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How much money is sent to China from the US?
In 2017, nearly $64 billion was sent from the US to China.
When immigrant workers send money to their home countries, it’s a form of insurance that helps to absorb the shock of financial emergencies and everyday expenses on families and communities. It’s a traditional means of financial support for family members left behind in those countries.
In 2017, the World Bank reported that China received $63.86 billion from the US, and total remittances to low- and middle-income countries — like China, India and the Philippines — totaled $466 billion. The World Bank forecasts that these remittances will continue to grow in 2018 by 4.1% to reach $485 billion.
In recent years, the flow of money transfers to China has increased along with the number of overseas Chinese workers. China is currently the United State’s second-largest source of immigrants and the most populous nation.
What is a remittance?
A remittance is funds or other assets sent by migrants to their home countries either directly or as compensation for temporary or seasonal employment.
The amount of money sent between China and the US has grown considerably over the past 17 years.
|Year||US to China (in millions)||China to US (in millions)|
Other countries are also major contributors to the remittances flow for China, including this top 10. (Numbers based on 2015 remittances flow.)
|Country of origin||Amount to China (in millions)|
How do I transfer money to China — and save money?
To transfer money to China — or overseas in general — consider using an overseas money transfer website to easily and safely get your money to loved ones and businesses.
OFX can help you transfer money into China with low fees and strong exchange rates.
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