Tax guidelines and regulations for large money transfers into China

Learn how to deal with tricky taxes when sending money to loved ones or to businesses in China.


Buying an apartment in Guangzhou, starting a business in Beijing or studying in Shanghai can require sending large money transfers to China. Before you move your money out of Canada, learn more about whether China taxes large cash remittances.

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    How China regulates large remittances

    When sending money to China, you may be concerned about potential gift taxes. The good news is that China is one of the few countries that doesn’t levy an inheritance or gift tax on cash sent into the country.

    However, this may not stay the same in the future. China announced in 2017 that it’s considering imposing inheritance and gift taxes in the next few years. We’ll update this space as details trickle in.

    Do I have to report large transfers out of Canada?

    You personally won’t have to report any amount of money you transfer out of Canada. The bank or money transfer company you use will do this for you. They are required to report any suspicious transfers or transfers over $10,000 to FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada).

    How will my recipient receive my remittance in China?

    The process of receiving a money transfer in China depends largely on your provider and how you’ve marked it for delivery. Your recipient may need to provide government-issued photo ID or a transaction confirmation number to receive your funds.

    If they have an account with a Chinese bank or money transfer company, they may not need to provide this information every time you send money.

    DISCLAIMER: This article is general advice. It does not consider your own personal circumstances and may not be applicable to you. You should obtain professional advice and consider your own situation before acting on anything contained in our article.

    Money transfer services with no maximum sending limit

    Data indicated here is updated regularly
    Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
    OFX International Money Transfers
    USD 150
    1 day
    Online, Phone, Agent
    Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
    A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
    The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

    Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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