How To Send Money To China

Sharline Shaw

If you need to send money to China from the US, you are not alone.

There are multiple reasons people send money to other countries like for business or to support their family members.

The World Bank has estimated that China received US$67 billion in payment from various countries.

There are many ways you can send money to China like PayPal, Western Union, MoneyGram, and many more.

While you plan to transfer money to China, compare all of the possible ways, and choose the best one.

Here, an essential guide for all those who are going to transfer money to China has been provided.

You can get through it to select the most suitable way of money transfer.

Send Money To China

Before Your Money Sends To China, You Need To Know:

You need to weigh the cost and fee against the Convenience and want to learn how to compare money transfer providers who send to china to meet your needs.

·   Exchange Rates

The USD or CNY both remain stable while there can be few occasional ups and downs. You can either exchange the currency in advance; lock in prices, both of these will help you to prepare these shifts.

·   Transfer Fees

The transfer of money across the border will always charge you some extras payment. And these charges can be hidden in the exchange rate.

In the case of sending a large amount of money, the exchange rate will be automatically reduced.

·   Transfer Limits

How much money you can transfer varies with the country. And the different amounts will attract either higher or lower fees. So, you can search for the best deal on the amount of Chinese Yuan you are searching for.

·   Turnaround

Money transfer through the local bank may take more than a week or longer. If you want quick delivery, you can search for a digital specialist who can offer instant transfers to China.

·   Maximum Limits

When the exchange rates are favorable, sending money can save your money for the future. And if you want to send a large amount of money to China, you will need to get a provider that will not mark limits for you.

Exchange Rates


Banks That You Can Send Money To China

Millions of people used to send money to China every day. Everyone search for an easy and cheap way to send money to suppliers in China.

Banks neither in Chine nor in any other country have the best rates for currency conversion. Therefore, it is necessary to compare all the possible options for sending money to China before you transfer money to China.

While you are going to send money for the very first time or used to send, it’s better to choose the most economical option.

So, you need to compare the value options for money transfer and stop overpaying. You can also select one of the given banks for money transfer.

·   People’s Bank of China

The People’s Bank of China is located in Beijing. It is the central bank of China and established in 1948 and is responsible for the monetary policy and financial regulation in Mainland China.

It is one of the largest central banks of the world, with more than $3 trillion in foreign exchange reserves.

The PBOC bank is responsible for drafting the laws and regulations for the financial functions, including the implementation of the monetary policy to maintain financial stability and economic growth in China.

Furthermore, the bank is also responsible for setting interest rates and regulating the financial markets.

Customers can transfer the funds in the current account to his/her account or someone other’s account, including transfer among the customers’ accounts of the same currency or transfer among the customers’ accounts of the different currencies.

Customers can remit the funds in the current account to an overseas account, including the global remittance and RMB advance settlement of foreign exchange remittance.

·   Bank of China

Bank of China provides banking services. The company offers deposits, loans, foreign currency transfers and settlement, and many other services.

Bank of China provides its services to enterprises, individuals, and many other clients.

·   China Construction Bank

China Construction Bank is one of China’s four major state-owned banking institutions. It was established in 1954, and its original name was the People’s Construction Bank of China.

The bank has initially been under the Ministry of Finance. It provided the funding according to the government’s plans to build the infrastructure. In 1979, the bank went under the control of the state council and began to serve as the commercial bank.

China Construction Bank

·   Industrial and Commercial Bank of China

It is a multinational Chinese banking company. Initially, It was founded as a limited company in 1984.

The International And Commercial bank of China is owned by the state, and capital is provided by the ministry of finance of China.

In 2008, it became the second Chinese bank to gain federal approval to establish the branch in New York City.

·    Agricultural Bank of China

Agriculture Bank of China is also known as AgBank, is one of the big four banks of China. The bank was founded in 1951 and had its headquarters in Dongcheng, Beijing.

It is china’s third-largest lender by the assets. The bank went public in the mid of 2010, fetching the World’s biggest ever initial offering.

The bank is ranked eighth among the top 1000 world banks by 2015. And it is on the third position among Forbes’ 13th annual Global 2000 list.

Agricultural Bank of ChinaCompare Ways To Send Money To China

Bank to bank transfer requires the Chinese bank account. You may need a Chinese local for assistance in bank dealings.

China banks limit the amount you can transfer to $500 unless you can provide proof of your source of income.

While the foreigners can transfer without a limit if they can provide relevant documents, providing the financial ability the send these types of files.

·   Sending Less Than $1000 to a Bank Account in China

You know 1USD is equal to 7.07230 CNY, therefore if you will send up to $1000, the recipient will get about 7072.3 CNY.

While sending money through the bank as you need to pay for the currency transfer, the amount received will be less than the estimated amount.

