Send money to China. Cheap and fast ways to make an international money transfer

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Best ways to send money to China

Best ways to send money to China

Compare money transfer services to China

To help you find the best provider for your international money transfer to China, we've compared 2 services, ranking them from least to most expensive, taking into account transfer fees and exchange rates.

  • Money transfer services compared: 2 services
  • Currently the cheapest: Remitly
  • Cheapest cost: $156.67 USD
  • Currently the fastest: Remitly
  • Fastest time: 0-2 Days
  • Currently best rated: OFX
  • Money transfer companies included: Remitly, OFX

What is the cheapest way to send money to China?

  • Remitly: 156.67 USD
  • OFX: 197.49 USD

When you are looking for cheap ways to send money to China it’s important that you calculate the total cost of your USD to CNY transfer.

Remitly, the cheapest option, has a US Dollar/Chinese Yuan Renminbi exchange rate of 7.1874 and a fee of 156.67 USD.

This would save you 40.81 USD compared to OFX, who has a fee of 197.49 USD.

You'll want to pay attention to both the upfront fee the provider shows you as well as the US Dollar/Chinese Yuan Renminbi exchange rate.

Often providers will claim to be a cheap international wire transfer provider, with low, or even no fees, but in reality they're hidden within the exchange rate. Right now, US Dollar/Chinese Yuan Renminbi interbank rate is 7.302. Whenever you compare fees for transferring money to China, it can pay off to look at the exchange rate they offer.

Finding alternative ways to transfer money to China shouldn't be hard, we've put together a list of cheap ways to send money to China to help you with your search.

For example, most traditional banks add a hidden markup to the exchange rate they offer you. If 1 USD is 7.302 CNY, your bank can add a 3% exchange rate markup and give you a rate of $ 1 = 7.521 元

  • Remitly is the cheapest option, with a USD/CNY exchange rate of 7.1874. Their fees to transfer money to China is 156.67 USD
  • OFX offers a USD/CNY exchange rate of 7.1576. Their fees to transfer money to China is 197.49 USD

What is the fastest way to send money to China?

  • Remitly: 0-2 Days
  • OFX: 1-3 Days

Typically sending money to China will be much faster using a money transfer company compared to a bank that can take 3-5 working days. That’s because banks usually process international money transfers through the SWIFT network. This system involves passing a payment through several intermediaries, which slows the process down. Money transfer companies have often built their own networks to process payments faster – which can even mean your money is deposited instantly into your recipient’s account.

The fastest provider in our table to transfer money to China is Remitly – 0-2 Days.

Learn more about instant ways to transfer money overseas here.

What is the best rated provider to transfer money to China from the United States?

Of the 2 providers we found for transferring money to China, here's how they stack up in terms of number of reviews and average score:

  • OFX - Trustpilot rating: 4.3, Excellent
  • Remitly - Trustpilot rating: 4.1, Great

How to wire money to China?

How to wire money to China

You've got a few key options if you need to send money to China:

Wire transfer to China – most banks will let you send money internationally online, by visiting a branch or by phone. Payments to CNY will be sent directly from your bank account to your recipient's local bank account in your chosen currency.

Walk into a branch – several specialist money transmitter services operate through large branch and agent networks, so you can visit a physical store and make your CNY payment in cash if you want to.

Send money online to China – if you'd rather make your USD/CNY payment online or using your smartphone, you can choose your own bank's online banking service, or an international payment specialist. Specialist services can often offer better exchange rates and lower fees than banks.

Cash pickup – sending a payment for cash pickup can often be the fastest way to get your money into your recipient's hands. It's also usually one of the most expensive because it's being prioritized and can even be instant. For example, if you need your recipient to pick up cash in to China, you could use Remitly, and it may cost you $156.67 USD.

How to send money to another bank account in China

Sending money to another bank account to China is often the most convenient option – both for you, and your recipient. Your recipient doesn't need to take any action to receive the money, it just lands in the nominated account in the currency you choose, and can be spent or withdrawn easily.

