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Best Way to Send Money to China

Best Way to Send Money to China

I really want to complain about how difficult it is to send money to China, but I know there are plenty of readers out there who will disagree. What I think happens is that people find a transfer method or company they like and they stick with it, ergo they think that transferring money to China is easy. In that sense, I suppose it is. But, if you are actively looking for new ways to send money to China, then you will know it is not as easy as it is with other countries. If somebody asked me to mention 30 ways to transfer money to the US, Europe, Australia, and so forth, I could probably list off 20 ways (or companies) without taking a breath—but it isn’t that easy with China.

Transferring to businesses is easier than transferring to the average citizen. The only exception is if the citizen is happy to take US dollars, and some Chinese people will accept US dollar payments. The methods below are the best ways to send money to China.

Send Money to China With TransferWise

Sending money to China is often very expensive no matter which company or method you use. TransferWise supports Chinese Yuan (CNY) transfers to Chinese UnionPay card accounts. The World Bank said that China is the most expensive major currency corridor. The World Bank said that the average cost (fee + exchange rate) is 9.8%. With TransferWise, you get a 1.5% transfer fee (no exchange costs or skimming), and you are able to transfer to anybody with a UnionPay account. If your recipient has a WeChat account in China, then he or she may also be able to receive money through that by using TransferWise. TransferWise are working on allowing people to transfer money out of China too.

Send Money to China With Azimo

If you are finding your options a little limited when trying to send money to China, then you may wish to try Azimo. It is becoming more popular with people from the West as they buy bitcoin and altcoins from people in China. It is becoming a foolproof way of sending US dollars to China in a manner that Chinese people feel comfortable with. I like the fact that Azimo has made the transfer process so easy, but I do not like the way they hide their fees.

They allow you to send your first transfer without having to pay fees, which means they may legitimately say that your sending fee is free when you do your preliminary research. The next time you try to transfer money, they hit you with the fees, and there is no way of researching your fees in advance. You may use Azimo to send SWIFT payments to a person’s bank account, and you may pay extra to have them send within 24 hours. Or, you may use your Azimo account to top up the recipient’s phone, in which case the credit goes through within minutes.

Send Money to China With Western Union

There are 29,000 Western Union locations in China, which is a fair amount (even for a country as large as China). There is a chance that there may be a Western Union location near your recipient. If you are sending money online to a bank, then the maximum fee is usually $20, and it is only $4.99 if your recipient intends to pick up the transfer as cash in person. The reason the maximum fee is advertised is because you are only able to send a maximum of $5000 per transaction, and the fee for sending $5000 is $20 online and $4.99 if it is picked up in cash. There is an Android and iOS app that you may use. The app is handy if you send money to China more than three or four times per year.

Send Money to China With MoneyGram

The Global MoneyGram side of the MoneyGram business is able to help you send and receive money from China. The biggest problem is that they will not allow you to conduct the transaction online. If you wish to send money to China, then they are probably going to make you visit one of their agents. The online service will only allow you to find an estimate for your transaction. After you have your estimate for how much your transfer will cost, they present you with a tool that helps you find your nearest MoneyGram agent. Nevertheless, since sending money to China is usually a hassle, it may be easier for you to try a MoneyGram location rather than trying to find an online solution.

Send Money to China With PayPal

If you can get somebody in China to sign up for PayPal, then sending money to that person becomes very easy. Get the mobile phone number of email address that the recipient used to sign up, and you may send money to that person. The user may send an invoice request, or you may initiate the transfer yourself. If you are a family member or friend, then you may make the transfer without the recipient paying a fee. As a sender, you do not have to pay fees for sending, depositing, purchasing or withdrawing. However, if you convert your currency from one type to another (either beforehand or during the transfer), then you will have to pay a fee and/or take PayPal’s less-than-great exchange rate.

Send Money to China With With A Bank Transfer

You may have a lot of difficultly sending money to China, but there are a few of the bigger banks that have set up deals with Chinese banks so that transfers are easier and quicker. There are also some banks that exist in numerous countries to the point where sending from one to another is very easy. If your recipient in China has the same bank as you, then things become a little easier. The costs for sending money to China are going to vary, but you can expect the whole process to be slightly more expensive than using transfer companies. However, since there are some transfer companies that are unable to send online transfers to China, you may be better off sending a transfer (probably a wire transfer) from your bank.

Send Money to China With A Check

Your recipient in China may be okay with receiving US dollars, in which case, all you have to do is transfer the money. Otherwise, yourself or your recipient will have to make an exchange. You may send your check in US dollars and then allow your recipient to exchange the currency. Or, you may convert your currency and then write a check in the recipient’s desired currency. Your recipient probably will not be happy if his or her has to convert the check to his or her currency because it may be tricky to find a place that will accept such a check. In addition, the recipient can expect to wait a long time for the check to clear. If you convert your currency, you need to find an account where you are able to store your new currency and that will allow you to write checks with that currency.

Send Money to China With Bitcoin

Sending money to China with Bitcoin is a great idea. The transfer fee will be very low, your recipient doesn’t need to bank with a certain bank—in fact, your recipient doesn’t even need a bank account. Your recipient may sell the Bitcoin on an exchange, on a marketplace, and may exchange it for cash in person. There are also places in China where a person may spend Bitcoin easily. You are also going to avoid long transfer times too. There are places such as LocalBitcoins where people from China are selling their Bitcoin under their own terms and for a profit. If you can get your hands on some cheap Bitcoin, then transferring your money to China with Bitcoin is a great idea.

Send Money to China With An International Money Order

A bank account is not needed to purchase an international money order, and quite a few financial institutions such as banks will accept an international money order and clear it quickly because it is a prepaid item. It has become less profitable to forge money orders because there are fewer of them kicking around and it is difficult to steal and cash one because they have the recipient’s name on them. It may take a long time for the international money order to be cleared because institutions in China may send the international money order back to the US in order to have it credited back to your account. Check to see if your recipient is able to accept and clear an international money order before you send it.

Send Money to China With WeChat

I would use WeChat for all my transferring to China if they would just allow me to load my account with something other than a bank account. I wish they would allow me to load currency into WeChat with something such as PayPal or a currency exchange account. WeChat has a great user interface and works especially well on Android devices. It is a multi-platform app and it is difficult for people to send you spam messages because you only receive messages from people who have your number (it is a little like the Chinese WhatsApp). Even if you do not live in or near China, you are still able to sign up for and use WeChat.

It isn’t nearly as sophisticated as WhatsApp, and you can’t do as many things with it, such as voice chat, video chat, and such. In addition, I have to go into my app manager and manually turn it off to make it go away completely because I still get notifications for messages unless I stop it running in the app manager. Nevertheless, you can send international transfers with WeChat. It doesn’t batter you with fees, and you can do it from almost any country on the planet. Dear makers of WeChat, please allow me to send transfers by loading my account with something such as PayPal instead of having to load it with my bank account.

About The Author

Ash The Great

After a varied career in different industries from the hospitality industry to the financial consultancy industry, Ash now spends his days working as a professional writer.

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