Vietnam: OKLink launches real-time delivery to banks, mobile wallets and same-day transfer via cash

vietnam-remittance-stats

OKLink partners can now transfer up to US$10,000 to Vietnam via a bank account, cash pickup or mobile wallet for a total delivery fee of 0.5%, calculated at the mid-market exchange rate with no hidden charges.

Remittances from Vietnamese overseas remains a key part of the country’s economy, equivalent to about 7 percent of gross domestic product according to 2015 data from the World Bank.

Using OKLink, independent transfer companies can allow customers to send money to Vietnam much quicker and at a rate much cheaper than incumbents like Transferwise.

vietnam-rates


Whether you’re a multinational company, e-commerce merchant, or a transfer company serving remittance needs to Vietnam, your customers can now make transactions within 30 minutes to any account with 27 banks; within the same day to cash pick-up locations across the country; and real-time to ATM cards with 22 banks. In addition, we support real-time transfers to mobile wallets via Vimo, a mobile payment platform that handles fund transfers, bill payments, online shopping, top-ups, and cash withdrawal.

Here are more details on sending to Vietnam with OKLink:

vietnam-chart
Payouts are currently available at 27 banks via deposit accounts and 22 banks via ATM cards, including:

vietinbank_logo      agribank-logo-big      vietcombank_big      bidv-bank

From now until 31 March 2017, OKLink is subsidizing all fees on the first US$100,000 of cross-border transfers for every partner on the OKLink network.

 

Canada: OKLink launches same-day delivery to all banks and credit unions

Within one working day, OKLink partners can now transfer up to US$ 10,000 to a bank or credit union account via our delivery partners in Canada for a total delivery fee of 0.5%, calculated at the mid-market exchange rate with no hidden charges.

canada-payoutsWhether you’re a multinational company, e-commerce merchant, or a transfer company serving expats sending money back home, OKLink lets you and your customers make transactions near real time to any bank and credit union account in Canada at a rate significantly lower than incumbents.

Here are more details on sending to Canada with OKLink:

canada-chart

Payouts are currently available at 24 banks and credit unions in Canada, including:

td-bank      BMO_Sponsorship_2RB      rbc-use      cibc      scotiabank      national-bank-of-canada

From now until 31 March 2017, OKLink is subsidizing all fees on the first US$100,000 of cross-border transfers for every partner on the OKLink network.

OKLink launches Eurozone payout service in 19 countries

All 100+ partners on the OKLink network can now let their customers send Euros (EUR) to any of the 19 countries within the Eurozone, which consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.

Whether you’re a multinational company, e-commerce merchant, or a transfer company serving expats sending money to Europe, OKLink lets you and your customers make transactions real-time to any bank account within the Eurozone at a rate significantly lower than incumbents.

europe-rates

Here are more details on sending to Europe with OKLink:

Europe-payout

From now until 31 March 2017, OKLink is subsidizing all fees on the first US$100,000 of cross-border transfers for every partner on the OKLink network.

For more information and to get started with your first transfer to EUR, please contact partner@oklink.com.

Introducing OK Dollar (OKD) – digital USD settlement

OK Dollars (OKD) are open source digital tokens issued by OKLink and are backed 1 to 1 with USD for the purpose of instant, verifiable, and secure settlements. It is a medium of transaction settlement in addition to bitcoin (BTC) between companies on the OKLink network. The full reserve of USDs are secured by Equiom, a neutral and reputable trust company in Hong Kong.

Why use OK Dollars instead of bitcoin?

OK Dollars are a digital representation of USD and provide the option of settling transactions using a secure digital token backed by a global currency. OK Dollars are real-time and secure as a cross-border transfer settlement option, and it solves some of bitcoin’s limitations such as volatility and a lack of liquidity in certain markets.

How to purchase and sell OK Dollars

To purchase OK Dollars, you have to make a USD wire to Equoim’s account in Hong Kong. OKLink will then issue and credit your account with the equivalent OK Dollars immediately. Neither OKLink nor other parties on the network have the right to redeem the USD, which is held legally to you by the trust company.

You may sell your OK Dollars on the platform for the exact same amount in USD (1 OKD = 1 USD) and receive a wire in your USD bank account.

How OK Dollars are used in every transfer

transfer-okd20161021-1

For each transfer, OKLink will calculate the exact amount of OK Dollars needed for payout using the mid-market rate and the delivery fee. The Transfer Company will then send OK Dollars to a multi-sig escrow account, with keys held by the Transfer Company, the Delivery Company, and OKLink. The OK Dollars are only released from the escrow account when the Transfer Company or OKLink confirms that the Recipient has received the transfer. OKLink enables instant settlement while eliminating counterparty risk at the transaction level.

