Trade with China

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Sourcing from China

How to Send Money to China

How to Send Money to China

Chao Cheng

China Market Expert Expert, Senior Partner at SinoStep
Author of Sell Online To China (Your Opportunity in China’s Booming Cross-border eCommerce Market) andHow to Build A Right Chinese Website That Works In China.

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.

see Chao's Bio

Latest posts by Chao Cheng (see all)

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.


Use the links below to jump to each section:


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.

Important:

  • 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.

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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.

Withdrawal

  • min. $50, 1-3 working days. can be as fast as 15 mins.

Mastercard

  • 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.

Payoneer-withdrawal

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

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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.

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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

xoom

New User Promo: Get a $20 Amazon eGift card!

xoom-gift

If their first transfer is $400 or more (transaction fee excluded), you’ll get a $20 Amazon eGift card.

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4. TransferWise


TransferWise launched money transfers to China in the fall of 2016.

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

Basic Information Notes
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
Required Details
Recipient Full Name Yes First name and surname – English characters only
Recipient UnionPay Card Number Yes Card number should be 16 to 19 digits
Features
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.

transferwise

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:

  1. Agricultural Bank of China
  2. China Merchants bank
  3. China Minsheng bank
  4. Industrial Bank Co
  5. Shanghai Pudong Development Bank
  6. 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.

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5. WorldFirst

WF

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

Advantages

  • 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.

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How to Send Money in Person

Here are a few options for sending money to China 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.

Special Notice

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.

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2: Write A Check

Sending a check from your bank to China is a perfectly cost effective way to get money into China.

Cost Efficient

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

  1. The cheque takes anywhere between 30-60 days to clear. Plan it well enough ahead.
  2. It takes time on road if you send the cheque to your receiver in China, he shall be patient enough too.

 

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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.

Instant Transfer

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.

WU

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.

Special Notice

  • 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

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If you have any questions, feel free to let us know!

 

How To Make A Fortune In China Avocado Market

How To Make A Fortune In China Avocado Market

Chao Cheng

China Market Expert Expert, Senior Partner at SinoStep
Author of Sell Online To China (Your Opportunity in China’s Booming Cross-border eCommerce Market) andHow to Build A Right Chinese Website That Works In China.

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.

see Chao's Bio

Latest posts by Chao Cheng (see all)

China avocado market is taking off.

The passion for avocados started from affluent Chinese consumers in 1st tier cities.

Chinese consumers call avocado as “Niu you Guo”, literally “butter fruit” for its taste. This fruit is thought to be nutritionally dense and good for health.

The Growth of the Avocado Market in China

How Did Avocados Become Popular Here?

Thirty years ago, it was impossible to find a single avocado in China.

Nowadays, you can easily find such cuisine or drinks with avocados everywhere.

Avocados show up in restaurants, liquor stores, or supermarket shelf, along with its high price.

We can see it in salads, milkshake, pasta dishes, and juices.

The Introduction

The initial introduction of avocados into Chinese market is in the year 2005 from Mexico.

The variety called ”Hass” is a total failure.

Most of Chinese people couldn’t accept its taste.

It is different from other tropical fruits like oranges, kiwi fruits, mango, etc.

Some Chinese customers even regarded the fruit as grenade at their first glance.

High price accounted for the main reason why people did not buy.

With the total tax taking up to 40% with tariff of 25% and VAT among 13% to 17%, avocados could only show up in high-end supermarkets.

People stay away from these USD23/kg avocados.

That’s why the fruit remained nameless for many years.

The Boom

The turning point came in 2014.

Chile is the country that the market success should be attributed to.

  • With up to four-year-time business negotiation,
  • continuous popularization on retailing market network,
  • setting up booths at various exhibitions
  • and organizing popular talks to promote the awareness and the nutrition of avocado,

Chile had exported 528 tonnes of “Hass” to China’s market within two-month-time, before it obtained the market entry license.

In the next following year, Peru opened up its market in China as well, enjoying zero tariff preferential treatment as Chile did.

And as Chile increased its production by 35%, the China avocado market became abundant hence the price became acceptable by the majority.

Mexico Avocado in a retail fruit store in Shanghai

Mexico Avocado in a retail fruit store in Shanghai

Where Do Chinese Import Avocados From?

Nowadays, China generally imports most of its Avocados from

  • Mexico, 
  • New Zealand, 
  • Australia, 
  • Chile 
  • and Peru, 

with Mexico as its biggest supplier.

What Drives the Sales of Avocado?

