How to send money to China from Canada with the best CAD-CNY rate

A comparison of providers offering services between Canada and China is the easiest way to ensure the best deal.

Here are your top options for sending money from Canada to China

• Wise is our recommended company for CAD to CNY transfers. For example, sending 1,000 CAD to CNY will cost you $15.38 in fees, and you will receive 4,766 CNY. The delivery time usually is next day, but it depends on the day you make the transfer.

• Paysend offers a combination of the lowest fees and best exchange rates - making it the cheapest transfer service for sending Canadian Dollar to China. It is 0.19% cheaper than the second-best option. The is cost is made up of CAD-CNY exchange rate that is 0.3% different to the mid-market rate and the a of 0 CAD.

• Fastest way to transfer money to China from Canada is with Taptap Send. For sending $1,000 with Taptap Send to China now, the transfer time is minutes.

We've compared 10 providers that offer services for sending Canadian Dollar to China.

This ensures you will get the best options for your transfer to China from Canada.

An exchange rate determines the price you will pay when buying Yuan Renminbi. A better exchange rate means more money reaching the recipient in China.

The current rate between the Canadian Dollar and Yuan Renminbi is 4.8514. With the CAD-CNY exchange rate changing almost constantly, it pays to know the averages to get a better deal.

The total cost of sending money to China from Canada, is made-up of a combination of fees and exchange rates. Sending with a company that can offer a good deal on both ensures a good deal on your transfer.

• The Mid-Market and Exchange Rates: Currently, the mid-market for CAD-CNY is 4.8514 CNY per Canadian Dollar.

• Fees: Transfer fees may have to be paid alongside the transfer, either as a set fee or a percentage of the transfer. Paysend, cahrges 0 CAD per transfer, which is currently the cheapest option. Although you should search for your send amount for actual fees.

• Amount Received: Money transfer companies will show you the amount of Yuan Renminbi eventually received in China.

A better option is to use a forward contract can also allows you to lock in an agreed exchange rate between Canada and China.

Paying via interac is the payment method that will get you the best price with a money transfer company. When sending money from Canada to China.

Here are all the ways to send money from Canada to China:

Bank transfers

A bank transfer is often the default option for money transfers from Canada to China.

By using a money transfer company such as Western Union to send money from Canada to China, you can while benefit from lower fees and more favorable exchange rates than a bank would offer. 


Debit and prepaid cards

Sending money from Canada to China with a prepaid or debit card is very easy with Wise.


Wise is a great choice for sending money with a debit card from Canada to China. This is from the 10 money transfer companies compared.

Credit cards

When it comes to credit card money transfers from Canada to China there aren't that many options, mainly because it's more expensive.

If you have to, we recommend running a quick comparison to get the best deal on CNY

Companies offering money transfers between Canada and China have minimum or maximum thresholds on how much money you can send.

Rates and fees for different transfer amounts could change if you pass a threshold - that’s why it’s best to compare CAD-CNY rates for your specific transfer amount.

For regular transfers from Canada to China, shopping around each time can make a huge difference.

We’ve recommended Wise for sending CAD to China, because of their combination of rates and fees when sending from Canada to China that is the most competitive, even at larger amounts.

Check with the recipient and understand any declarations needed on large amounts of money entering China from Canada.

There are different ways to receive Yuan Renminbi in China. The most popular options are direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

All providers work differently and not all offering transfers from Canada to China support every method for receiving Yuan Renminbi so it’s best to check ahead of time.

Sending directly to a bank account in China is one of the most common ways to receive money from Canada. For most part, this is convenient but does have receiving fees to potentially be aware of.

Wise is the best company for bank transfers between Canada and China.

Cash pickup is popular in China, but not always supported and can be costly compared to cheaper options.

Mobile wallet or P2P services and payment apps like PayPal, Zelle, and CashApp are popular because of convenience. They come with more limitations and higher costs compared to money transfer providers like Taptap Send, and are recommended for domestic payments only.

When sending Yuan Renminbi to China, you will need to verify your ID with your chosen money transfer company.

The documents you need will vary and in some cases you might need more than one.

For the most part, accepted IDs in Canada include government issued IDs such as passports or driver's licenses. If the recipient needs an ID to collect money in China, the options are similar.

Large transactions between Canada and China can be subject to additional checks such as proof of funds for anti-money laundering purposes. These won’t be needing when signing up, but will be need ahead of any transfer.

One of the reasons Wise has scored so highly for transfers to China is their easy sign up process in Canada.

When sending money between Canada and China there will be tax declarations to consider.

Some transfers into Yuan Renminbi may need to be reported to tax authorities in China and Canada, depending on size and particularly where inheritance or property purchases are involved.

Tax limits and personal allowances will change in China based on age, income and a few other elements - such as whether the funds are a gift. Tax law can be confusing, when in doubt, please contact a tax professional in Canada or China to discuss your personal circumstances to ensure you are not missing any specific tax declarations associated with your international money transfer.