While it’s certainly easier to send cross-border payments nowadays than in the past, sending money to China can still feel like navigating a maze of hidden fees, fluctuating exchange rates, and slow processing time.
Fortunately, the rise of financial technology means there are plenty of ways that can simplify the transfer process. But with those various options, how do you find the one that’s best for you?
In this article, we’ve curated 5 reliable, secure, and cost-effective services to help you easily send money to China, whether to pay your business partners, send money back home, or simply manage your finances across borders. We’ll break down the fees, transaction limits, and transfer speed for each, so you can find the one that fits your needs. Let’s start with factors to consider when sending money to China.
What You Need to Know Before Sending Money to China
Before exploring the possible ways to send money to China or which providers are the best, here are some key points to help you understand the nuances and context when sending money to China.
The Government’s Limits on Foreign Exchange
The Chinese government has set restrictions on foreign exchange transactions. Domestic residents living in China can freely exchange, convert, or receive foreign currency up to USD 50,000 (or equivalent) per year. Exceptions exist for specific cases, such as funds for studying abroad or medical treatment.
If the amount exceeds USD 50,000, written approval from the local State Administration of Foreign Exchange (SAFE) must be obtained before making a transaction.
Banks in China impose rules to follow this regulation while also offering customers the choice to store their funds. For instance, the Bank of China allows foreign currency remitted to Mainland China to be settled into RMB only up to a limit of USD 50,000 equivalent per person per year. Any amount exceeding this limit must be held in domestic accounts in foreign currency.
These restrictions may impact how you send money to your recipient, particularly if you're sending funds in foreign currency or if it affects your recipient’s preference for the currency they want to receive. If you need to send more than the equivalent of USD 50,000 in foreign currency, it is essential to check that your money transfer complies with Chinese government rules.
Note: For foreigners working in China, the amount of money they can transfer in and out may depend on their length of stay in the country and their taxable income.
The Difference Between CNY, CNH, and RMB
When sending money to China, you will come across 3 different terms related to the Chinese currency: CNY, CNH, and RMB.
In short, the official currency of China is Renminbi (RMB) or the Chinese Yuan, while the difference between CNY and CNH is that:
- CNY is the onshore version of the RMB used within Mainland China.
- CNH refers to the offshore RMB, which is traded outside Mainland China.
- Within China, CNY and CNH have a 1:1 exchange rate in China (CNH 1 = CNY 1). However, slight discrepancies may arise when converting from foreign currencies. For example, converting GBP to CNY will yield a different amount than converting GBP to CNH.
Helpful Resource: Learn more about the currencies in China, from how they work to their differences.
Possible Fees
Like every international money transfer from one country to another destination country, sending money to China involves factors such as currency exchange rates, processing fees, transfer fees, and currency conversion fees. These fees can vary widely by provider and transfer amount.
When evaluating providers, don’t focus solely on transaction fees. Consider how they charge for exchange rates. Providers often include disclaimers stating that they also earn from currency conversion. It's important to investigate the fees and rates they use.
Other considerations also exist. For example, if you are importing from China, you may be required to pay import fees, shipment costs, taxes, and many other fees. These expenses can significantly affect the total cost and guide your choice of money transfer option, focusing on minimising the fees and maximising transaction efficiency.
Receiving Methods
When sending money to family, friends, business partners, or suppliers, it's important to choose transfer methods that align with the recipient’s ability to receive funds. Common delivery methods include:
- Bank Account Transfers: Send money to a recipient’s bank account.
- Cash Pick-Up Points: Ideal for recipients without bank accounts. Some service providers facilitate this option.
- Digital Wallets: In China, popular digital wallets include Alipay and WeChat Pay (also known as Weixin), which are estimated to account for over 90% of Chinese mobile payments. They can provide immediate access to funds. However, not all money transfer providers support sending money to these digital wallets, especially for business transactions.
With that clarified, let's get to know more about the different ways to transfer money to China.
How to Send Money to China
There are several ways to send money to China, whether you are sending remittances or paying your business suppliers. The popular and trustworthy methods include:
- Direct Bank Transfer: If you have a Chinese bank account, you can directly transfer money to the recipient’s bank account.
- Wire Transfer: A wire transfer is an electronic transfer of funds across a network like SWIFT, often used for international payments. This can be done through banks or virtual account providers, typically via online services or at a bank branch.
- Online Payment Services: These are digital platforms or apps that facilitate international money transfers and often offer various payout methods. Options often include transferring to a bank account, sending funds to a digital wallet, and cash pickup at local agents.
Useful Tip: Looking for ways to make payments as a business? Explore the 5 common payment methods for international trade.
