Cross-border payments are no longer just a financial process — they are central to business growth.
For UK merchants serving Chinese consumers, the choice between traditional bank transfers and modern digital solutions can determine customer loyalty and operational efficiency.
In this article, we compare traditional bank transfers with GlobePay’s Chinese payment solutions, and explain why UK businesses are choosing smarter ways to receive funds.
1. Speed of Settlement
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Traditional Bank Transfers: Typically 3–7 business days, with possible delays caused by international clearing systems.
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GlobePay: Transactions are confirmed instantly, and funds will be received after 2 working days of the payment being made. Giving merchants faster cash flow and customers immediate peace of mind.
⏱ Fast payments lead to faster growth.
2. Transaction Costs
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Traditional Bank Transfers: High international fees (£20–£50 per transaction) plus hidden FX charges.
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GlobePay: Transparent, low-cost pricing with direct RMB-to-GBP settlement. Merchants save on both fees and exchange rate losses.
3. Customer Experience
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Traditional Bank Transfers: Complicated forms, long wait times, and frequent errors.
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GlobePay: Familiar wallets like Alipay, WeChat Pay, and UnionPay, offering a smooth and trusted checkout process.
📱 Customers prefer payment methods they already know.
4. Reconciliation & Reporting
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Traditional Bank Transfers: Minimal payment details make reconciliation slow and prone to mistakes.
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GlobePay: Provides a merchant dashboard with real-time monitoring, easy reconciliation, and exportable financial reports.
5. Industry Applications
GlobePay helps UK businesses in:
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Education – tuition and accommodation fees
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Retail & Hospitality – seamless checkout for Chinese shoppers
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Services – travel, education, property rental, and more
Market Outlook for Cross-border Payments
Over 90% of payments in China are now made via digital wallets. Merchants that adapt to this shift can capture more customers and simplify operations.
Traditional bank transfers are slow, costly, and complex. GlobePay offers UK merchants a faster, more efficient alternative to receive payments from Chinese consumers.
