Send or Receive Money in China

| September 8th, 2017


As economy globalizes, and working permits gradually become easier to obtain, the need to move money between bank accounts in different countries grows. Businesses and individual clients are constantly seeking for the most efficient and price effective method to move their funds globally, and the answer isn’t always straightforward. There is no one specific method which can be considered the best way to transfer money abroad – the selection has to be made on a per-case basis.

Transferring money to, and from, China is a particularly interesting. Some corridors are easy to operate in, and there’s a large selection of services to choose from. For example, there are more than a 1,000 companies that can help you move your money between bank accounts in the UK and the EU, in comparison to only a handful of commercial companies that will support a transfer of funds from China to Singapore.

Moving money to China

Bank Wires to China

Outbound bank transfers to China are supported by many companies, including Transferwise, one of the hottest money transfer startups in the world. European, Australian and American banks are known to charge high fees on currency exchanges and in particular with exotic currency pairs. The RMB is still considered as such by the banking standards, alas the exchange rate of US Dollar, British Pound, Euro or Australian Dollar into RMB will be especially poor. Roughly at 4-5% i.e. 4 to 5 per cent of the amount will be taken as fees.

Transferwise charges a flat fee of 1.5% on transfers to China – Quite a substantial difference which makes the platform an obvious choice for people who need to wire money to their Chinese or HK bank account. Read more about Transferwise and its fee structure here.

Cash Transfers to China

It’s trickier to send money to China for cash withdrawals. Companies like startup remitsy offer a service that enables clients to send money to an Alipay account, but sending cash involves companies like Western Union or Moneygram who have local agents anywhere in the world, including the Chinese mainland. They are extremely costly, anywhere from 4-10% from the USA to China, according to The World Bank.

Another option which is only available if you are receiving a payment from a business to your Chinese bank account is to use Payoneer. Payoneer is a service that enables freelancers, online sellers or businesses from all over the world to open a virtual bank account abroad. You collect the payments in their designated bank accounts and then can withdraw it through a bank wire to your own bank account, or use a Mastercard they provide you to withdraw it in cash. You are eligible for reduced fees if you use this link.

Moving money from China

The Chinese bureaucracy and overregulation has deterred companies from applying for a local money transmitter license. Although China is a massive market for remittances, business transactions and foreign retail, it appears like the foreign exchange firms are happy to “stay out”. Chinese banks are reportedly quite cheap on international transfers, and many of the businesses and expatriates are using HK bank accounts which are easy to open.

So, simply put, the best way to send money from a Chinese bank account is through the bank. Just be aware of the taxation requirements as detailed in this discussion.

More options

  • You can use Paypal to move small amounts of money or make small payments, but it is definitely not recommended to use it as a mean of moving money between bank accounts. Their spreads (not including fees) are at 3.9%. Which means you will buy currencies for 103.9% of their value.
  • You can use other foreign exchange companies besides Transferwise to move money to China, but don’t expect the same rates if you are moving a small amount. If you are moving a significant amount of money you can use companies like World First, which are service oriented and give discounts for high volume clients.
  • You can forward the amount in cash, but beware of the strict money transfer limitations and file the proper reporting. We most certainly advise against that option.

Good luck – tell us your experiences moving money in and out of China!

30 Comments | Leave a comment | Comment feed

  1. Ricardo says:

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  2. The Chinese bureaucracy and overregulation has deterred companies from applying for a local money transmitter license

  3. Interesting article! Thank you for sharing them! I hope you will continue to have similar posts to share with everyone!

  4. Thanks for sharing! It’s very useful!

  5. Payoneer has recently started accepting CNY which is, of course, a great news. I am personally using their services and they are exceptionally well.

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  9. agario says:

    Hi! May I know how you send money from China using Payoneer?

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    thank you for posting. I have the same as your think

  14. Apply says:

    Altough there are a lot ways to transfer money to China but the rates are higher.

  15. We all have to follow bank rates in china.

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