How to Send Money to China: 5 Methods You Can Use in 2024

While it's certainly easier to send money to China nowadays than it has been historically, there are still many hurdles to navigate to ensure both safety and cost-effectiveness.  Whether you're a business owner, a family member supporting relatives, or making payments for services, it is crucial to understand the complexities of international money transfers.

This article explores 5 secure methods to send money to China in 2024. We'll discuss their transfer fees, exchange rates, transaction speeds, and setup processes, providing you with a comprehensive overview to make an informed choice.

What To Consider When Sending Money To China

If you are a business owner, it's important to consider factors that may influence your decision. For instance, importing from China may require importing fees, supplier fees, shipment costs, and many others.

Every cross-border payment depends on the exchange rate and processing fees, but sending money quickly in China requires a thorough understanding of the process.

Before understanding more about the different methods of sending money to China, let's clear the common misinterpretation about the currencies in China.

The Difference Between Yuan (CNY) and Renmibi (RMB)

When you start sending money to China, you probably have come across different Chinese currencies whilst in the process of research and money transfer in regards to CNY, CNH, or RMB.

In short, the official currency of China is Renminbi (RMB). The primary distinction lies in:

• CNY, or the Chinese Yuan, is the onshore version of the RMB used within Mainland China.
• CNH refers to the offshore RMB, which is traded outside Mainland China.

📖 Helpful Resource: Learn more about the currencies in China, from how they work to their differences.

Now that's out of the way, let's get to know more about the different methods of secure online money transfers to China.

5 Methods to Send Money to China

1. Bank or Wire Transfer

International bank or wire transfers are a popular choice for businesses to send global payments due to their common usage and effectiveness.

All major banks in China, as well as every other country, utilize the SWIFT code system for secure international bank transfers between bank accounts.

Key Things to Know About Wire Transfer

Given the substantial flat rate, wire transfers are not cost-effective for small or frequent transactions. However, some conventional vendors may not accept a new or less common transfer method. When that's the case, a wire transfer may be your best or only choice.

It's important to note that wire transfers to Chinese banks can sometimes be subject to delays. This is due to China's stringent anti-money laundering regulations and foreign investment laws, which may prompt an investigation into the transfer, potentially extending the process by several days or even weeks.

📖 Did you know? Our research indicates that the currency used in SWIFT transfers significantly impacts transfer times. On average, USD payments are processed the fastest.

2. PayPal

PayPal is a popular ecommerce payment gateway that enables users to send and receive funds safely and securely. PayPal allows you to link your bank account and credit or debit card, and users can use a PayPal account to make purchases online, send money online, and many more.

Paypal became available to China on 30 September 2019, when it acquired a 70% stake in GoPay. This allowed PayPal to become the first foreign payment platform available to provide online payment services in China.

PayPal is one of the most recognized payment options accessible in online stores worldwide. PayPal is a widely recognized payment option available in online stores worldwide.

It's important to note that transferring money directly to a PayPal account in Mainland China isn't possible. However, you can still make payments to your recipient's email address or via PayPal.Me (link payment option).

Key Things to Know About PayPal

PayPal has a strong user base in China due to the Chinese language being accessible within the platform. The main downside of PayPal is the currency conversion fees, along with a 2.99% transfer fee.

Over time, this may cause PayPal to become a less attractive choice for larger businesses to send money to China. Before using PayPal for your payment transfer services, it's best to quickly determine the cost of your transaction and the fees you will pay for PayPal services.

💡Tip: Try our PayPal Fee Calculator to see if PayPal is the right method for you to send money to China.

3. Statrys

Founded in Hong Kong, Statrys is an award-winning fintech company that provides payment services to businesses expanding in Asia. The company provides a simple and streamlined way for businesses to make payments globally.

With Statrys’ multi-currency account, businesses can make international wire transfers to China (also known as TT or Telegraphic Transfers), which is widely accepted by suppliers in China.

The Statrys business account offers features to fit the needs of a small business:

• A multi-currency business account in Hong Kong, supporting 11 currencies, including HKD, AUD, CAD, CHF, RMB, EUR, GBP, JPY, NZD, SGD, and USD.
• When you receive CNY funds into your Statrys account, you will be able to convert to 10 other currencies at a cheaper rate.
• Virtual and physical Mastercard® payment cards with built-in controls and limits to manage business expenses
• FX services at competitive exchange rates (spot and forward contracts).
• Xero integration
• Real-time tracking of SWIFT transfers

Key Things to Know About Statrys

4. Wise

Wise, formerly known as TransferWise, is a UK-based payment service provider that allows users to receive and send money around the world whilst paying real exchange rates and small fees.

Wise offers personal and business accounts for users to transfer and manage their funds in over 40 currencies.

If you need to make a large transaction to China, Wise can be a safe and efficient method of payment as Wise offers competitive exchange rates compared to other payment businesses. Furthermore, they support Alipay and WeChat for receiving direct payments to the linked bank account. This means that payments in CNY can be received at the destination within a few minutes.

Key Things to Know About Wise

For business clients, it’s important to note that the above transfer fees are applied when you transfer funds from a Wise business account. Wise will charge extra fees if you choose to wire transfer or use your debit or credit card.

📌 Note: Wise is regulated and operates under government bodies in various countries, including the US, the UK, Japan, Singapore, and Hong Kong.

5. Western Union

Western Union is an online money transfer platform similar to Wise. They allow users to collect money transfers through different methods such as mobile wallets, cash pick-ups, bank transfers, Alipay, and many more.

They offer more flexible delivery options than methods like Venmo, Crypto, PayPal, and others etc.

Think of it as an alternative to Wise or Remitly, with different markets, rates, and delivery options. Check all of them to see who gives you the best secure online money transfer options.

Key Things to Know About Western Union

Bottom Line

There are a few different ways to transfer money to China. Currency instabilities, remittance limits, and the urgency of the delivery can affect which method you choose. The information above can help you get a brief overview of your options for sending money to China.

At Statrys, we offer an alternative to traditional banking solutions for businesses incorporated in Hong Kong, Singapore, and the British Virgin Islands.

Our user-friendly online system allows you to manage your account from anywhere at any time. Plus, with our transparent pricing structure, you know exactly what you pay per transaction when sending money to China.