How To Send Money To China: Key Methods

Send money to China

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Key Takeaways

  • As a major international investment center, companies must know how to send and receive money from China. 
  • In addition to traditional bank transfers, it is important to consider methods offered by newer fintechs and payment techs. 
  • Expect mobile payments and digital yuan to be significant future developments in China money transfers. 

Sending money to China can be daunting, especially if you are unfamiliar with the country’s banking system.

In this article, we will explore the various options available for sending money to China and provide you with all the necessary information to make an informed decision.

Understanding the Basics of International Money Transfers

When sending money to China, it is important to understand how international money transfers work more generally. This will help ensure that the process is smooth and hassle-free and that you get the best possible deal.

1. Currency Exchange Rates

One of the most important things to consider when sending money to China is the currency exchange rate: The rate at which Chinese currency (Yuan Renminbi) can be exchanged for another currency,  affecting the recipient’s amount.

It is important to remember that exchange rates can fluctuate rapidly,  as well as the difference between “buy” and “sell” rates offered by different providers, as this can affect the amount of money you end up paying in fees.

Some major providers worth checking out for exchange rate comparisons include Wise, Paypal, Revolut, Monito, and regular banks. 

2. Regulatory Compliance

Another important consideration when sending money to China is regulatory compliance. Different countries have different rules and regulations regarding international money transfers, and you must follow them.

For example, in the United States, the Financial Crimes Enforcement Network (FinCEN) requires that all money transmitters register with the agency and comply with certain reporting and recordkeeping requirements. Additionally, some countries may restrict the amount of money that can be sent or received or require additional documentation or identification.

3. Service Fees

Finally, it is important to consider the service fees associated with international money transfers. These fees can vary widely depending on the provider, including transaction, currency conversion, and delivery fees.

When comparing providers, it is important to carefully review the fee schedule to understand exactly what you will be charged. Additionally, it is important to consider the overall value you are getting for your money, considering factors like exchange rates, speed of delivery, and customer service.

Video: Sending Money to and from China

Choosing the Right Money Transfer Service

Choosing the right money transfer service is crucial when sending money to China. With so many options available, it can be overwhelming to determine which service is the best fit for your needs. Here are some factors to consider when selecting a money transfer service.

1. Banks vs. Online Transfer Services

One of the first decisions is using a bank or an online transfer service. While banks are a traditional option, online transfer services (such as Paypal or Wise) often offer more competitive exchange rates and lower fees. Additionally, online transfer services are faster and more convenient, allowing you to send money from the comfort of your home.

2. Evaluating Transfer Speeds

Another important factor to consider is transfer speed. If you need to send money quickly, look for a service that offers expedited transfers. Some services can transfer money within minutes, while others may take several days. Keep in mind that faster transfers may come with higher fees.

3. Assessing Trustworthiness and Security

When it comes to sending money, trustworthiness and security are paramount. Look for a service that is licensed and regulated by the appropriate authorities. Additionally, consider the security measures the service has to protect your personal and financial information. Some services offer features such as two-factor authentication and encryption to ensure your data is safe.

Executing the Transfer

Once the sender has chosen the most suitable method for sending money to China, the transfer process can be executed. This section will cover the steps involved in initiating the transfer, tracking the transfer, and confirming the Receipt.

1. Initiating the Transfer Process

The sender must usually provide the recipient’s name, the amount to be sent, and the destination bank account details. In some cases, the sender may also need to provide their personal information, such as their full name and address, to comply with regulatory requirements.

2. Tracking the Transfer

Tracking the transfer is essential to ensure that the money has been successfully sent and received. Most money transfer services provide a tracking number or reference code that can be used to track the transfer’s progress. 

3. Confirming Receipt

Once the recipient has successfully received the transfer, it is essential to confirm the Receipt. This step is necessary to ensure that the money has been received by the intended recipient and that there are no issues with the transfer. The recipient can confirm Receipt by checking their bank account balance or contacting their bank to confirm that the transfer has been received.