·   Between $1000 and $10000 to a Bank Account in China

If you are going to spend $10000, the recipient will get 70723.00, while the deductions or money transfer charges vary from bank to bank.

·   Sending More Than $10000 to a Bank Account in China

If you send more than $1000, the amount received will get be more than 70723.00 while the transfer charges will depend on the bank, delivery time, and the way you are sending the money.

1USD is equal to 7.07230 CNY


Documents Required For Sending To And Receiving Money In China

It is easy to send money to China from the United States, you will need the identity card and other documents. While the documents required to pick up the money from China are different.

·  Documents To Send Money From The US

To send the money from us to china you need the following documentations:


Many services require the passport or any other identity card issued by the government of Pakistan. Few services do not need your ID card, but later on, they ask for SSN.

Payment Method

You can use the credit card or debit cards, cash, bank accounts, or personal checks.

Recipient Information

You need to submit the name of the recipient, as mentioned at the ID card. Beside it, you will have to provide their phone number, Chinese bank account, and routing number if sending to their bank.


·  Documents To Receive Money In China

To pick up the money, the supplier in China will need the following:

Transfer Number

The person who is sending the money will transfer the confirmation details like PIN, MTCN, reference, or tracking number, depending on the company.

Government-issued ID

The china Identification card, a passport, or Mainland permit will be accepted for the identification for most of the money transfer cash pickups.

Amount Sent

You will need to ask for the total amount of money that was transferred. And the Chinese supplier mostly gets 10% of the total amount.

Sender’s Information

You will have to provide the sender’s name, address,  the sender’s country, and other parts of the world.


Ways To Send Money To China

When you need to send payments to your supplier or travel agencies, you search for the best payment ways for the money transfer. And try to select the one which is safer and more relaxed.

China is a country where foreign currency exchanges are strictly regulated. For Chinese citizens, there is a maximum $50,000 limit for annual currency exchange.

Here a brief description of the five most available and most commonly used methods of money transfer has been described. You can get through them to choose the best one for global money transfer.

·  Paypal (Suitable For Less Than $500 Payment)

PayPal can be a suitable option only when you are going to transfer an amount of less than $500.

PaypalHow To Transfer Money To China Through Paypal?

It is a convenient way to send money online. It accepts both debit cards and credit cards, so it very easy to send money from any of your accounts. Well, the process of money transfer is straightforward.

  1. You need to get an account from the
  2. Connect your bank card with PayPal
  3. Ask the recipients to get the PayPal account if they have not one already
  4. When both of you have got the account, you are ready for money transfer

How Much Is The Paypal Transfer Fee?

PayPal offers services without any cost to the sender and only charges handling fees for the beneficiary, and it depends on the country and the amount you are going to transfer.

Let’s suppose, and if you want to move USD 500 to China with PayPal by using a debit card, the handling fee will be $4.99 + ($500×2.9%) + $0.3 = USD 19.79.

And PayPal offers a free money transfer if both the sender and recipient accounts are in the United States.

But as most of the Chinese suppliers has a PayPal account with the Chinese address. The suggestion to lower the transfer fee is to register the PayPal account with your bank account, instead of the credit or debit card.

Bank account transfer is through the bank ACH channel, and this system is quite hard to cheat.  However, a debit card is easy to report in case of loss, then stopping the money transfer to increase the risk for PayPal to charge an extra handling fee.

  1. How Long Is Paypal Take To Transfer Money To China?
  2. It offers two different services during money transfer:
  3. Standard service: the fund will be transferred within 2working days, free of any cost
  4. Instant service: In this, service the fund will be transferred within 30 minutes with an additional fee !% of the amount and maximum charge USD 10.00

·  Western Union (Suitable For Personal Use)

Western Union is a payment solution provider, since a long time ago. They have a trusted network of more than 500,000 agent locations and have been serving since 1871.

How To Transfer Money To China By Using Western Union?

A long time ago, Western Union strictly emended for the transaction senders to be present in one of their locations.

With time, they have upgraded the services, and now you can send money from any part of the world. You can transfer money through online/in-store/mobile app, in any way you can think of.

The western union will charge you different handling fees for the different sending ways. They will charge you a significantly lower cost for in-store than an online and mobile app.

Operating the western union is quite safe and simple. The recipient does need any bank account, and he needs to provide the under given information only

  1. Name: (First name: MIN MIN / Family name: LI)
  2. City: Guangzhou City
  3. Province: Guangdong Province
  4. Tel: 0086-139xxxxxxxx

After you have transferred the money, you will have to provide the following information to the recipient for the collection of the money:

  1. MTCN number: xxx-xxx-1234 (you can get it from the western union system after you have transferred the money)
  2. Name the sender: Rachel Goacher
  3. Actual amount: $5000
  4. Beneficiary: MIN MIN LI

If you send money to China, and after the payment is made, you will have to provide all the information to the Chinese recipient.

