In the past, sending money to China was pretty difficult, as there were only a few options. But now, the process has become significantly easier. There are dozens of ways you can transfer money.
You can go for banks, online payment platforms, mobile payment platforms, and so on. There are a wide range of options available, including faster transfers as well as more competitive fees.
If you are planning to send money to China and are exploring all the available options, this guide is for you. Here we have included an in-depth guide on how to send money to China with all the necessary information you need to keep in mind.
Factors to Consider When Sending Money to China
Before diving deep into the process of sending money to China, there are certain essential factors that you must consider to make informed decisions. Some of them are:
- Exchange Rate: There are two types of exchange rates your sending service may offer, including live rates and locked-in rates. Live rates mean your receiver will get the current exchange rate at the time the transfer is processed. On the other hand, locked-in rates mean locking in the rate for a specific time.
- Transfer Fees: You will never find a fixed transfer fee for sending money, as it is associated with many things. Some of the common things are transaction fees, currency conversion fees, service changes, and many more. You need to compare fees across different money transfer services to find the most cost-effective option.
- Transfer Speed: Depending on the type of money transfer, from business to personal, the transfer speed may vary. Basically, business transfers take longer than personal money transfers to China. The standard money transfer time is 1 to 5 business days.
- Recipient’s Details: It may seem obvious, but you must ensure that you have the correct details of your recipient. Only correct information can lead to significant and even whole-transfer fund losses. So double-check each detail for a smooth transaction.
- Regulatory Compliance: The last important thing you need to consider are the regulatory requirements and restrictions governing international money transfers to China. You need to familiarize yourself with the transfer amount limit, required documents, anti-money laundering regulations, and so on.
Methods to Send Money to China (Most Secure & Reliable)
From banks to online money-transfer services to mobile platforms and money-transfer companies, there are many ways to transfer money to China. Let’s explore them in detail:
Bank Transfers
Among all the available methods, bank transfer is the safest and most secure method. It’s a traditional way to send money to China, offering clear regulations. Here are some of the major banks and their transfer service details:
- China Construction Bank (CCB): It’s one of the big four banks in China that offers secure and regulated channels for international money transfers. CCB typically charges $25 to $75 for international transfers, which take about 3 to 5 business days. Plus, it provides competitive exchange rates and conducts money transfers under strict regulatory guidelines. Check out the SuperMoney CCB guide for more details.
- Industrial and Commercial Bank of China (ICBC): ICBC has a widely spread network and a vast level of global presence, which makes it a reliable option. With this, you can send money within 3 to 5 business days, and it typically charges $15 to $50 for international transfers. Most importantly, ICBC complies with Chinese banking regulations, which include transfer limits and documentation requirements.
- Bank of China (BOC): You can expect to get a similar kind of service from ICBC in the BOC. It also charges $20 to $50 for international transfers and typically takes 3 to 5 business days. BOC also offers a competitive exchange rate that is closely aligned with the mid-market rate.
Online Money Transfer Services
It is one of the alternatives to traditional bank transfers and has revolutionized international money transfers. Online money transfer services include competitive exchange rates, lower fees, and faster transfer speeds. Some of the popular online money transfer services are:
- Wise: This one is known for its transfer fee structure, which basically takes a small percentage of the transfer amount (0.5% to 2%) and a fixed rate. It also offers a competitive exchange rate close to mid-market rates with no hidden markups. Wise is capable of sending money within a few minutes.
- PayPal: It’s a widely used money transfer platform that charges differently for personal (5%) and commercial transactions (2.99%). Plus, it also has a currency conversion rate that is typically around 2.5% to 4% above the mid-market rate. Moreover, PayPal has different transfer times that will take 30 minutes or less for instant transfers and 1 to 3 business days for standard transfers.
- Remitly: This one will give you two transfer options, including Express, which is faster, and Economy, which offers lower fees. With Remitly, you can send money instantly and within 2 business days. The transfer fee will be determined based on the transfer speed and amount.
Mobile Payment Platforms
Using mobile payment platforms, you can transfer money to Chain more quickly and at a lower cost. There are many mobile payment platforms, and among them, Alipay and WeChat Pay are widely used for both international and domestic transactions. Know more about them:
- Alipay: Owned by Alibaba Group, Alipay is one of the largest mobile payment platforms in China. It typically charges 0.1% to 1.5% of the transaction amount for international transfers, and the exchange rate is close to the mid-market rate. Transfers are usually completed within a minute to an hour.
- WeChat Pay: Integrated into the popular social messaging app WeChat, WeChat Pay is widely used for peer-to-peer transfers and paying for goods and services. For international money transfers, it charges 0.1% to 1% of the transfer amount and completes the transfer within a few hours. It is regulated by the People’s Bank of China.
Specialized Transfer Services
You can consider additional options, like specialized transfer services like Western Union or MoneyGram, to transfer money to China. Both of them offer quick transfer times, multiple payout options, and so on. Learn more about them in the section below:
- Western Union: It’s one of the oldest money-transfer methods and has a presence in over 200 countries and territories. Western Union’s money transfer fee ranges from $.099 to $50, depending on the amount and sending methods. You can send the money instantly or even take longer, which will take 4 business days.
- MoneyGram: This is another known name in the global money transfer market that allows you to send money to China in as little as an hour. And like others, MoneyGram’s transfer fee will vary based on the amount, which typically ranges from $2 to $50. The exchange rate is around 2–5% above the mid-market rate.
Closing Thoughts
Now you know almost everything about how to send money to Chain and other associated things. In this guide, we have shown in total of four methods or ways you can follow, and now the choice is yours.
You have to decide which method would be perfect for your money-sending. We prefer using banks for money transfers, as banks offer secure and regulated channels, ensuring the safety and reliability of your transactions.