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Looking for the best way to send money from the United States to family, friends or businesses in China (or even to your own overseas bank account)?
Don't head straight to your American bank – compare specialist money transfer services instead. They nearly always offer better CNY exchange rates and lower fees, so for the same amount of US dollars you send, your recipient will receive more Yuan renminbis.
Of the companies we've compared, MoneyGram is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Wise (TransferWise) can get money to your recipient in China within minutes.
Are you visiting from outside the US?
Bank transfers are typically the cheapest way to get your money to China. MoneyGram 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 the United States to China can depend on several several factors including transfer amount, payment method and currency.
The safest way to get your money to China is to use a provider registered with the United States's industry regulator, the Consumer Financial Protection Bureau. All the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both the United States 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 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 the United States 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 the United States.
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 USD = 7.11 CNY | 1 USD = 7.21 CNY |
Transfer fee | $10 | $2.50 |
Transfer method | Bank account deposit | Bank account deposit |
Processing time | 2 - 5 working days | Next day |
Amount received | 14,158.62 CNY | 14,400.12 CNY |
The money transfer company enables Wang to send an extra ¥241.50, which is transferred straight to his parents' Bank of China account.
When choosing a money transfer provider to send money from the United States 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 US dollar is a little stronger against the Yuan renminbi. Currently, $5,000 is worth ¥36,226.50, whereas a month ago, $5,000 was equivalent to ¥35,921.00. That's an increase of 0.85% over the past month.
But compared to a year ago, the US dollar is a little weaker against the Yuan renminbi. A year ago, $5,000 was equivalent to ¥36,373.00. That's a decrease of 0.4% over 12 months.
What's more important, however, is the strength of the US dollar against the Yuan renminbi and where it 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 US dollars and can help you get the best out of any market conditions.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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I recently made a Bank transfer from my HSBC account in Oman (account in Omani Rial) to my friend HSBC account in China. I instructed to send 2500 $ and the charges to be carried by the Beneficiary. It was an online transfer from my laptop.
After 2 days 2460$ arrived in my friend’s account. HSBC needed 2 days and 40$ charges to send money from HSBC to HSBC account. I’m surprised and dissappointed and considering to change Bank.
Please advise
Hi George,
Thanks for reaching out.
Basically, when making wire transfers, banks would charge fees for outgoing and incoming international transactions. That’s why many would find the bank to bank transfers more expensive than using a money transfer service. We’ve outlined the bank fees for wire transfers, although please note that HSBC was not among the banks featured on the page, our review page will provide information about HSBC money transfer. If you’d like to get more details about HSBC fees and charges, best to check with them directly.
Meanwhile, in case you’d like to get an idea about cheap ways to send money overseas.
Hope this helps.
Cheers,
May