Lianlian Pay delivers with real time transfers to China


Rachel Doyle
Rachel Doyle
Senior Content Specialist
Rachel has over 10 years’ communications and writing experience, having started her career in financial services where she spent nine years working in various roles. She started out in fund… Read more
  • Lianlian Pay announces real time money transfers following a partnership with Ripple

  • Same day transactions reduce the risk for investors, businesses and consumers making urgent or large money transfers

  • Keep your transfers as cost effective as possible and carry out transactions with a money transfer provider

Lianlian Pay, the Hong Kong based money transfer provider has just announced a link up with Ripple, using their blockchain solution. Lianlian will be able to facilitate real time international money transfers for its customers. This is one of many partnerships with Ripple that have been announced in recent months, where money transfer providers and banks are signing up to the digital ledger technology that Ripple has developed.  These payments are facilitated through Ripple protocol, known as Ripple net. Given the closed setup of this computer network, a real time view can be kept on the payment process, through a digital ledger. This updates instantly and it will be quick to understand why a payment may not have completed.

One of the biggest gripes that some customers may come up against, when making international money transfers (either through their bank or a money transfer provider) is that the transfer did not happen when it was supposed to and they lost out. The security that a same day, or real time transaction delivers is immense. If you carry out regular money transfers, are looking to make a large international money transfer for a business transaction, to buy stock, to purchase a property or even to send money home to relatives, then you want to know that your payment will be sent when you need it to be. The risk of delay in sending money abroad can be costly, due to the volatility of exchange rates and if there is a time limit involved. If you are looking to make a large transaction and you have not locked in an exchange rate or booked a rate, then you could lose out if your transaction is delayed and exchange rates move out of your favour. Similarly, there will be penalties if you do not make your money transfers in time for a property purchase for example. Shrewd business investors will use a money transfer provider rather than their bank for an international money transfer. Banks are expensive to move money internationally because they charge high transaction fees on the exchange with a margin of more than 4% over the interbank rate. On top of this, they also charge transaction fees which vary widely between banking institution. Many money transfer providers offer forward contracts, which allow you to book a rate in advance. These contracts are not just available to business customers either (or the low attractive rates). Take a look at our money transfer comparison tool, to see the most cost effective way for you to send money abroad.

Most Read

Use Our Currency Comparison Tool

Results are ranked in order of the best overall deal, taking into account transfer times, rates, fees, and customer service.

Editor's Choice is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.