Is PayPal Available in China, And Can You Send Money to China Using PayPal?
Yes, PayPal is available in China, but with certain restrictions. Likewise, you can send money to China using PayPal, but there are limitations, so it may not be the best option. Let's take a closer look.
PayPal operates in China, but its usage is less widespread compared to wallets like Alipay and WeChat Pay, which dominate the payment landscape. In fact, PayPal's usage in China has declined in 2024. Personal PayPal China accounts can only be used for online shopping and making payments. Payments to PayPal China accounts are not supported.
Put simply, you cannot send money from a PayPal account to a personal PayPal account registered in Mainland China. It is also not possible to directly send money from PayPal to other Chinese digital wallets. However, you can still use PayPal to send money to China by making a wire transfer to Chinese bank accounts.
On this note, one drawback of using PayPal for wire transfers is the high currency conversion fees. Considering these factors, PayPal may not be the most efficient option for sending money to China. However, PayPal offers a separate service called Xoom, which we will discuss in the next section, along with other money transfer options.
Tip: Try our PayPal Fee Calculator to see if PayPal is the right solution for your international transfer needs.
5 Best Services To Use When Sending Money to China
Here are 5 services that facilitate seamless money transfers to China.
Method | Major Fees | Speed |
Xoom by PayPal | GBP 1.99 for mobile wallet, GBP 2.99 for bank account FX rates and fees not specified | Minutes for mobile wallets and 30 minutes for major bank transfers *Personal Transaction Only |
Statrys | HKD 5 - 85 (Around GBP 0.49 - GBP 8) FX rates based on mid market rates, FX fees as low as 0.15. FX options included. | 2-3 working days *Business Transaction Only |
Wise | Around GBP 3.63 + 0.72% of the amount + sending method fees (If any) FX rates based on mid-market rate. FX options included. | A few minutes (Personal) or a few days (Business) |
Western Union | Varies by method and amount | Instantly or up to 4 business days *Personal Transaction Only |
Remitly | GBP 2.99 FX rates and fees not specified. | Instantly or up to 2 working days *Personal Transaction Only |
1
Xoom by PayPal
Xoom is a service offered by PayPal, a widely recognised payment option in online stores and a well-established ecommerce payment gateway. While PayPal allows users to make online purchases with or without a PayPal account, securely receive funds, and link bank accounts or credit and debit cards, Xoom specifically focuses on facilitating money transfers to designated countries.
Although Xoom is a separate service, it connects seamlessly with PayPal. If you already have PayPal credentials, you can log into Xoom using the same details. If you don’t have a PayPal account, creating an Xoom account is simple. With Xoom, you can send money from GBP, USD, CAD, or EUR to CNY, either to a bank account in China or to Alipay, using your PayPal balance, bank account, credit card, or debit card.
Essential Information About PayPal
Major Fees | Fees vary depending on the currency and amount sent. Generally, they are as follows:
For USD transactions, the fees range from around USD 1.99 to USD 20. Foreign exchange rates and conversion fees apply. Unfortunately, we cannot find specific information about the rates or fees. |
Xoom Transaction Limit | CNY 50,000 (approximately GBP 5,000) |
Speed |
|
Other Considerations |
|
Currencies you can send from | GBP, USD, CAD, and EUR. |
Xoom Pros and Cons
- Sending to Alipay wallet
- Reasonable minimum and maximum transfer amounts
- Backed by PayPal, a well-known and trustworthy brand
- Seamless integration with PayPal
- No information on exchange rates and fees, making it unpredictable.
- No information on FX options like lock-in rates to help mitigate costs.
- Commercial transactions are prohibited
- Limited to sending from 4 currencies
Who Is Xoom Best For?
✅ Individuals in the UK, the US, Europe, and Canada sending money to friends and family in China: Xoom offers transfers to China bank accounts or Alipay wallets.
✅ Individuals with a PayPal account: Xoom integrates easily with existing PayPal accounts.
2
Statrys
Founded in Hong Kong, Statrys is an award-winning financial technology company that provides payment services to businesses expanding in Asia. The company offers a simple and streamlined way for businesses to make local and international payments globally.
With Statrys multi-currency account, businesses can make international wire transfers to China (also known as TT or Telegraphic Transfers), which are widely accepted by Chinese suppliers.
The Statrys business account offers features to fit the needs of SMEs:
- A multi-currency business account in Hong Kong, supporting 11 major currencies, including GBP, RMB, HKD, USD, EUR, AUD, CAD, CHF, JPY, NZD, and SGD.
