Simplii Financial

- Send money to over 120 countries
- Competitive exchange rates
- Use the Simplii Financial app to send money from your phone
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.
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.
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).
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.
SPONSORED: Mobile money transfers provide an easy, low-cost and contactless way to send money to loved ones overseas.
From making a business plan to getting funding and insurance coverage – we’ll walk you through what you need to know about starting your own business.
Here’s what you need to know about international money orders and see if there is a better option for sending money overseas.
Sending an international money or wire transfer to a bank in Mexico? Find the SWIFT codes for all the banks in Mexico here.
Send or pick up cash from over 350,000 locations in 200 countries around the globe.
Our picks for the best ways to send money internationally.
Our picks for the best ways to send money internationally.
Sending a large sum of money to the United States? Find out what laws and documentation your recipient should know about to avoid tax trouble.
With 240,000+ locations in 130 countries, Ria is the third-largest provider of international money transfers in the world. It offers great exchange rates, minimal fees and fast, secure transactions when you need to send funds overseas.
Learn about how COVID-19 may affect the ways you transfer cash around the world.