If you're sending money from a bank account in the United States to a bank account in China, choosing a specialist provider can be the cheapest and fastest way to make your payment. Different providers have their own processes for arranging payments – but the steps you'll take are usually roughly the same:

  • 1
    Create an account
    Register a new account with your preferred service, by entering your contact details and some basic information. You may even be able to do this using Facebook or Google for convenience.
  • 2
    Verify
    Depending on the type of payment you're making, you may need to verify your account by uploading an image of your ID documents. This step helps keep your money safe, and is often a legal requirement.
  • 3
    Top up
    Add money to your account in dollars, using a bank transfer or card payment.
  • 4
    Add recipient details and send
    Once you're ready to send a payment, add your recipient's personal and bank account details, check the exchange rate and fee applied to your payment, and confirm. That's it – your money will now be sent, and you can track its progress online or in your provider's app.

Ways to pay for your money transfer to China

Different money transfer services offer different options to fund your international money transfer. Luckily, you have plenty to choose from.

Typically bank transfer is the cheapest payment method, which is why it’s the method we use to compare providers on Exiap. Let's take a look at a few payment options for sending money from the United States to China with these providers:

  • Remitly logo Bank transfer, Card (debit or credit), Prepaid Card, Online
  • OFX logo Bank transfer, Direct debit, Online

Best app to send money to China

ProviderWebsite
Remitly
OFX

Remitly: from the United States to China

Cheapest Free fee Fastest Best exchange rate Best transfer options Best rated

Remitly international money transfers from the United States can be made in 147 countries. You might find Remitly is one of the cheapest ways to transfer money internationally, particularly if you benefit from a new customer promotion.

Pros and cons
 
 
  • Send in a large selection of currencies
  • New customer promotions available which can mean better rates and lower fees
  • Large selection of payout options including cash collection
  • You can’t pay for your transfer in cash
  • Exchange rates may include a markup

How much does it cost to send money to China with Remitly?

  • Transfer fees: Fees vary based on how you choose to pay, and the currencies involved
  • Exchange rates: Exchange rates may include a small markup, promotional rates available for new customers
  • Additional fees: Fees vary based on how you choose to pay, and the currencies involved

OFX: from the United States to China

Most expensive

OFX is a currency specialist which offers quick international transfers and currency risk management solutions for individuals and businesses. You can send payments with OFX online and in-app, or access a 24/7 phone service if you’d rather talk your transfer through.

Pros and cons
 
 
  • Arrange your payment online, in app or by phone
  • Access other currency services including currency risk management solutions
  • Broad range of supported countries and currencies
  • Exchange rates include a markup
  • Minimum transfer amount 1000 USD

How much does it cost to send money to China with OFX?

  • Transfer fees: No transfer fee from the United States
  • Exchange rates: Exchange rates include a markup
  • Additional fees: Third party fees may apply

Details needed to send money to China

The details you'll need to send money internationally from the United States to China may vary by provider, and based on the value of the transfer. At a minimum, whenever you make an international bank transfer you will typically be asked for:

Best way to send large amounts of money to China from the United States

When you’re sending a high value payment it’s especially important to do your research and find a provider which is safe and which offers low fees and great exchange rates. It’s also well worth comparing some providers based on transfer times, as the delivery time can also vary pretty widely.

Some international money transfer services offer discounts for high value transfers, either through lower fees or a better exchange rate. Use the Exiap cost comparison calculator to make sure you’re getting the very best deal available for your specific transfer.

How to send large amounts of money to China

While sending a high value payment works very similarly to sending any other transfer overseas, the provider may require additional information to verify the payment. You might be asked to prove the source of the funds, for example, to comply with local and international financial services legislation. If you’re sending a large amount of money you’ll also need to make sure the provider you’ve picked can support the amount, as maximum payment limits may apply.

Here’s how to send a large sum of money internationally with a specialist international money transfer service:

  • 1
    Create an account
    Register a new account with your preferred service
  • 2
    Verify
    Verify your account by uploading an image of your ID documents
  • 3
    Add the transfer information
    Including the value and currency
  • 4
    Add recipient details
    Add your recipient’s personal and bank account details
  • 5
    Fund your payment
    Make a local bank transfer, use your card or pick another supported payment method. Your money will be on the move as soon as it’s been received by the provider.

Safest way to send money from the United States to China

The safest way to send money to China is to select a provider which is properly registered and regulated both in the United States and China. There are many global regulators around the world, and it’s common for international money transfer providers to be registered and regulated by dozens of different bodies, depending on where they operate.

In United States for example, you’ll usually find providers are registered with the Financial Crimes Enforcement Network (FinCEN), and they may also need to hold a state license depending on how they’re set up.