This exotic fruit is now reputable in China, esp. in 1-2 tier China cities, thanks to its nutritive value, containing fats, proteins, vitamins, minerals and other elements.

Nowadays, family health care premiums exceeding income has become a biggest concern. More Chinese people are willing to purchase healthy food.

In addition, supermarkets and local importers make efforts to educate customers

  • how to maximize the benefits of avocado,
  • how to select the ripe ones,
  • and how to make various dishes with them.

People always share their photos online with different recipes.

Higher exposure rate makes web surfers familiar with the fruit.

China Avocado Market: Chances for Avocado Growers

Explosive growth in the China market

The demand for avocados is currently focused in developed countries.

Avocado consumption is on the rising trend, not only in the US and Europe.

Many avocado growers found China is a new market with great potential.

Statistics show that the import quantum of China was only 31.8 tonnes in 2011. In the year 2014, the number rose up to 4,700 tonnes. And the overall import volume rocketed to 1,4980 tonnes in 2016.

2014 is an important year. Avocado imports grew by 376% in 2014, and Chinese people’s consumption of avocados has soared 127-fold between 2010 and 2014. In the first quarter of 2015, Chinese companies imported 486% more avocados from Mexico than in the same period of 2014.

Similar as pecan market growth in China, the demand for avocados in China market will undoubtedly continue to increase.

China avocado distributors and retailers are optimistic about this unstoppable market growth.

The chances for overseas avocado growers are extremely large.

Local Avocado Production in China

The shortage could be foreseeable in the next 10 to 15 years if the Chinese market continues to grow.

The avocado is now also cultivated in China, mainly in the regions of Guangxi, Hainan, Yunnan, Guangdong, Guizhou, Fujian, Zhejiang (Wenzhou) and Sichuan (Panzhihua city) in China. However, China so far does not make a very large commercial production.

Local commercial production of avocado is still in its infancy and the planting area is very limited.

China avocado market will depend on imports for a predicted long time.

Challenges for Your China Market Entry

Right Marketing Strategy Rules

Whether China avocado market is a lasting success relies on the right marketing.

There are two major concerns for Chinese consumers.

  • Taste

As the flavor is neither sweet nor sour, avocados seemed less popular than other tropical fruits like mango or kiwifruits. But people start to prefer its taste as time passing by, since I always hear people say, avocados can be of any flavor depending on the mixture.

  • High Fat Content

An avocado contains 250 calories in average, which becomes a main reason for many people to reject it.

But actually it’s only a matter of knowledge obstruction, given the fact that the calories contained in avocados attribute so little to people’s weight.

Education is the key.

We’ve witnessed the success in big cities as Shanghai, Beijing, Guangzhou, where consumers are open to new things.

With the right China marketing strategy and Chinese Social Media Marketing, it’s likely to be successful in a wider market in the next few years.

Sell to the Right China Importers and Buyers

It is a big challenge to find long-term trustful buyers.

We all know that an ideal customers should be powerful enough to place big orders consistently.

We’ve been successful in matching decent buyers with reputable overseas buyers.

It is both big business for you and China buyers.

Effective communication is the key and face to face negotiations are necessary in most cases.

SinoStep China Business Development and China Sales Starter services are your perfect choices to start selling in China.

We help you visit China local buyers in person, check their facilities, verify their capabilities and help you sell more.

You can see my personal purchase tour in USA and Mexico for Pecan business.

Pecan Purchase Tour in USA and Mexico

Conclusion

The Chinese avocado market is booming and it offers real opportunities NOW to both China domestic importers, distributors, but also overseas avocado growers.

Selling to trustful China buyers is a big challenge, but a right market entry partner will make it easier.

Effective Guide to Your Successful China Sourcing

book-Effective Guide to Your Successful China Sourcing

Effective Guide to Your Successful China Sourcing

Chao Cheng

China Market Expert Expert, Senior Partner at SinoStep
Author of Sell Online To China (Your Opportunity in China’s Booming Cross-border eCommerce Market) andHow to Build A Right Chinese Website That Works In China.

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.

see Chao's Bio

Latest posts by Chao Cheng (see all)

As one of the most important world expert powerhouse, China is the target for many companies around the world, whether giant multinationals or small to medium companies, to source products.

I’d been working with many clients in the past ten years to help them source and coach them with a better approach in their China sourcing activities. There are many interesting stories and I am sure these always happen when two different cultures meet.

I’d like to share some tips and welcome your feedback.

Top Challenges of Sourcing from China

You will meet up with many challenges in your China sourcing activity from the first day you decided to do it. Continue reading

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