The recipient will take their identity card and will go to the western union locations in China, where they will fill the form and will get the money.

Western Union

How Much Is The Western Union Transfer Fee?

Well, you can check the Western Union fee for the amount of money you are going to transfer by the price estimator at Western Union official site.

The charges vary according to the transfer time and amount of money. For instance, if you are going to transfer the $500 within minutes, you will have to pay an extra $5 as a handling fee.

Western Union allows you to send the money in minutes and days, depending on the rate of charge.

And for the recipient, too, it is an easy option to get the cash at the western union location rather than the bank account. Otherwise, you will have to pay high handling charges.Special Notes When Using Western Union To Send Money To China

They offer a feeble exchange rate as they also make money from it. So, it is highly recommended to send the funds in CNY rather than USD. Otherwise, you may have to pay 5% more than the mid-market.

When you send a massive amount of money, the handling fee of the western union will be much higher than the telegraphic transfer service offered by the bank.

So, you should compare the handling fee if you are going to transfer more than $5,000.

The western union also asks for the high agents’ fees to their partners. At the same time, lots of China banks cooperate with them, such as the Agriculture Bank of China.

So, the Western Union location is decreasing since 2017 in china. And the convenient for the Chinese agents is quite worse than ever before.

You should consult your Chinese suppliers to make sure that he will be comfortable with the Western union payment or not.

·  Money Gram (Suitable For Business Use)

The service offered by the Money gram is quite smaller as compared to the Western Union, while both of them operate in the same way.

It is a fact; the business running by the Money gram is not as good as by the Western Union.

In 2017, China company presented a plan of purchasing the Money gram, including the responsibility for the delt of the Money gram for nearly one billion USD.

But unfortunately, the project was called out by The Committee on Foreign Investment in the United States in 2018.

After checking the estimated handling fee from the Money gram online, it has been concluded that the handling fee is the same as for Western union.

While considering the current situation of the Money gram, it is recommended to choose the Western union.

If you like this type of money transfer. The only benefit you can get from the money gram is that it is used for business purposes.

If you could not find any close Western Union agent location, and a Money gram location is nearby, go with Money gram.

·  Telegraphic Transfer (T/T), Wire Transfer

Telegraphic transfer is also known as the Wire Transfer, bank transfer; is the most popular business to business payment method.

It requires both the sender and beneficiary to have a business bank account for the transaction.

Well, when you ask for the bank to arrange the telegraphic money transfer from the United States to China, the only choice you will get be Wire Transfer. So, no need to worry; as both are the same thing

Wire Transfer is done through the SWIFT system, and the SWIFT system is the only international channel you can use to send the money to China’s bank.

How To Transfer Money To China Bank Account By Using T/T Transfer?

If you are going to transfer the Wire transfer, you will have to consider the following information before you go to the bank.

  1. Beneficiary name
  2. Beneficiary account
  3. Bank name
  4. Bank address
  5. SWIFT code

And later on, you will have to fill the bank form with the information mentioned above and then follow the bank instructions step by step to complete the process easily.

How Much Does It Cost For Sending By T/T Transfer?

Charges of the Telegraphic transfer vary from bank to bank. You need to make the transitions through the most prominent scale bank to ensure the transfer efficiency and reduce the transfer fees while the bank charges are usually in the range of the USD 20-50.

Well, it is also possible the recipient pay the handling fee. For the order through T/T payment, the charges could be quite higher, which needs to be divided into the two amounts, deposit, and balance.

You can pay the first handling fee through the balance, and then the supplier will have to pay the second installment I the deposit.

How Long Does T/T Transfer Take To China?

It takes 2 to 3 days to receive the money in the recipient’s account by using T/T from the US. And if the funds did not reach in time, you will need to recheck the transaction information to ensure that there is no mistake.

And if there is an issue regarding the supplier’s account, you can ask the bank to stop or cancel the money transfer. Well, you can re-arrange a money transfer later on based on the correct information.

The recipient will not be able to receive the money if there is any mistake in the information provided to the bank.

While if you send money from European countries to China, it may take from 3 to 5 days. And in the case of Southeast Asia countries like Malaysia and Singapore, it will take only one day.

·    Veem (Suitable For Paying From Company Account)

Veem works the same way as wire transfers do; it also uses the SWFT code for sending the money to China bank account. But Veem claim that they cut-off lots of middle man bank charges by using the blockchain technology.