- When you receive CNY funds into your Statrys account, you will be able to hold, send and convert to 10 other currencies at a cost-effective rate.
- Virtual and physical Mastercard® payment cards that you can control and manage through the Statrys mobile app.
- FX services at competitive exchange rates (spot and forward contracts)
- Xero accounting software integration
- Real-time tracking of SWIFT transfer
Essential Information About Statrys
Major Fees | HKD 5 for sending RMB payments within Hong Kong, not exceeding HKD 500,000, or HKD 75 if exceeding HKD 500,000. HKD 85 for international payments. If you need to convert currency, the FX rates are based on mid-market rates and FX fee can be as low as 0.15%. You'll see a breakdown of the costs in the app before you finalize the transfer. |
Statrys Transaction Limit | No transaction limit However, following Chinese regulations, if you make payments in foreign currency, there is a limit of USD 50,000 per year for payments to individuals in China. |
Speed | 2-3 working days |
Other Considerations |
|
Currencies you can send from | GBP, USD, EUR, HKD, AUD, CAD, CHF, JPY, NZD and SGD |
Statrys Pros and Cons
- Holding RMB can make sending money to China more cost-effective, as this helps avoid currency conversion fees.
- FX based on mid-market rates and FX options (spot and forward) can reduce conversion costs.
- Simple pricing model
- No personal account
- Available only for companies in Hong Kong, Singapore, and the BVI
Who Is Statrys Best For?
✅ Businesses making frequent global transactions: Statrys offers a multi-currency account, making it convenient to make payments in different currencies from one account.
✅ Companies prioritising cost-effectiveness: Statrys charges a flat transfer fee for international payments, making costs more predictable. The ability to hold currency and convert when the rate is favourable, coupled with FX options, makes Statrys a more cost-effective choice than traditional banks for businesses with significant transaction volumes.
✅ Companies valuing simplicity, transparency and customer service: Statrys platform allows for easy tracking and management of payments. Moreover, it also offers multi-lingual customer support via multiple channels, including WeChat, WhatsApp, and Phone.
3
Wise
Wise, formerly known as TransferWise, is a UK-based payment service provider that allows users to receive and send money worldwide. They offer personal and business accounts in over 160 countries and support over 40 currencies, but the availability of Wise services, including sending and receiving money, depends on your location.
Wise is a safe and cost-efficient method to send remittances to China, offering payments through bank accounts, connected bank accounts (ACH), wire transfers, debit cards, and credit cards. Personal account users can also send money to personal Alipay and WeChat Pay users, meaning the CNY payments can be received within a few minutes.
Essential Information About Wise
Major Fees | Around GBP 3.63 + 0.72% of the amount + exchange rate. Additional fees apply for debit, credit card payments, and other methods like ACH or wire transfer, depending on the amount. |
Wise Transaction Limit | Specific limits are based on the method used: Via UnionPay: CNY 18,000 per transfer Via Alipay: CNY 50,000 per transfer Via WeChat: CNY 30,000 per transfer Business to Business via Bank Transfer: Limits depend on the currency. For example, if sending from GBP to CNY:
|
Speed | Seconds to minutes for card or bank transfers; a few days for wire, SWIFT transfers, and business transactions. |
Other Considerations |
|
Currencies you can send from | Send from 24 currencies, GBP, USD, AUD, BGN, BRL, CAD, CHF, CNY, CZK, DKK, EUR, HKD, HUF, IDR, ILS, JPY, MYR, NOK, NZD, PLN, RPN, SEK, SGD, TRY |
*As Wise provides transfer services to and from various currencies, we recommend checking their pricing and CNY transfer FAQ pages for accuracy.
Tip: Having a Wise account can minimise your transfer costs if you’re looking to send money in CNY frequently. Read our Wise Business Account review to learn more about its key features and fees.
Wise Pros and Cons
- Users can send from a wide range of currencies.
- Foreign exchange rates are based on mid-market rates, which should be cost-effective.
- Supports both personal and business transactions, although a separate account is required for each.
- Fees are complex due to variability based on transfer method, currency, and amount.
- Customer support options are limited, especially for potential customers. Users need to have an account before accessing support channels.
Who Is Wise Best For?
✅ People who need to make urgent transfers: Wise offers fast transfers to China, often arriving within minutes or hours, depending on the payment method.
✅ Those who need multiple payout options: Wise offers various ways for the recipient to receive money, including mobile wallets and bank deposits to major banks.
4
Western Union
Western Union is a US-based multinational financial services company that offers an online money transfer platform similar to Wise. They operate in over 200 countries and territories.
