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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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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:
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.
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:
Actual transfer times from Canada to China can depend on several different factors including transfer amount, payment method and currency.
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.
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:
To send money to China, you'll need the necessary documentation, your recipient's details and a way to pay.
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 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.
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:
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.
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