing will vary depending on:

  • If your recipient has previously linked a bank account to his/her Alipay wallet for International transfers
  • If Alipay or any of the processing banks need to perform additional verifications

Does Alipay transfer have limit restrictions?

Yes. Each Alipay account is subject to limits on the amount of foreign exchange transfers it can receive. These limits are set and enforced by Alipay:

  • 50,000 CNY per transaction
  • 500,000 CNY per year
  • 5 transactions per month

How to receive an Alipay transfer

Alipay transfer fund recipients need to have a bank account linked to their Alipay account to successfully receive a remittance transfer. To do so, a recipient should launch the mini-program “跨境汇款”. You can find it through searching it in the search bar on the home page of the Alipay App. Once in the mini-program, they should select “我要收款”, and then select ”闪速收款” to link the selected account.

Source: Alipay mobile app and mini program

Disclaimer: The Alipay information provided above is for your convenience only, and is subject to change. Velo does not guarantee accuracy of the information. You should visit the Alipay app or contact Alipay directly to confirm their current process flow in the app.

   

Velo to Velo Transfer / Red Envelope

Send money to another Velo recipient easily and quickly. Select an existing Velo recipient or a new Velo recipient as your Send to account. Once the transfer is successfully completed, money will be deposited into the recipient’s Velo account immediately.

Step 1:

Go to "Transfer"

 

Step 2:

Create a new recipient or select an existing one

Step 3:

Fill in recipient info

 

How to send a Red Envelope?

A Red Envelope is a monetary gift that can be sent to your friend’s or family member’s Velo account on holidays or special occasions. You can send your money with a customized message and theme.

Go to “Transfer” and select a Velo account (new or existing) you want to send your money to. Check “Send as a Red Envelope” to select a color and input your blessing!

Step 1:

Go to "Transfer", select new or existing Velo account

Step 2:

Check "Send as a Red Envelope"

 

Step 3:

Edit message and select color of the envelope

How do I know if I received Red Envelopes?

If you have unopened Red Envelopes, you will see a notification on your dashboard. Tap to open the envelope and check all of the Red Envelops received in Red Envelop Inbox. You can also access Red Envelope Inbox from “My Velo” menu.

Step 1:

Click "Tap to open"

Step 2:

See the details of the Red Envelope. You can check other Red Envelopes received in Red Envelope Inbox

If I leave the Red Envelope unopened, will the money go back to the sender?

No. Red Envelope is treated as a regular Velo to Velo transfer. This means that once a Red Envelope is successfully sent out, the money will be deposited to recipient’s account immediately.

 

ACH Transfer

Send money to another U.S. bank account via ACH in 1-3 business days with no fees!.

Step 1:

Go to "Transfer"

 

Step 2:

Select "New U.S. personal" or existing U.S. bank account

Step 3:

Select "ACH" as the method

 

What is an ACH Transfer?

ACH transfers are electronic payments made through the ACH Network – a U.S. nationwide network that enables the transfer of funds between banks and financial institutions electronically. ACH transfers usually take 1 to 3 business days to process. There are no Velo fees associated for ACH transfers.

What is a Wire Transfer?

A Wire Transfer is a method of transferring funds electronically between banks from one account to another.

Typically, Velo by East West Bank TM will charge a processing fee for incoming and outgoing wire transfers:

  • Incoming - $10 per transaction
  • Outgoing U.S. - $30 per transaction
  • Outgoing International - $40 per transaction

Note: Other funding/receiving banks or financial institutions may apply their own fees or charges.

Domestic Wire

Send money to another U.S. bank account (personal or business) via domestic wire transfer.

Step 1:

Go to "Transfer"

 

Step 2:

Select "New U.S. personal" or "Business account"

Step 3:

If you select “New U.S. personal”, select “Wire” as the method

  

International Wire

Send money to banks and other financial institutions in over 240+ countries via international wire.

Step 1:

Go to "Transfer"

Step 2:

Select "New international account" or an existing international account