International money transfer limits to China

There is no legal limit on how much money can be sent to or from the United States, although banks and other payment providers may impose their own limits. Money transfer limits can vary quite widely between providers, and may also change depending on how you want to fund your transfer. You could find different limits in place when you pay by card compared to paying using a bank transfer, for example.

USD/CNY exchange rate trends

As with many currencies, the USD/CNY exchange rate moves over time, due to changes in supply and demand. Exchange rate fluctuations can be caused by underlying shifts in how well the economy in United States or China is doing, changes in political stability, or even simple speculation, where traders buy or sell currencies based on how they think trends are going to change.

Right now, 1 US Dollar buys 7.302 Chinese Yuan Renminbi.

International bank transfer fee to China

To send money to China using one of the international money transfer providers in our tables, the fees range from 156.67 with Remitly to 197.49 with OFX (but the fee could be even higher with a bank). The exact cost depends a lot on where you’re sending money, how much you’re sending, how you want to pay, and how you want the payment to be received.

Typically sending money directly to a recipient’s bank account using a specialist service can be done with fairly low costs, while traditional bank transfer fees can be higher. Paying for your transfer with either a credit card or cash can often mean the fees crank up, too.

When you’re sending money internationally, don’t forget that the overall fee you pay can include the transfer fee, an extra charge wrapped up in the exchange rate used, and third party charges like a cash advance fee from your credit card issuer.

Best money transfer rate to China

The best rate available to send money to China will usually be the mid-market exchange rate. The mid-market exchange rate is the rate used when banks buy and sell currencies on global markets.

However, this rate isn’t always available to individual customers sending money abroad. Instead, providers often add a markup – an extra fee – to the exchange rate they offer customers. This pushes up the costs and makes it harder to see exactly what you’re paying for your international bank transfer.

Right now, the mid-market rate for a US Dollar to Chinese Yuan Renminbi is 7.302.

How long does a bank transfer to China take?

The length of time it takes to transfer money to China depends on a variety of factors including the provider you use, how you’re paying, and how you want your recipient to get the money in the end.

From the providers that we display, the fastest international money transfer provider to China is Remitly, which can deliver the money to your recipient in China in 0-2 Days. The slowest provider to send USD – CNY is OFX, which takes 1-3 Days to send money to China.

Send money online with a credit card or debit card

Some specialist international money transfer providers do offer the option to fund transfers with a credit card or debit card. Paying for your transfer with a card can mean your funds are received quickly, so the provider can deposit the payment into the recipient’s account faster. However, this often comes with additional fees which might make it more expensive than paying by bank transfer.

Here’s a handy list of providers that support card payments:

  • Remitly: Bank transfer, Card (debit or credit), Prepaid Card, Online
  • OFX: Bank transfer, Direct debit, Online

Conclusion

When it comes to choosing the best provider for sending money to China from the United States, it really depends on what your needs are.

The cheapest provider shown in our comparison table is Remitly and the fastest is Remitly. If the transfer time is what you're interested in, then Remitly is the fastest to transfer money to China. Remitly can get your money to your recipient to China in 0-2 Days.

If safety is what interests you the most when it comes to picking the best international money transfer provider to China, then all the providers we listed above are regulated by different financial institutions and should be safe to send money to China with.

Frequently asked question when sending money from the United States to China

What is the best way to transfer money internationally?

There’s no single best way to transfer money to China. It all depends on your priorities. Different providers offer a different balance of cost, speed and convenience. Using our comparison tool to check out a range of providers is a good way to find the best option for you.

How to send money from the United States to China?

You can send money from the United States to China using your bank, a specialist money transfer service, an e-wallet, or by visiting a physical money remittance store. Each option has different pros and cons, so the best for you will depend on your specific transfer and personal requirements.

Can I send international money transfers from the United States to China for free?

You can’t send money to China from the United States for free. International transfers cost providers money to arrange, so there’s always a fee somewhere to make sure that the business covers its costs and generates profit. However, many providers choose to make the fees you pay trickier to spot by adding them into the exchange rates used for transfers.

When is the best time to transfer money from the United States to China?

There is no official best time to send money from the United States to China and that depends on a variety of factors such as when you need to send money or when you want the funds to be received. It’s also going to depend on a variety of other factors such as, the time when you send money or the fees you are offered by providers or banks.

How do I make sure my money is safe when transferring to China?

All of the providers on our site are financially regulated in the countries they operate and hold the necessary licences. They have the highest security measures in place for fraud prevention and identity protection. However, it’s still better to be safe than sorry.