Cheng Chao has extensive expertise in China market entry, global translation & localization, cross-border business development, and global digital marketing.
Chao founded ChineseTrans, where he led a team of senior linguists to establish ChineseTrans as the market leader in professional Chinese translation services.
Since 2011, Chao has served as the managing director of SinoStep, a consulting agency helping foreign investment enter into the China market. Backed up with a strong team of China business consultants experienced in different sectors, Chao has successfully introduced dozens of overseas brands into the China market, established their operations in China on early stage and adapted their businesses to the China market.
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This is a comprehensive guide listing options on how to send money to China.
If you’re trying to transfer money to China.
Reading this guide is a must.
How to Send Money to China Online
How to send money to China fast?
Without going out your door?
You can easily send money to China online using your laptop computer or mobile phone.
- If you want to send money to yourself. You need to have a Chinese bank account or a Hongkong bank account.
- If you already have one, be sure to enable online money transfers functions.
1. Payoneer: Easy & Quick
Payoneer is a quick and easy solution to receiving payments worldwide. It’s a new and an alternative way of getting paid for performing services.
Payoneer also gives you an alternative way to pay people directly without using a third party payment service.
- You can set up either business account or individual account.
- US company
- Send payments in over 150 different currencies to more than 200 countries, and offer your beneficiaries customer support over chat, email and telephone in 35 languages.
- min. $50, 1-3 working days. can be as fast as 15 mins.
- Payoneer users can apply for an ATM Debit card with the Mastercard logo.
- You can withdraw the funds at any ATM machine that accepts Mastercard.
- Annual fee$29.95, not recommended for the high cost of withdrawal.
The Cost of Payoneer
- Free transfer between Payoneer accounts, within 2 hours.
- Withdraw fee to local bank account 1.2-2% of total amount.
New User Signup Promo!
- Get $25 bonus! when you receive $100.
- Withdraw fee to local bank account 1.2% of total amount instead of 2% through official website
2. PayPal: Widely Used
A widely used option is PayPal.
To get started, simply create an account and send it to the receiver using his/her email address.
The transfer is instant, but it takes a couple days to withdraw the money into the bank account.
Cost to use Paypal
- Exchange rate: PayPal allows you to see the current exchange rate at Manage Currencies under Paypal balance.
- Fees: PayPal charges a cross border fee due to extra costs involved in processing multi-currency payments. Cross border fees on international money transfers using a PayPal balance or bank account ranges from 0.5% to 2% of the payment amount. For payments made with a credit or debit card, the fee runs from 2.9% to 7.4% plus an additional fixed fee based on the country of the payment recipient. In China, it ranges from 2.9-4.4%+$0.3.
- Time: Instant virtual transfer; 3-5 days to withdraw to the bank account.
Why Paypal? Or Not?
- It is a popular choice when there are not many alternatives.
- It is a good choice small amount of money transfer, and between friends.
- e-Check can also be cost effective.
- the cross border fees can be expensive for sending large amounts.
3. Xoom, A Paypal Service
With Xoom, you can instantly deposit money to your recipient’s UnionPay credit or debit card in mainland China. The card is provided by most major banks, including Bank of China, Industrial and Commercial Bank of China, and China Construction Bank.
Simply create a free Xoom account to start sending money. Then:
- Select the amount you’d like to send
- Pick your payment method (bank account, credit, or debit)
- Enter your recipient’s bank card number
- Enter their family name and given name in Pin
Additionally, you can send money to bank accounts in Hong Kong.
Recipient have to be a Chinese citizen
Your recipient must have Chinese citizenship. If you send money to someone who lives and works in China, but isn’t a Chinese citizen, your transaction will be cancelled.
Renminbi or U.S Dollars?
Xoom converts your U.S. dollars into renminbi.
How long will it take for my transfer to arrive?
Deposits are instant when you send money during bank processing hours (7 a.m. to 10 p.m., Beijing Standard Time).
If you send money outside of this time frame, your transfer will go through when the bank begins processing. For instance, if you send money at 11:59 p.m., BST, your transfer will be processed the next business day at 7 a.m., BST.
The Cost of Xoom
New User Promo: Get a $20 Amazon eGift card!
If their first transfer is $400 or more (transaction fee excluded), you’ll get a $20 Amazon eGift card.
TransferWise now supports Chinese Yuan (CNY) transfers to Chinese UnionPay card accounts. It’s fast, as fair as ever, and – with a fee starting from ¥24 – it’s great value, no matter how much you’re sending.
China is currently the most expensive major currency corridor, according to the World Bank, with the average cost of sending $200 (£140) from the UK to China standing at a staggering US $19.6 (£13.70) or 9.8%.