They allow users to transfer money to China through different methods, including in-person at a Western Union agent location, using bank details, credit or debit card and online from the mobile app.
Additionally, they offer flexible delivery options, including a direct transfer to the recipient’s bank account, WeChat account and cash pickup.
You can conveniently track your transfers and make repeat transactions. However, Western Union only supports sending money to individual accounts, not business accounts.
Essential Information About Western Union
Major Fees | Depending on the sending and receiving method. Please refer to the Western Union Fee estimator page for reference. |
Western Union Transaction Limit | Depending on currencies GBP 5,000 for online transfers to bank accounts in China. GBP 4,000 for credit or debit cards |
Speed | Depending on the transfer method, it could be instantly or up to 4 business days |
Other Considerations |
|
Currencies you can send from | You can send money from almost any country and in various currencies. We cannot find an exhaustive list. |
Western Union Pros and Cons
- It operates in over 200 countries and territories, making it accessible to many users globally.
- Allows sending from a wide range of currencies.
- Offers various ways to send money, both offline and online.It is one of the few services that provide cash pickup options.
- Only supports individual transfers, excluding business accounts.
- Lacks specific information on fees, making costs unpredictable. The fee estimator may not reflect actual fees.
- To send money directly to a bank account, recipients must have accounts with specific banks in China, limiting accessibility for some users.
Who Is Western Union Best For?
✅ People who prefer cash pickup: Western Union has multiple agent locations across China, allowing recipients to conveniently collect cash without needing a bank account.
✅ Individuals who prefer flexibility in sending and receiving methods: Western Union offers various ways to transfer funds, including online and in-person. Recipients can also choose the most convenient way to receive the payment.
✅ Those sending money from European countries: Western Union's global reach covers most European countries, and its fast transfer times make it a convenient choice for international money transfers.
5
Remitly
Headquartered in Seattle, Remitly is a US-based online remittance service offering international money transfers to over 150 countries. Remitly provides flexible ways to send and receive money in China, including bank deposits, UnionPay, Alipay, and WeChat.
Remitly is an option to consider for expats and individuals who regularly transfer money for personal purposes. It does not charge a transaction fee for transfers above USD 1,000 to China.
As of October 2024, new customers are eligible for a fee-free first transfer with Remitly.
Essential Information About Remitly
Major Fees | The fee depends on the currency: GBP 2.99 for sending from GBP to CNY + exchange rates |
Transaction Limit | The transfer limit is GBP 25,000 per transaction, with variations based on the country and method used.
|
Speed | Same day or up to 2 working days |
Other Considerations |
|
Currencies you can send from | GBP, USD, AUD, EUR, CAD, CZK, DKK, CHF, NZD, NOK, PLN, RON, SGD, SEK, AED |
Remitly Pros and Cons
- 24/7 Customer Support
- Typically provides low fees with a flat rate, along with the possibility of a refund in case of a delay.
- New customers enjoy a fee-free first transfer
- Personal use only; does not accommodate business transactions
- Lacks specific information on exchange rates, which may hinder users' understanding of the total cost.
Who Is Remitly Best For?
✅ Individuals sending money to China for the first time: Remitly offers a fee-free first transfer to China promotion for new customers, making it an attractive option for those trying out the service.
✅ People seeking low flat fees: Remitly offers competitive flat fees, making it a cost-effective option. The only additional cost to consider is the exchange rate.
✅ Those who prioritise Support: Remitly offers 24/7 customer support, making it easy to get assistance when needed.
Bottom Line
There are a few different ways to transfer money to China. Fees, currencies, remittance limits, and the urgency of the delivery can affect which method you choose. The information above can help you get a brief overview of your options for sending money to China.
If you are running a business, Statrys offers an alternative payment solution for businesses incorporated in Hong Kong, Singapore, and the British Virgin Islands.
Statrys is a licensed payment service provider in Hong Kong and a Small Payment Institution registered with the Financial Conduct Authority in the United Kingdom (FCA). We provide multi-currency business account, low-fee local payment, international payment, FX services and payment cards.
Our user-friendly online system allows you to manage your account from anywhere at any time. Plus, with our transparent pricing structure, you know exactly what you pay per transaction when sending money to China.
FAQs
How can I send money to someone in China?
You can send money to someone in China via bank or wire transfers or through online payment services. If you are a business paying another business in China, you can also get a multi-currency business account like Statrys to streamline the process.
What are the best services to send money to China?
Can I transfer money to China?
Is it legal to send money to China?
Can a Statrys account be linked to Alipay and WeChat Pay?
Can PayPal Transfer Money to China?
Disclaimer
Click More info to read the disclaimer on this article.