Common Issues and Solutions

1. Dealing with Transfer Delays

Transfer delays are among the most common issues people face when sending money to China. Various factors, such as technical glitches, network congestion, or compliance issues, can cause these delays.

To avoid transfer delays, it is recommended that you choose a reputable money transfer service that has a proven track record of timely and reliable transfers. Additionally, you should ensure that you have provided accurate and complete information about the recipient, including their name, address, and bank account details.

2. Resolving Disputes

Sometimes, you may encounter disputes or issues with the recipient or the money transfer service. These disputes can be related to incorrect transfer amounts, delayed transfers, or fraud. To resolve these disputes, it is recommended that you first contact the money transfer service and try to resolve the issue directly with them. If this does not work, you can escalate the matter to a higher authority, such as a regulatory body or a consumer protection agency.

3. Understanding Exchange Rate Fluctuations

Another common issue people face when sending money to China is exchange rate fluctuations. These fluctuations can significantly impact the final amount that the recipient receives, as well as the fees that you may be charged for the transfer. To understand exchange rate fluctuations, it is recommended that you keep track of the latest exchange rates and compare them across different money transfer services. Additionally, you should be aware of any fees or charges imposed by the money transfer service, as these can also impact the final amount the recipient receives.

Tips and Best Practices

When sending money to China, there are a few tips and best practices to keep in mind to ensure a smooth and secure transaction:

  • Choose a reputable money transfer service: It’s important to select a trusted money transfer service with a track record of safe and reliable transactions. Look for a service that offers competitive exchange rates, low fees, and fast transfer times. Some major providers include Paypal, Wise, Revolut, and Monito

  • Verify recipient information: Before sending money, double-check the recipient’s name, address, and bank account information to ensure accuracy. This will help prevent delays or errors in the transfer process.

  • Be aware of transfer limits: Some money transfer services may have daily or monthly limits on how much money can be sent to China. Make sure to check these limits before initiating a transfer.

  • Consider currency exchange rates: When sending money to China, it’s important to know the current currency exchange rates. This will help you get the best value for your money and ensure the recipient receives the correct amount.

  • Keep records of your transactions: It’s a good practice to record all your money transfer transactions, including the amount sent, exchange rate, fees, and recipient information. This will help you track your expenses and provide documentation in case of any issues or disputes.

Future Trends in Money Transfers to China

As technology advances, the future of money transfers to China looks promising. Here are a few trends to keep an eye on:

1. Increased use of mobile wallets

Mobile wallets are becoming more popular in China. With the rise of mobile payment platforms like Alipay and WeChat Pay, more people use their smartphones to make payments and transfer money. This trend will likely continue as more people in China gain access to smartphones and become comfortable using mobile payment platforms.

2. Blockchain technology and digital yuan

Blockchain technology may revolutionize how money is transferred to China. Blockchain technology can provide a secure and transparent way to transfer money, which can help to reduce fraud and increase trust. 

A related development is the digital yuan, a digital currency managed and regulated by the People’s Bank of China (PBOC). 

3. Increased competition

As more companies enter the money transfer market, competition is expected to increase. This competition can lead to lower fees and better exchange rates for customers. It is important to compare different companies’ fees and exchange rates before choosing a money transfer provider.

Overall, the future of money transfers to China looks promising. With the rise of mobile wallets, the potential of blockchain technology, and increased competition, customers can expect to see more options and better services in the coming years.

Seek Expert Advice When Sending Money to China

Companies sending money to China need to ensure they do so cost-effectively, and in full compliance with China anti money-laundering and finance laws.

To ensure this proceeds smoothly, get in touch with China’s top tax and financial advisory experts. MSA will ensure that you find the best method for getting your money to China. 


What is the best way of sending money to China?

Bank transfers are an option, but many find that they get a cheaper foreign exchange rate by transferring using a specialist payments provider.  

Some of the leading providers are Paypal, Wise, Revolut and Monito