UnionPay is a widely used payment card in China, and it is therefore in many cases the most convenient way for Chinese traders to transfer money to a low spread forex broker, whether it is located overseas or within Mainland China. In addition to being used in China, UnionPay also has a large number of merchants and individual users around the world. UnionPay is the only interbank network in China, linking together all ATMs and banks in the country.
A challenge when using UnionPay to transfer money to low spread forex brokers overseas is the limitations that are in place for currency transfers out of China. However, this is not just limited to UnionPay, but applies to all regulated payment platforms that deals with Chinese Yuan (CNY).