Best way to send money to China
China Buddha Sculpture

How to send money to China

Find a quick, affordable way to move your money internationally.

Whether you’re helping out friends or family in Beijing or investing in a business in Shanghai — you don’t want to deal with a complicated and expensive process.

Sending money from the U.S. to China doesn’t have to be an exhausting and expensive process. When you can quickly compare transfer fees and exchange rates for bank transfers, online transactions and even same-day services, you can get the best deal every time.

TransferWise International Money Transfers

TransferWise International Money Transfers

When you need to send money overseas, benefit from competitive exchange rates and low transfer fees with TransferWise.

  • Fair service fees and mid-market rates — get the best exchange rate every time.
  • Next-day delivery to your recipient.
  • Trusted the world over, with five-star ratings on Trustpilot.

    The best services for money transfers to China

    To give you the upper hand, we sent live transfers to 13 different providers to see how they ranked in cost, trust, speed, convenience and user experience.

    Compare these providers to find which fits your needs best when sending money to China:

    Best forWinnerWhy we picked itGood forGo to site
    Bank depositsOFXNo fees and strong rates in 55 currencies make for easy transfers to banks worldwide.Large transfers — from $150 to as much as you needGo to site

    Customer serviceWorld FirstAward-winning customer service is available 24/7 to answer questions or set up transfers. Transfers of $1,000+ Go to site

    Cash & speedWorldRemitAt speeds that often beat its own estimates, you can get cash to Mexico quickly for pickup or deposit. Limits vary by country, but good for $500 or more Go to site

    Most locationsWestern UnionIt’s not the cheapest, but fast and effective for same-day pickup.Cash & convenience – 24,900 agents in MexicoLearn more

    ConvenienceXoomIntuitive site, allows for signup and sending in minutes with clear rates and fees. Cash pickups in 15 minutes at 14,500 agent locations and deposits to all major banksLearn more

    Exchange ratesTransferWiseOffers the mid-market rate on transfers to 74 countries worldwide. Supports 40 currenciesGo to site

    What to know when transferring money to China

    • Exchange rates. Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
    • Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
    • Transfer speed. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you’ve more time, you’ll get better rates and fees with an independent provider.
    • Transfer limits. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate — especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
    • “Hedging” options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
    • Customer service. Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.
    Back to top

    Foreign exchange rates explained

    The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanged in a country with a weaker currency. As of January 2018, one US dollar was worth 6.61 Chinese yuan. The yuan’s exchange rate is flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
    Today’s currency exchange rate from US dollar to Chinese yuan

    Compare international 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.

    I want to send

    to

    Enter your details to speak to a foreign exchange expert

    By submitting this form, you agree to finder.com privacy policy
    Ofx Logo

    Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

    With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

    • Buying property abroad
    • Emigrating
    • Regular overseas payments
    • Risk management
    • Forecasting
    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
    USD 1,000 1 day USD 0.00 6.322 Online, Phone, Bank Account to Bank Account CNY 31,609 Exclusive exchange rate discounts
    No-maximum limit transfers with competitive exchange rates for 100+ currencies.
    Go to site Show details
    USD 100 3 - 5 days USD 5.00 6.319 Online, Phone CNY 31,562 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site Show details
    USD 1 Within an hour - - Online, Bank Account to Bank Account, Cash Transfer Use promo code FREE to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details

    Compare up to 4 providers

    Back to top

    Find the best provider for your transfer

    Answer three quick questions and we’ll give you an instant recommendation for a money transfer service based on your needs.

    Question 1 of 3

    How much do you plan to send?

    Question 2 of 3

    Does your recipient have a bank account?

    Question 3 of 3

    When can they receive the money?

    Based on your answers, check out:

    WorldRemit International Money Transfers

    WorldRemit International Money Transfers

    Send money to 110+ countries for bank deposit, instant e-wallet, mobile top-up or cash pickup at 30,000+ agent locations worldwide. Your first transfer is free with the code FREE.

    • Low upfront fees and exchange rates.
    • Easy to use with round-the-clock help.
    • Get cash to family and friends in minutes.

      TransferWise International Money Transfers

      TransferWise International Money Transfers

      When you need to send money overseas, benefit from competitive exchange rates and low transfer fees with TransferWise.

      • Fair service fees and mid-market rates — a major market differentiator.
      • Next-day delivery to your loved ones and businesses.
      • Trusted the world over, with five-star ratings on Trustpilot.

        World First Foreign Exchange

        World First International Money Transfers

        Special offer for finder.com readers Because World First is a trusted partner of finder.com, you can send your money transfer overseas for free. No fees: There are no online transfer fees for all finder.com readers.

        • Enjoy competitive exchange rates.
        • Take advantage of spot contracts, forward contracts and limit orders.
        • Receive weekly updates on market exchange rates.



          What are all the ways that I can send money to China?

          • Bank transfers. Many major US banks will allow you to wire money to banks in China.
          • Money transfer providers. It’s simple and convenient to send an online money transfer to China from the comfort of your home.
          • Providers with cash pickup. Companies like Western Union and MoneyGram offer the option of sending funds that can be picked up from thousands of agent locations across China.
          • PayPal. Electronic payment giant PayPal allows you to send money from the US to China.
          • Checks and money orders. Although not a quick option, you could send an international check overseas, obtained from your bank or US Postal Service.

          What 10 countries are sending the most money to China?

          China has over 35 million expats scattered around the world, with around 4 million living in the US, so it’s no surprise that it receives the second most money transfers right behind India with an estimated $63.9 billion in remittances in 2015. Let’s see what countries are sending money to China.