Everything you need to know about transferring to Chinese Yuan (CNY) with TransferWise
|TransferWise Fee||1.5% (or 24 CNY for under 1600 CNY)||When sending from currencies where the fee would normally be 0.5%, the fee is instead 1.5%.|
|Delivery time*||8-9 Working Hours||*After payout. Please keep in mind that TransferWise can take up to two working days to convert your funds from receiving the deposit|
|Maximum amount (per transfer)||31,000 CNY||Maximum Limits for CNY – 5,000 USD (or equivalent) per transaction, 10,000 USD (or equivalent) per day, 50,000 USD (or equivalent) per year as above.|
|Countries we can send to||China only|
|Additional Receiving Banking Fees||None|
|Recipient Full Name||Yes||First name and surname – English characters only|
|Recipient UnionPay Card Number||Yes||Card number should be 16 to 19 digits|
|Amount Lock Transfers||Yes||The currency you’re sending from must also be able to send fixed amounts.|
|Business payments||No||We can only send CNY to Private recipients, not businesses.|
- You can only make CNY transfers to recipients who have a UnionPay bank card.
- Your recipient must be a private individual – you cannot make CNY transfers to a business.
- You can only make transfers to Chinese Yuan from this list of eligible countries.
- Recipients with UnionPay can only receive an amount of 10,000 USD (or equivalent in CNY) per day, or 50,000 USD (or equivalent in CNY) per year, from any remittance provider. If your recipient has previously received international transfers, via any provider, this will count towards this limit (for example, if they have received 20,000 USD already this year, their limit is 30,000 USD).
Sending money to China? Save with TransferWise
- TransferWise will charge 1.5% for transfers with a delivery time of 1 to 3 days.
Anybody with a UnionPay account will be able to receive transfers.
Supported Banks excluding these
TransferWise can send funds to many banks in China, however there are some exceptions. There are some banks that do issue UnionPay cards, but do not accept overseas remittances, meaning that we are not able to support transfers to:
- Agricultural Bank of China
- China Merchants bank
- China Minsheng bank
- Industrial Bank Co
- Shanghai Pudong Development Bank
- Bank of Communications
TransferWise, coming soon to WeChat
With the TransferWise Official Account on WeChat, you’ll be able to send money straight from the WeChat app.
Not Losing money through poor exchange rates Again
At World First, you can get very competitive exchange rates compared to the big 4 banks, which means you’ll end up with more money in your pocket after your transfer is complete*.
Strong at USD, CNY and CNH
WorldFirst specializes in sending USD, CNY and CNH into China.
and you can even chat to one of our friendly Chinese-speaking currency specialists who can help you with your transfer.
Cost of WorldFirst
- No other costs but exchange rate loss.
- 1% for converting major currencies: USD, GBP and EUR to Chinese YUAN
- 1-2.5% for converting other currencies to Chinese YUAN
- No annual cost
- Support more currencies.
- No withdrawal limit.
Note: Before doing any online banking in China, particularly if you’re on a public wifi, we suggest that you consider securing your activities from hackers using one of these VPNs.
How to Send Money in Person
1. Wiring Money from Your Bank to China
- Formal, traditional way to send the money.
- suitable for large sum of money.
- slower than some other new ways.
- less efficient.
Cost of Bank Wire Transfer
- each transfer will cost around USD30-45.
Wiring money from your bank account to China is a pretty straightforward process.
But make sure you do it right.
- Make sure you confirm with the recipient on the account number and account name before you send the money.
2: Write A Check
Sending a check from your bank to China is a perfectly cost effective way to get money into China.
The receiving China bank will probably charge you around US$15 for each cheque and it will cost you nothing as a sender.
Mind the Time
- The cheque takes anywhere between 30-60 days to clear. Plan it well enough ahead.
- It takes time on road if you send the cheque to your receiver in China, he shall be patient enough too.
3: Western Union
Western Union is a good option for sending money to China too.
Western Union has operations in over 200 countries around the world and here in China.
Their large presence speaks convenience.
Unlike other options that take 3 to 5 days to complete the transfer, money sent through Western Union is immediately available making it a great option if you are in a hurry.
How it Works
Bring the sum of money you want to send in cash to an agent, present your passport, complete the money form, and list whoever will pickup the money in the recipient country. The agent then provides you with a tracking number (MTCN), which the designated recipient uses to collect the cash.
Cost of Western Union
- Fees: Anywhere between US$15-$40, depending on the amount being sent.
- You must list the recipient’s entire name as listed on their identification.
- Inform your recipient to call the Western Union agent if the sent money amount is a big one. They do not have much cash on hand.
Check out Western Union
If you have any questions, feel free to let us know!