Wise (TransferWise)
- 受政府監管。Regulated by government agencies
- 支援超過45+種貨幣。Supports 45+ currencies
- 使用中端市場匯率。Uses mid-market rate
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Send money to China
Safe, secure and cost-effective transfer options when you need to send money to China.
The best way to send money to China comes down to your specific needs. Western Union is common, while Wise guarantees the mid-market rate. Wise and WorldRemit connect with AliPay for speedy, convenient delivery, and companies like InstaReM offer fee-free transfers. Compare a range of digital money specialists to find the fastest and cheapest for your budget.
Compare money transfers to China
Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds with our money transfer partners.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
What’s the best way to send money to China?
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to China. Some offer transfers straight to Chinese bank accounts, while others allow the money to be picked up in Chinese yuan in person. Banks, PayPal and other options are available but come with high fees, weak rates and longer turnaround times.
Digital money transfer services
Companies like InstaRem and CurrencyTransfer specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Chinese bank account, often in as little as a day or two.
Cash transfers
Services like MoneyGram allow you to transfer cash for pickup at a local branch in China— often in 15 minutes. While it’s a fast way to send money, compare these options to digital services like WorldRemit or Wise when possible.
Banks
Every Hong Kong bank has CNY/RMB and might even has branches in China. Although your local bank can convert your HK dollars into Chinese yuan, beware of high fees and wide margins on the exchange rate compared to digital and other options. Some banks might offer fee free transfer if you send it to a bank account from the same bank in mainland China. However, for transfers to an account not from a different bank, it might be treated as an international transfer.
Mobile payment tools
If you’re a resident in Hong Kong, most likely you know the most common payment tools: Alipay and WeChat Pay. They are somewhat the Chinese version of PayPal. You fund your account with bank transfer or card, and you can send money to another user. Fees are a lot lower than the bank and for some transactions, it is fee free. Alipay exists on both desktop and mobile app but WeChat Pay only has a mobile app.
Let’s crunch the numbers: Sending $5,000 to China
Let’s say you need to send $5,000 to family in China. Here’s what you might face as far as fees and exchange rates as of 21 Feb, 2021
| Digital money transfer service | Cash transfer | Bank transfer | Payment Tool | |
|---|---|---|---|---|
| Fee | 67.95 HKD | 0.00 HKD | 65.00 HKD | 0.00 HKD (done via app) |
| Exchange rate | 1.00 HKD = 0.832901 CNY | 1.00 HKD = 0.8247 CNY | 1.00 HKD = 0.82681 CNY | nil |
| Transfer speed | 1-2 day | Minutes | Same day-1 working day | In minutes |
| Amount received | 4,107.91 | 4,123.32 | 4,080.30 | nil |
| Verdict |
|
|
|
|
It turns out that all options make very subtle differences due to the competition among each providers. If speed is crucial, consider using cash transfer provider or a digital payment tool.
How to send money to China with a money transfer provider
Sign up and send money with a digital money transfer specialist in four steps:
- Sign up for a free account. Pick a provider and sign up for a free online account using your contact information, proof of ID and your preferred payment method.
- Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If you’re transferring to a bank, you’ll need your recipient’s Chinese bank account details.
- Confirm transfer details. Double-check your payment method, expected fees and destination.
- Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to China. Some money transfer providers send a text or email when your transfer is complete.
How to get the most out of your money transfer to China
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to China to meet your needs:
- Exchange rates. The HKD-CNY remains relatively stable, with occasional shifts on a larger scale. Exchanging currency ahead of time, or locking in prices, can help you prepare for these shifts.
- Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger exchange rate.
- Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of Chinese yuan you’re sending.
- Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to China.
- Maximum limits. When exchange rates are favorable, sending more money can save you money in the future. If you plan to send large amounts of money to China, be sure to pick a provider that won’t limit you.
- Transfer methods. Whether you want money sent to a Chinese bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
Emergency cash transfer to China
When it’s more important to get your money to China quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods. Or consider signing up with one of those abovementioned digital payment tools.
How to send money to China without a bank account
Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
China’s exchange rates explained
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. China’s exchange rate doesn’t often fluctuate when compared to HKD, so expect relatively stable exchange rates between these two currencies. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Track how the Chinese yuan trades against HKD in our historical rate chart.
Documents needed for sending to and receiving money in China
To send money to China from Hong Kong, you’ll need an ID and other documents, while documents needed to pick up money in China may be different by company.
Documents to send money from Hong Kong
To send money from Hong Kong to China, you’ll need documentation and details that include:
- Identification. Most services require a HK driver’s license, passport or HKID.
- Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal checks.
- Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number, Chinese bank account and routing number if sending to their bank.
Documents to receive money in China
To pick up money in person, documentation can include:
- Transfer number. The person sending you money can forward the transfer’s confirmation details — called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
- Government-issued ID. A Chinese Resident Identity Card, a Passport (excluding Hong Kong, Macau and Taiwan passports), or a Mainland Travel Permit (for Hong Kong, Macau, and Taiwan residents only) will be accepted for identification for most money transfer cash pickups.
- Amount sent. You may need to know how much was sent, usually within 10% of the total.
- Sender’s information. Take along your sender’s full name, the sending country and their address, if known.
Bottom line
Sending your hard-earned money to China shouldn’t cost a fortune. Compare transfer companies that specialize in foreign for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
Frequently asked questions
More guides on Finder
-
Send money to Democratic Republic of the Congo
Compare options for sending money to the Congo DRC.
-
How to send money to Haiti
Learn how to find the best value when sending money to Haiti, including how to compare fees, exchange rates and transfer speeds.
-
Send money to Congo-Brazzaville
Compare money transfer services to find a better deal when sending money to Congo-Brazzaville.
-
How to send money to Egypt
Due to its exotic nature, it will be difficult to find an agency or bank that is able to convert Hong Kong currency into Egyptian Pounds. The US dollar and other major currencies are widely accepted in Egypt though, giving you the opportunity to send remittances to Egypt from Hong Kong without delay.
-
Send money to India
How to send money to India from Hong Kong, safely and affordably. Compare international money transfer services and save on exchange rates and fees.
-
How to send money to Bangladesh
Compare your options when you transfer money internationally to Bangladesh.
-
Send money to Botswana
Learn how to send money to Botswana, located on the African continent; a place where there is plenty of growth potential for businesses, investors and commodity-based resources.
-
How to send money to Denmark
How to send money to Denmark from Hong Kong, safely and affordably. Compare international money transfer services and save on exchange rates and fees.
-
Send money to Costa Rica
Compare the services of different money transfer providers to find the most affordable way to send money to Costa Rica.