UnionPay

UnionPay International (UPI) is a financial services provider. The Chinese payment solution is supported by a range of swing trading forex and stock brokers. And whilst not as well known as Visa debit and credit cards, it is available in most major trading jurisdictions. This review of the UnionPay will cover deposit and withdrawal fees, transaction times, rewards and more.

Top UnionPay brokers include eToro, Pepperstone and FXTM.

How UnionPay Works

Also known as China UnionPay (CUP), the financial services firm was founded in 2002 and has headquarters in Shanghai. It is a state-owned corporation with no owner. Instead, the company operates under the approval of the People’s Bank of China (PBOC). In 2015, UnionPay overtook Visa and Mastercard in the total value of payment transactions, making it the largest card processing organization, as confirmed by S&P.

UnionPay offers online payment services and mobile transfers through its app. Customers can send money to other users’ E-wallets and transfer funds to other providers such as PayPal, Visa, Mastercard and Skrill. It can also be used to make cash withdrawals in China, the UK and other countries, though there is a withdrawal limit of RMB 10,000 for overseas cash withdrawals.

The payment solution can also be used for online shopping, movies and various merchant services. QuickPass is similar to Visa’s payWave. It is accepted in many supermarkets and fast-food stores and is supported by Apple Pay and Google Pay. Customers can also get a prepaid virtual card, or eCard, which can be used in China, the UK and other countries.

UnionPay is a popular deposit and withdrawal option among trading brokers in China and around the globe. Many investors use the service to make payments to and from their trading accounts, both online and through cash payments. Transfers can be made in almost all currencies and across mobile devices and browsers, which makes it more accessible than WeChat Pay, PayPak and AliPay.

Accepted Countries

UnionPay is not just available at brokers in China. It is accepted for online card payments and deposits at brokers in over 170 countries including the UK, Australia, New Zealand, Russia, Turkey, Europe, the UAE, Canada, Portugal, Malaysia, Nigeria, Zimbabwe, Nepal and Romania. If you wish to make a cash payment, there are also plenty of accepted ATMs in New York and other places around the world. Use the ATM locator on the official website to find your nearest option.

UnionPay is also linked with more than 2,000 banks, organisations and institutions offering promotions and credit card services. These include JCB in Japan, BCA in Indonesia, Discover in the USA, HSBC in the UK, UOB, OCBC and DBS in Singapore, HBL in Pakistan, KTC and KBank in Thailand, Hang Seng in Hong Kong, BDO in the Philippines, Khan Bank in Mongolia, and many more. QR code payments are also accepted at many global retailers.

Partnerships

UnionPay cards can be used in 180 countries and regions. Some UPI credit cards can be used abroad as American Express, Mastercard or Visa credit cards. The firm has also partnered with MoneyExpress, a remittance service that operates in 45 countries. MoneyExpress settles the exchange rate in advance and provides a cost-effective way to fund swing trading accounts.

China UnionPay has a partnership with the Discover Network. It also has an alliance with Grab in Thailand, allowing customers to receive discounts on food deliveries from JustGrab and travel from GrabCar. In addition, there are discounts when you spend in Big C supermarkets in Thailand. The Chinese payment provider even offers a KFC deal in select countries.

Note, UnionPay is not accepted on AliExpress. While this may seem surprising, it stems primarily from the fact that UnionPay rivals Ali’s own AliPay.

Transaction Times

Deposit and withdrawal times are generally fairly quick. In fact, online payments are processed almost instantly, though if you use a prepaid card, it can take several days for the money to be transferred.

If you are depositing funds to a broker like eToro or IC Markets, your funds will usually be available in a few minutes. Withdrawals are typically processed within 24 hours. These near-instant processing times make UnionPay a popular choice for forex, stock, commodity and crypto trading.

Note, brokers will have different processing timelines. Make sure you check their website and our reviews to know when you can expect to receive funds.

Pricing Review

Most brokers, including eToro, offer fee-free deposits with UnionPay. Withdrawals are generally free as well. Of course, this can vary between brokers, so some platforms may charge you to withdraw revenue, in particular.

There may also be cross-border transaction fees and ATM commission charges when using a UnionPay card overseas. In addition, conversion fees could be charged depending on the exchange rate. This is usually between 1% and 2% of the purchase. Fees can vary greatly between countries, so make sure you check with your bank or vendor before making any purchases.

Finally, UnionPay does have an overseas withdrawal limit. This is equivalent to RMB 10,000 per day and RMB 100,000 per year.

Security

China UnionPay is a safe and secure payment method that implements several features to ensure transactions are protected. One feature is the UnionPay 3D Secure (3DS) online payment authentication system which ensures smooth and easy transfer authentication for traders and merchants.

In addition, the firm secures the login process by offering two-factor authentication (2FA). This makes it difficult for others to gain access to your account. All QR code payments are fully encrypted too.

Customer Support

If you experience issues during registration, challenges while using the service, or need to apply for an online rebate, the company is on hand to help. The firm provides customer support in a variety of languages. Refer to the UnionPay website for contact details in your region.

Note, brokers may also be able to assist with deposit and withdrawal problems. The best brokers offer live chat support and a telephone helpline.

Rewards

Following sign-up, customers can reap various rewards and promotions. With a UnionPay Diamond Prestige card, for example, customers receive a range of perks and discounts including buy one get one free movie offers. There is also the opportunity to purchase gift cards for friends.

In Hong Kong, customers can earn coupons when spending at stores through UnionPay Your Way. The benefits are available for overseas and cross border users too. With UPlan, you can also receive discounts and e-coupons at a range of shops and outlets.

Pros of UnionPay for Traders

Key benefits of trading with UnionPay include:

• Withdrawals are usually processed within 24 hours
• Available at top trading brokers
• Accepted in most countries
• Easy to open an account
• Near-instant deposits

Cons of UnionPay for Traders

Our review did flag some potential drawbacks of trading with UnionPay:

• Not as widely accepted as Visa debit and credit cards
• Currency conversion charges may be higher than usual
• NETSPay is no longer available in Singapore

How To Make UnionPay Deposits & Withdrawals

UnionPay is accepted by multiple brokers in various countries and regions. Many forex, stock and crypto brokers all support it as a method for both deposits and withdrawals. While exact procedures vary between platforms, we have created a quick guide on making payments:

1. Sign in to your UnionPay account and transfer funds using your chosen payment method
2. Go to your online trading account with your broker and sign in
3. Select whether you are depositing or withdrawing funds
4. Click UnionPay from the available methods (you may just see the logo)
5. Either login to your UnionPay account when directed, or enter your UPI card number
6. Once verified, click confirm and either deposit or withdraw capital as required

Verdict

UnionPay is a popular online payment method. It is widely used by swing traders from China, the UK, the US and many other countries. With near-instant deposits, secure withdrawals and a range of international discounts, the transfer solution has a lot to offer. See our list of supported brokers above to get started.

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