          CountryRemittances in 2015
          United States$16,254,000,000
          Hong Kong$15,583,000,000
          Japan$4,193,000,000
          Canada$4,179,000,000
          South Korea$4,146,000,000
          Australia$2,917,000,000
          Singapore$2,790,000,000
          Macau$2,176,000,000
          Italy$1,168,000,000
          Spain$1,065,000,000

          Banks vs. money transfer companies

          China’s economy is experiencing a boom, and the Chinese yuan has become increasingly popular among traders on the global currency market. Many major U.S. banks offer the option to send funds to China, but they typically charge high transfer fees and offer exchange rates that are significantly lower than the mid-market rate — or the rate banks and transfer providers use when trading among themselves.

          A reputable money transfer specialist can offer better exchange rates and also charge lower fees, saving you money and putting more Chinese yuan into your recipient’s pocket.

          Case Study: Henry sends money to China

          Henry has waved good-bye to his parents in China to settled in the U.S. To thank his family for their support for his education, he wants to send a $1,000 gift. Henry compares the fees, rates and options of two independent online money transfer providers to find the better deal.

          Money transfer company A
          Money transfer company B
          Exchange rate1 USD = 6.13 CNY1 USD = 6.20 CNY
          Transfer fee$7$70 for cash within minutes at an agent location; $8 for bank account transfer
          Transfer speed
          1 business dayCash pickup within minutes; 4–8 business days for account deposit
          Transfer options
          Bank account depositBank account deposit, cash at agent location
          Total yuan received
          6,130 CNY6,200 CNY

          Henry learns that fees vary widely depending on how his transfer is delivered, and that a small shift in exchange rates can mean a big difference in what his family receives. By going with Money Transfer Service A, Henry will save on transfer fees, but he’d deposit 70 more yuan into his parents’ account by taking advantage of the rate offered by Money Transfer Service B. And if it’s speed he’s looking for, only Money Transfer Service B offers cash pickup in minutes.

          Ultimately, Henry will need to weigh the importance of fees, rates and speed for his transfer to determine which provider best suits his needs.

          Mobile top-ups

          Many companies that we use for money transfers in the States offer “reload” services for prepaid credit cards and mobile plans that make it easy to convert cash into communication — often within minutes.

          If you need to send minutes to a prepaid phone in China — whether for you or a loved one — consider online providers WorldRemit and Xoom. To add or gift minutes from an agent location, standbys Western Union, MoneyGram and Ria are an option.

          Back to top

          How to send money to China

          in 3 easy steps

          Locating a service icon

          Find a service

          Select a money transfer specialist from our comparison table.

          Send money icon

          Initiate the transfer

          Enter the required information and provide the funds.

          Money arrives icon

          Receive the money

          Your recipient receives their money in their bank account or picks it up as cash.

          Tips for sending money to China

          Steps to send money to China

          1. Create an account with the transfer provider that has the rates and delivery speed you need. Provide your name, contact information and proof identity.
          2. Enter your recipients name, contact information and the amount of money you want to transfer.
          3. Complete the transaction and wait for the funds to be delivered.
          4. Monitor your transfer’s progress with the reference number the provider emails to you.

          How do international money transfers work?

          An international money transfer allows you to send money to friends, family and businesses overseas. Generally, it involves you sending cash or money from your bank account to an intermediary transfer service or bank, which then exchanges and sends the money to your recipient in another country — in this case, China.

          Depending on the provider, you can initiate a money transfer in person, online or by phone. Your cash or bank account transfer is then either deposited into your recipient’s bank account or made available as cash for pickup at a location in their country.
          Laws and legal documents when transferring large sums of money into China


          Same-day cash transfers to China

          You might need to send an emergency cash transfer to China — perhaps your friend loses their wallet in Wuhan or their handbag in Heife. When you need to get funds to someone urgently, your fastest transfer will often be your most expensive option. Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.

          Back to top

          Receiving cash in China

          Western Union, MoneyGram and Ria provide the three largest money transfer networks in the world, with thousands of agent locations around the globe. You’ll need to pass your transaction reference number on to your recipient to allow them to pick up their funds. They’ll also need to bring along a photo ID.

          Tips for picking up cash

          Although China is considered a safe country for American tourists, exercise caution when picking up cash from an agent location. Don’t advertise the fact that you have a wallet full of cash, and head to your bank as soon as possible to deposit the funds.

          Cash pickup locations in China

          Back to top

          Was this content helpful to you? No  Yes

          Ask an Expert

          You are about to post a question on finder.com:

          • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
          • finder.com is a financial comparison and information service, not a bank or product provider
          • We cannot provide you with personal advice or recommendations
          • Your answer might already be waiting – check previous questions below to see if yours has already been asked

          Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and our Privacy Policy.

          2 Responses

          1. Default Gravatar
            GeorgeJune 28, 2017

            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

            • Staff
              MayJuly 3, 2017Staff

              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. On this page, we’ve outlined how much fees that banks may charge when requesting a wire transfer, although please note that HSBC was not among the banks featured on the page, but you can find the information about HSBC money transfer review here. 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, you may like to check this page.

              Hope this helps.

              Cheers,
              May

          US International Money Transfers Offers

          Important Information*
          HiFX International Money Transfers

          Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000.

          WorldRemit International Money Transfers

          Use promo code FREE to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

          World First Foreign Exchange

          Exclusive offer: $0 transfer fee
          No-limit transfers with competitive exchange rates for 100+ currencies.

          TransferWise International Money Transfers

          Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

          Go to site