Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Find the best way to send money to China

Compare 5+ companies that can send money to China from Canada.

Looking for the best way to send money from Canada to family, friends or businesses in China (or even to your own overseas bank account)?

Don't head straight to your Canadian bank – compare specialist money transfer services instead. They nearly always offer better CNY exchange rates and lower fees, so for the same amount of Canadian dollars you send, your recipient will receive more Yuan renminbis.

Of the companies we've compared, OFX is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Instarem can get money to your recipient in China within minutes.

Best ways to send money to China from Canada

The best way to send money to China depends on your payment method, how you want your money to be received and how fast you need it to arrive.
  • Bank transfer. Typically the cheapest option, bank transfers are an easy way to send money to China but are often slower than other methods.
  • Peer-to-peer (P2P) transfer. With this type of transfer, the transfer service matches people buying Canadian Dollars in one country with people who are selling it in another, potentially securing a more competitive exchange rate.
  • Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.
  • Prepaid phone credit. Specifically used to top up a recipient's prepaid mobile phone plan, prepaid phone credit is usually added instantly or within a few minutes.

Compare the best money transfer companies to send money to China

Use our table to compare the best money transfer companies to send money to China. You can compare deposit and receiving options, fees and transfer speeds, then click the "Go to site" button when you've found the best one to get your money to China.
1 - 6 of 6
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
OFX
24 hours
$0
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Remitly
Within an hour
$1.99
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Wise (TransferWise) - Under 10k
24 hours
From 0.35%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Simplii Financial
Within minutes
$0
Up to $300 off your first Global Money Transfer with our code GMTEVENT depending on the amount you send. For cash pickups instead, earn $50 using code CASH. Limits and regulations apply.
Send money without fees and at competitive exchange rates to 130+ countries.
OFX
24 hours
$0
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Instarem
Within minutes
From $0
Instarem offers zero transfer fees on all transfers.
loading

Compare up to 4 providers

Cheapest way to send money to China

Bank transfers are typically the cheapest way to get your money to China. OFX and Instarem have some of the lowest bank transfer fees of the brands we've compared.

When you're hunting down the cheapest ways to send money to China, it's more important to look at the overall cost of your transfer. This has a couple of elements:
  • Transfer fees. While still cheaper than your Canadian bank, some money transfer services charge either a fixed or percentage-based fee for making your transfer.
  • Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market CAD/CNY exchange rate.

Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Yuan renminbis your recipient will end up with.

Fastest way to send money to China

Many online providers can offer transfers to China within minutes, although you're likely to pay a premium for the convenience.

Here are some of the fastest average transfer speeds to China:
  • Instarem — within minutes
  • Remitly — within an hour
  • Wise (TransferWise) - Under 10k — within hours

Actual transfer times from Canada to China can depend on several different factors including transfer amount, payment method and currency.

Safest way to send money to China

The safest way to get your money to China is to use a provider registered with Canada's industry regulator, the Financial Consumer Agency of Canada. All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Canada and China.

A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.

Large money transfers to China

If you need to make a sizable money transfer to China, consider using a provider such as OFX or Simplii Financial to benefit from its expertise in handling larger transfer amounts.

Using a large transfer specialist can have the following advantages:
  • Tax guidance. Large transfers to China may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on CRA's latest advice.
  • Foreign exchange (forex) tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the CNY exchange rate you want.
  • Account manager. Some money transfer providers assign a personal account manager who can help and advise you on your transfer needs.
  • Phone service. If you want to talk your transfer through with someone, providers such as Remitly and OFX can give you support over the phone.

How to send money to China from Canada

To send money to China, you'll need the necessary documentation, your recipient's details and a way to pay.

  1. Compare your options.
    Use our table to find a money transfer provider that sends funds to China. One may be better for cash pickups while another may suit a bank transfer. Once you've found the best one for your requirements, click "Go to site".
  2. Create an account.
    You'll need to give your name, address, contact details, proof of ID and method of payment.
  3. Provide your recipient's details.
    Enter your recipient's name and contact information. If you're sending straight to their Chinese bank account, you'll need the account number, SWIFT or IBAN plus their bank branch's address.
  4. Enter your transfer amount.
    Check you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total Yuan renminbis your recipient gets.
  5. Complete your transfer.
    Send your money transfer to China. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.

Example: Wang sends money to China

Wang is working in Canada as a financial analyst and he stays in regular contact with his elderly parents back home in China. His parents need some funds to help pay off a mortgage, so Wang plans to send them $2,000 from Canada.

He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.

Bank Money transfer company
Exchange rate 1 CAD = 4.97 CNY 1 CAD = 5.04 CNY
Transfer fee $10 $2.50
Transfer method Bank account deposit Bank account deposit
Processing time 2 - 5 working days Next day
Amount received 9,891.86 CNY 10,060.59 CNY

The money transfer company enables Wang to send an extra ¥168.73, which is transferred straight to his parents' Bank of China account.

How to choose the best money transfer companies to send money to China

When choosing a money transfer provider to send money from Canada to China, it's important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:

  • Exchange rates. Banks and transfer services use the mid-market rate to trade with one another. It is the best rate you can get. However, not all money transfer providers offer you this mid-market rate so compare the CNY you're offered to the mid-market rate and look for the smallest difference.
  • Transfer fees. Are you being charged a flat fee or a percentage of your transfer amount? For example, a provider offering to transfer your money to China for a flat or low fee might work out better if you plan to send a large amount.
  • Transfer type. Does your recipient have a Chinese bank account or is cash or cell phone top-up a better option? Each transfer type will have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
  • Transfer speed. If you need your transfer to arrive quickly, you can pay for an express delivery. Some companies offer instant cash pickups but may charge more. If you're not in a rush, online money transfer services offer the best value and get your money to China faster and cheaper than banks.
  • Transfer purpose. Whether your transfer is for personal or business reasons influences which provider you want to use. If it is a one-off personal transfer, then fast and cheap may be the way to go. But if you make recurring transfers or send large amounts, a business transfer specialist like may be more economical.
  • Transfer limits. Find out how much you can send with each service. For example, Instarem has a transfer limit of $3,000 while Wise (TransferWise) - Under 10k allows transfers up to $1,500,000.
  • Customer support. If you're sending larger amounts or looking for some guidance, it's important to choose a provider you can contact by phone like Remitly.
  • Discounts. Some providers may offer you a free transfer simply for signing up. Others may offer a discount if you transfer more than a specific amount of Yuan renminbis.

Is this a good time to send money to China?

Compared to a month ago, the Canadian dollar is a little weaker against the Yuan renminbi. Currently $5,000 is equivalent to ¥25,309.50, whereas a month ago, $5,000 was equivalent to ¥25,399.00. That's a decrease of 0.35% over the past month.

But compared to a year ago, the Canadian dollar is stronger against the Yuan renminbi. A year ago, $5,000 was equivalent to ¥25,034.50. That's an increase of 1.1% over 12 months.

What's more important, however, is where the strength of the Canadian dollar against the Yuan renminbi goes from here – which is harder to call. But whichever way it goes, shopping around has the potential to get you more Yuan renminbis for your Canadian dollars and can help you get the best out of any market conditions.

Ready to compare rates?

Get started

Frequently asked questions

More guides on Finder

Ask an Expert

You must be logged in to post a comment.

Go to site