MoneyTT is a financial service originally established in the early 1990s to enable the Chinese community based in the United Kingdom to transfer funds to their families who remain at home in mainland China. It has since expanded, and provides services far in excess of its original limited remit. MoneyTT is fully approved by the China Banking Regulatory Commission and it is also registered with State Administration of Foreign Exchange to work with banks in China and to provide payment services to customers. This official recognition is important, since the Chinese government retains controls over many fundamental aspects of the economy, despite the loosening of regulations and the opening up to Western markets which has occurred in recent times.
It is also a very useful means by which Chinese people can buy foreign currency when abroad, as the official currency of the Renminbi (still commonly referred to as the Yuan) can still be difficult to exchange in many places overseas. Most major world currencies can be exchanged for Renminbi on MoneyTT, including the US Dollar, the UK Pound, the Euro, the Japanese Yen and the Swiss Franc.
The Money TT website is notable for the absence of the usual PR niceties, being well-written and functional, but somewhat lacking in the expected marketing style updates. This is probably more due an absence of traditional western capitalist commercialism than indicative of any sinister government control or censorship. The “News” section contains no information at all and has not been updated for over six months at the time of writing. It is also somewhat amusing to note that the FAQ tab is also non-functioning. But it would surely represent unacceptable western prejudice to suggest that it remains unwise to ask questions in China!
Speaking of which, whether the Chinese government would approve of the decadent use of the official currency to make payments to online bingo sites is doubtful, but given the popularity of gambling across South East Asia, it seems inevitable that such illicit transactions take place. And any Chinese bingo fans based in the United Kingdom are of course encouraged to use our superb online bingo site reviews to choose the best titles to play on.