How to send money to China
Find out how to make a money transfer to China at the best rate in four easy steps
1. Check the CNY rate against your sending currency
Making your transfer at the right time gives your more CNY for your money. It might be interesting for you to subscribe to smart alerts to frequently check the CNY mid-market rate against your currency.
2. Make your choice among the 19 companies available for transfers to China in order to select the best deal.
We list many money transfer companies able to send money to China, such as TransferGo, TransferWise, Western Union, MoneyGram, Xendpay. Using the best company from the more than 19 available options is a sure way to save on fees and exchange rate.
3. Pick the best money transfer company with your own criteria
Do you need to send money to China with the cheapest option, as fast as possible or with the provider with the best ratings?
Another important aspect is to have a look at the pay-in/out methods. You may have the possibility to pay for your transfer by transferring the money from your bank account or by credit or debit cards. On the other side of the transfer, select the right option, whether you need the converted amount to be deposited on a local bank account or be available for cash pick-up.
4. Sign up and get started wih your transaction with the provider you selected
Now, simply fill the sign-up form on the provider's homepage (you usually have to provide some documents to confirm your identity), and set upyour transfer to China.
How to Send Money to China
Millions of people like you send money back to China every week. With around 50 million Chinese living outside China, everyone needs an easy and inexpensive way to send yuan back home to benefit family, friends and others, whether they live in Beijing or elsewhere.
Banks in neither your adopted country nor China have the best fees or exchange rates for converting money into yuan. That’s why it’s vital to compare all of your options for sending money back to China so your yuan can go further. Whether you want to make a one-off currency transfer or you need to send money regularly, we can help you find the best options.
People from China send over $60 billion back home each year, that’s an average of $1,200 each. Our research shows that most people overspend by up to 5 percent on their transfers, so using a lower-cost provider could save people sending money to China up to $3 billion collectively, or up to $60 individually, every year.
We want to stop you from overpaying, and we make it easy to compare the best-value options for money transfer, or select one of our recommended currency providers.
I Want to Transfer Money to China, but Which Provider Should I Use?
There are plenty of options for sending money back to China. Here at Monito we cover all the popular specialist money transfer providers and banks for converting your money into yuan and sending it home.
We know there are lots of ways to transfer currency to China, which is why we compare all of the most popular options side-by-side so you can make an informed choice. The best money transfer provider for you will depend on several areas like how much you are sending, where you are sending from, the currency you are exchanging into yuan and some other factors.
We take all of those details into account when recommending the best way to send money to China. We’ll help you find the fastest and cheapest ways to send money home. For example, we can tell you the best providers for sending or wiring money to China from the USA, Thailand, Malaysia or Indonesia.
For most money transfer providers, you can either sign up through their websites or download their apps which will give you fast and easy access from any smart device. We provide a useful “Smart Alerts” service that tells you how currency exchange rates are changing so you can choose the best time to send yuan back to China. Learn more and sign up here.
Using a lower-cost provider could save you up to 400 yuan a year when sending money to family, friends or businesses in China.
The Cheapest and Best ways to Send Yuan to China
There are several good options for currency exchange, depending on how the person you’re sending money to wants to get access to their yuan.
Sending Less Than $100 in Yuan to a Bank Account in China
If you want to send money to a bank account in China, we recommend using a specialist currency provider. If you’re transferring under $100 or equivalent, your best options include Pangea, Xoom and Transfast.
Sending More Than $100 in Yuan to a Bank Account in China
If you’re sending more than $100, we recommend Pangea, Xoom and TransferWise.
Banks that You Can Transfer Yuan to in China
You can normally arrange to send yuan to any of the following banks: People's Bank of China, the Bank of China, the China Construction Bank, the Industrial and Commercial Bank of China, the Agricultural Bank of China and more.
Cash Pick-Up Locations in China
Some of these banks are also popular locations for picking up yuan that you have transferred. If the beneficiary wants to collect yuan as cash in China without going through a bank, then providers like Xoom, Western Union and MoneyGram are good options.
Western Union has almost 30,000 locations in China where recipients can pick up cash.