  1. How To Wire Money To China By Using Veem?
  2. You need to register the account on
  3. While registration, you will have to fill the company’s information and bank info and also the SWFT info. And make sure that the full info is correct.
  4. After the account is ready, there is a simple process just like the regular wire transfer in the bank, and to make sure the online arrangements; fill the following information:
  • Beneficiary Name
  • Beneficiary Account Number
  • Bank Name
  • SWIFT Code
  • Bank Address

What Is The Cost To Wire Money To China By Using Veem?

The only benefit you will get here is a low handling fee. You will have to pay $20.00 to send the USD and receive the USD.

With the Veem, you can send money to more than 90 countries in their local currencies, free of charges and with competitive exchange rates.

For sending the money in the local currency, the great benefit you are going to receive is that you can drive the quotation from the supplier to edge.

So, with the Veem services, you can ask the supplier to quote the price in the RMB.


Seven Tips For Sending Money To China

If you want to transfer money to China, you will notice that there are several ways to do so. While only a few are safe, quick, and economical. According to the World Bank, China is one of the top remittances receiving countries.

Here, the seven most useful tips to get the most economical ways of money transfer China are given:

·  Use An Online Money Transfer Service

Whenever you are going to send money to China, find the specialists for online money transfer. Because their cost is low, they can offer better exchange rates and cheaper fees as compared to the ban or High Street-based money senders.

It is very safe and straightforward to send money online. The only thing you will need is an account so that you can get a live quote and make the payment by credit or debit card; in some cases, you can pay via cash voucher or local bank transfer.

·  Check The Chinese Currency Rules

You are well familiar with restrictions related to money receiving in China. Before you transfer the money, you need to ask your recipient present in China that in which currency he or she can accept the transfers. For more about restrictions in China, you can contact China.

·  Compare The Exchange Rates As Well As The Transfer Fees

You can also look for a service that will offer you competitive exchange rates. Because the exchange rate is going to affect the final amount of money your recipient is going to receive in China.

Always keep in mind that sending a large amount of money can offer you better exchange rates. The cash transfer operators still generate revenue on money transfers.

In many cases, the fee and profit margin is fixed on the exchange rate. While in only a few cases, the profit margin varies between 10 to 15%.

·  Pay By Local Bank Transfer Or Use The Cheapest Payment Method

There can be some additional costs too, depending on the method of money transfer you choose.

For instance, if you make a payment via credit card, you will receive a commission of 1.5to 3%. But if you use the UK debit card as the payment method, you can cut these additional costs.

But the best way to send money to China is via local bank transfer. Well, before money transfer, you need to make sure that option is available in your home country.

·  Send Money To A Bank Account, Not For Cash Collection

Before money transfer, you should think about the way your recipient is going to receive the money in China. If you send the money to a cash collection point, it will charge you more as compare to direct transfer to the bank account.

According to the expert’s recommendations, if the receipt has the bank, the most economical solution for you is to the account. You will need a SWIFT membership, as it is the only way to transfer money to China or in any region of the world.

·  Use A Registered Payments Institution

To ensure the safest money transfer, always use an institution that is registered as the Payment institution. Well, as in the United Kingdom, they are registered with the FCA. It means their registration applies all over Europe.

·  Look For Refund Policy For Unexpected Expenses

Well, whine you will send money to China, there are few intermediary banks which may charge some additional cash.

You need to ensure that the institution is not going to cost you any type of unexpected expenses. One of the safest money transfer companies is Xendpay; it is straightforward and affordable.

Seven Tips For Sending Money To ChinaFrequently Asked Questions

While sending money to China, you may encounter many questions. A few of them with the best suitable answers have been given below.

·  How Long Will A Money Transfer To China Take?

The recipient side in China indicates that it usually takes 7 to 10 days to receive the money.

·  How To Send Money To China By Transferwise?

It is easy to send money to China by using the Transferwise platform. You need to follow the steps:

  1. Just tap how much and where to
  2. Make a local payment to Transferwise, whether it is with the wire transfer, ACH, debit card or credit card

·  How Can I Send Money Internationally?

Your bank, Western Union, PayPal, and Trans Wise are considered to be the best ways to transfer the money.

·  Which Bank Is Best For International Transfers?

Wells Fargo is on top of the list to transfer the money at the international level.

How Leeline Sourcing Helps You Find The Best Ways To Send Money To China

Different online payment methods are available like PayPal, debit card or credit card, and wire transfer.

Well, according to Leeline sourcing, PayPal is the most secure payment method. It includes all the security features that others offer, and it also supports a dispute in case of any problem.

Suggested reading:How To Pay On Alibaba Payment : Ultimate Guide

How To Pay On Alibaba

Final thoughts on Send Money to China

Money transfer is the need of the day; most of the time, people use to send money to China for trade or business.

Whenever you are going to transfer the money, keep in mind you will have to pay a small amount to the bank for money handling or as an exchange rate. You can choose a better option if you keep all the above-given points in your mind.