Questions?

If you have questions about anything regarding OK Dollar, please contact us at support@oklink.com.

Rates demystified: How OKLink sources FX rates to determine fees

Among the most frequently asked questions we receive is one about how we source the mid-market rates used in our fee calculation. Here’s everything you need to know about where we source our mid-market FX rates from and how our fees are determined as a % premium over the FX rate.

1. We use real-time mid-market rates from Currencylayer and OKCoin

As we serve many transfer companies on OKLink network, we understand it is vital to maintain a neutral FX rate which is reliable and fair for all. OKLink uses the mid-market rates as provided real-time from the following vendors:

  • Fiat currency exchange rates are from Currencylayer, a leading exchange rates provider used by companies globally like FedEx and Lyft. We decided to use Currencylayer after extensive research that proves it to be one of the most reliable and affordable solutions for financial data via an easy to use interface.
  • BTC/USD exchange rates are from OKCoin, one of the largest exchanges in the world for BTC/USD trading.

Upon making your transaction on OKLink,

  • Rates are determined at the time when the transfer is initiated on the web or API. When you initiate the money transfer on our web or API interface, the FX rates are determined instantly. Because the mid-market rate we obtain is on a real-time basis, the determined rate at the time of your order initiation is the interbank rate used in the FX market at that moment.
  • The payout amount in local currency will be locked-in for 30 minutes. The FX rate that was determined at the time you initiated your transfer on OKLink will be locked in for 30 minutes. During this time, you will be able to double confirm your transfer details before submitting your order.

2. Our fee is then determined as a % premium over the FX mid-market rate

Let’s say you would like to send 1,000 HKD to South Korea and are using OK Dollars (OKD) as your method of transfer. We will calculate exact amount of OKD’s needed for you to make this transaction, and show the calculation breakdown for you. Our pricing is determined as a % premium over the mid-market FX rate.

fx-rate

Read here for how OKLink makes US$100 million of transfers free for global remittance companies.

OKLink has just become the best way to transfer money to Korea

Today, we’re launching real-time transfers to South Korea.

s-korea-remittanceIt is as fair and secure as ever, with a total delivery fee of only 0.5% for any transactions up to USD 10,000. Whether you’re a payroll company or a transfer company serving inbound settlement needs like tuition fees, e-commerce payments, or foreign worker remittances, OKLink lets you and your customers send money real-time to any Korean bank account at a rate significantly lower than incumbents.

From now until 31 March 2017, OKLink is subsidizing all fees on the first US$100,000 of cross-border transfers for every partner on the OKLink network.

Our major payout partners in Korea include leading fintech company Bluepan, which has processed more than USD 40 million in remittance to Korea since May 2015. The partnership opens a corridor that many transfer companies currently do not support, allowing all 100+ partners on the OKLink network to let end customers send KRW directly to any bank account in Korea.

%eb%b8%94%eb%a3%a8%ed%8c%ac_%ec%9b%90%eb%b3%b8-1SangHyun Lee, CEO of Bluepan, said, “ We are very excited and pleased to work with OK Link as a Korea payout service company. Bluepan can provide OK Link’s partner companies with remittance services leveraging our industry-leading blockchain technology. This is is a great opportunity for us to grow together with OK Link’s partner companies.”

Here you’ll find everything you need to know about payments to South Korea.
s-korea-rates-comparison-oklink

Payouts are currently available at 52 banks in Korea, including:

kb-logo       hanabank      citi  woori_financial_group      shinhan-bank

Limited time offer: Make 5% extra on transfers to India

The recent banknote crunch in India has sparked interest in bitcoin and we are seeing a marked price difference. Bitcoin is selling for more in India, and the price discrepancy means you can get 5% more if you send to India on our network.

Currently, our network allows partners to send money to India at the industry’s lowest fee of 0.6% compared with tradition rates of 3-5%. Payouts to bank accounts are available throughout the country at 49 partner banks.

With this promotion, all recipients in India will get an extra 5% based on the amount calculated on the website. This means you can actually gain money on transfers to India.

Take sending 100 USD to India as an example:

Mid-market rate:          100 USD > 6779 INR

OKLink rate:                  100 USD > 6723.22 INR

Extra 5% rate*:              100 USD > 7059.38 INR

*This is a limited time only offer. Immediately effective until further notice. It may not last very long!

OKLink recently partnered up with Indian bitcoin exchange Coinsecure to bring down cost and expedite inbound remittance to India, bringing the first blockchain-backed remittance services to India.