Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
China doesn’t levy an inheritance or gift tax on cash sent into the country, which means your recipient won’t have to worry about filling out any extra forms come tax time if you’re sending a gift. If you’re transferring money for a purchase, they’ll report it just like they would any other business income.
But Chinese banks and money transfer companies do have to report any overseas or domestic transfers over 50,000 RMB/CNY, or about $7,000. Transfers over $10,000 from individuals also need to be reported under the new guidelines.
Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Possibly. All transfers over $10,000 have to be reported to the IRS, but if you’re sending money as an individual, your bank or money transfer provider will take care of that for you. However, if you’re sending over $10,000 overseas on behalf of a business, you’ll need to fill out a currency transaction report.
You’ll also need to tell the IRS if you’re sending money to a foreign account in your name with a balance of $10,000 or more or if you’re gifting $15,000 or more in a year.
Sending a lot of money out of the country? Know what the IRS expects of you.
There’s no legal limit on the amount of Chinese currency you can send to China. But Chinese citizens do have a limit on how much foreign currency they can convert or purchase per year — US$50,000 as of August 2019. If you’re sending USD to China, the money can be counted towards that limit. The $50,000 a year limit also applies to money being sent out of China.
Chinese nationals and residents also face restrictions on withdrawing USD abroad, which can make it difficult to send money back to China while working overseas.
Specific banks in China may impose additional restrictions on transfers. Because of this, as well as other complex laws regarding foreign investments in China, it’s recommended that you check with not only the transfer provider but also with your recipient’s bank before initiating a transfer.
Depending on which provider you choose, your recipient can pick up the money in cash or have it deposited directly into their bank account or mobile wallet. Your recipient may need to provide government-issued photo ID or a transaction confirmation number to receive your funds — this is particularly likely if you’re sending cash.
China’s lack of a gift tax makes it an easy country to send money into. As with all international money transfers, be wary of potential fraud and only send money to people you know. Using a reputable provider can safeguard you from potential scams.
Sigue offers speedy money transfers to 50+ countries, but you have to set up a transfer to see the transaction fees.
Join Boss Revolution with an email address and phone number, and send money within minutes.
A Roth IRA is a retirement savings account with special tax benefits. Learn more.
Paysend offers transfers to more than 70 countries through its app and online service.
Sending a large money transfer to Hong Kong? Learn about laws and required documentation before you transfer.
Using international money orders to send money overseas? Learn about better options.
Our top picks are our selection of the best money transfer services, based on our extensive research and market experience. Here’s how we choose them.
A beginner’s guide to selling on the “world’s largest marketplace” — setting up a store, fees, shipping and money-saving tips.
It’s the latest Western money transmitter to partner with Alipay, the world’s largest mobile payment provider.
Learn where to buy gold, how to invest in gold and about gold’s historical performance as an investment. Find out all the need-to-knows with our extensive guide.
