Why Finding Cheap Money Transfers to China Matters
Sending money to China doesn’t have to drain your wallet. With international transfer fees ranging from 1% to 10% and hidden exchange rate markups, choosing the wrong service can cost hundreds. This guide reveals the most cost-effective methods, comparing fees, exchange rates, and transfer speeds to help you maximize every dollar sent to family, friends, or business partners in China.
Top 5 Cheapest Ways to Send Money to China
- Wise (formerly TransferWise) – Uses real mid-market exchange rates with fees starting at 0.41%. Ideal for transfers under ¥100,000 CNY with 1-2 day delivery.
- Remitly – Economy option offers $0 fees on first transfer and competitive rates. Best for bank deposits across China.
- OFX – Zero transfer fees for amounts over $1,000 USD. Preferred for large business transactions.
- WorldRemit – $0 fees to Alipay wallets with promotional rates. Fastest for mobile wallet transfers.
- Xoom (PayPal Service) – Fee-free transfers to bank accounts using PayPal balance. Best for existing PayPal users.
Step-by-Step Guide to Low-Cost Transfers
Follow this process to ensure maximum savings:
- Compare real costs using tools like Monito or MoneyTransferComparison
- Select currency option: Always choose “pay in USD” to avoid dynamic currency conversion fees
- Verify recipient details: Full name matching ID card + Chinese bank account/SWIFT code
- Use local transfer options like UnionPay instead of international SWIFT
- Schedule transfers mid-week when exchange rates are most stable
Pro Tips for Extra Savings
- Bundle transfers: Send larger amounts quarterly instead of monthly to minimize flat fees
- Time exchange rates: Set rate alerts through XE.com when CNY strengthens against USD
- Leverage new user offers: Most services provide fee-free first transfers (e.g., Remitly’s $100 bonus)
- Avoid weekend transfers: Banks add 0.5-1% premiums for Friday-Sunday transactions
- Choose Alipay over banks: E-wallets have 30-50% lower receiving fees in China
FAQ: Sending Money to China Cheaply
Q: What’s the absolute cheapest method for small transfers?
A: Wise typically wins for transfers under $500 with fees averaging 0.7% + fixed charge.
Q: Are bank transfers to China safe?
A: Yes, when using licensed providers. Verify FCA (UK) or FinCEN (US) registration.
Q: How much can I send to China tax-free?
A> China allows $50,000 USD equivalent per year per recipient without taxation for personal transfers.
Q: Why do exchange rates vary between providers?
A: Traditional banks add 3-6% markup. Specialists like Wise use real interbank rates.
Q: Can I send money to WeChat Pay or Alipay?
A> Yes! WorldRemit and Remitly offer direct transfers to both e-wallets with lower fees than bank transfers.
Q: What documents do recipients need in China?
A> Recipients must provide ID card (身份证) and bank details including 19-digit account number and branch address.
Smart Transfer Strategy
By combining specialized services like Wise with strategic timing and recipient wallet options, you can consistently save 70-90% compared to traditional banks. Monitor exchange rates, leverage promotions, and always compare total costs – not just fees – to ensure your money reaches China with maximum value. For transfers exceeding ¥500,000 CNY, consult a forex specialist for custom solutions.
