How to Send Money to China: 5 Services You Can Use in 2024 

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.

Like every international money transfer from one country to another, sending money to China involves factors such as exchange rates, processing fees, and other considerations that may influence your decision when choosing the payment option. 

For example, if you are importing from China, you may be required to pay import fees, shipment costs, and many other fees. These expenses can significantly affect the total cost and guide your choice of money transfer option, focusing on minimizing the fees and maximizing transaction efficiency. 

Here are some other factors to consider:

• Understanding Total Costs: Transfer and currency conversion fees vary by provider and transfer amount.
• Speed of Transactions: Choose a transfer service based on how quickly the funds will arrive in the receiving account.
• Transfer and Receiving Methods: Ensure the transfer methods align with the recipient’s ability to receive funds, whether through bank deposits, cash pick-up points, or digital wallets (such as Alipay and WeChat Pay.)

Before moving on to the different methods of sending money to China, let’s clarify the different terms used for Chinese currency to avoid confusion. 

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), while the difference between CNY and CNH is that:

• CNY, or the Chinese Yuan, is the onshore version of the RMB used within Mainland China.
• CNH refers to the offshore RMB, which is traded outside Mainland China.

Now that's out of the way, let's get to know more about the different ways to transfer 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. 

Here are the 5 services that offer a convenient way to send money to China for both individuals and businesses. 

PayPal is a popular ecommerce payment gateway that enables users to send and receive funds safely and securely. PayPal allows you to link your bank account and credit or debit card, and users can use a PayPal account to make purchases online, send money online, and many more.

It is one of the most recognized payment options in online stores worldwide.

PayPal became available in China in 2019 when it acquired a 70% stake in GoPay. However, it is important to note that personal PayPal accounts registered in mainland China cannot receive international money transfers. Only merchant accounts can accept global RMB payments.

PayPal China offers various options for receiving funds, including deposits to linked Chinese bank accounts and compatible mobile wallets. Cash pick-up is also available via Xoom, a separate service owned by PayPal.  

✅ Online shoppers: PayPal is widely accepted by many Chinese online sellers, making it a convenient option for international shoppers to make payments directly in RMB. 

✅ Businesses receiving international payments: Businesses in China with a merchant account can accept payments from worldwide customers in various currencies. 

✅ Individuals sending money within China: While there are limitations on international transfers to personal PayPal accounts, you can still use it for domestic transfers within China. 

Founded in Hong Kong, Statrys is an award-winning fintech company that provides payment services to businesses expanding in Asia. The company offers a simple and streamlined way for businesses to make 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 a small business:

• A multi-currency business account in Hong Kong, supporting 11 currencies, including HKD, AUD, CAD, CHF, RMB, EUR, GBP, JPY, NZD, SGD, and USD.
• When you receive CNY funds into your Statrys account, you will be able to convert to 10 other currencies at a cheaper 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 integration
• Real-time tracking of SWIFT transfer

✅ Businesses making frequent global transactions: Statrys offers a multi-currency account, making it convenient to make payments in different currencies from one account. 

✅ Companies prioritizing cost-effectiveness: While Statrys charges a fee for international payments, it offers competitive exchange rates and transparent pricing, making it a more cost-effective choice than traditional banks for businesses with significant transaction volumes. 

✅ Companies valuing 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. 

Wise, formerly known as TransferWise, is a UK-based payment service provider that allows users to receive and send money worldwide, including the USA, Canada, China, and Singapore. They offer personal and business accounts for users to transfer and manage their funds in over 40 currencies.

Wise is a safe and cost-efficient method to send remittances to China, offering payments through connected bank accounts (ACH), wire transfers, debit cards, and credit cards. Personal account users can also send money to Alipay and WeChat Pay, meaning the CNY payments can be received within a few minutes. 

*As Wise provides transfer services to and from various currencies, we recommend checking their pricing and CNY transfer FAQ pages for accuracy, as the above fees are for transfers from USD to CNY.

✅ Individuals sending remittances to China: Wise is known for its low transfer fees and competitive exchange rates, making it a cost-effective option for sending personal remittances to China.

✅ 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.

Western Union is an online money transfer platform similar to Wise. They allow users to transfer money to China through different methods, including in-person at a Western Union agent location and online from the mobile app. Individual clients can also send money directly to an Alipay account.

Additionally, they offer flexible delivery options, including a direct transfer to the recipient’s bank account and cash pickup. 

You can conveniently schedule your transfers with Western Union if you regularly send remittances to China. 

✅ 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. 

✅ Expats sending money home: Western Union's global reach and fast transfer times make it a convenient choice for expats living in China who need to send money back home regularly.

Headquartered in Seattle, Remitly is an 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 July 2024, new customers are eligible for a fee-free first transfer with Remitly. 

✅ 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 sending smaller amounts of money: While there is a fee for transfers under USD 1,000, Remitly's fees are generally competitive, making it a good option for smaller remittances.

✅ Those who prioritize speed and convenience: Remitly offers fast transfer speeds, with options for express delivery within minutes or hours. They also offer 24/7 customer support, making it easy to get assistance when needed. 

There are a few different ways to transfer money to China. Currency instabilities, 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.

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.