How to send money to China from UK with the best GBP-CNY rate

Right now, these are the best money transfer options for £4,000 transfer to China:

Cheapest way to send money to China

The cheapest way is to use TorFx, pay in with a bank transfer and withdraw via bank deposit. You will get 元36,273.8, which is 0.2% more than the next best option.

Fastest way to send money to China

The fastest way is to use Wise via bank transfer deposit and bank deposit for pay out. You get 元36,030.31 and it will arrive in within minutes.

There is no legal limit and no tax on sending your own money abroad.

Main hard limits come from your bank or money transfer company, often around £10,000 to £25,000 online (which you can usually increase in the app).

Also, the "£10,000 declaration" only applies to physically carrying cash through the border, not online transfers.

And on bigger GBP/CNY transfers (roughly £10,000 up) expect a source-of-funds check, such as a payslip or a statement.

That's anti-money-laundering checks, but it holds transfers up, so be prepared.

Your cost is the fee plus the exchange-rate margin.

For example, sending 元36,273.8 with TorFx will get you 36,273.8 CNY, that’s including £0 fee and 0.3% in exchange rate markup.

A bank like NatWest on the other hand, will get you 元35,500.33, that’s £0 in fees but 2.46% in FX fees.

There is no UK tax for the act of sending money to China.

And, regular gifts out of your normal income are free of inheritance tax straight away, no cap and no seven-year wait.

Only ever use a provider authorised by the FCA, which you can check on the FCA register in under a minute.

The rules in place for any scams cover domestic pound transfers only, on a transfer abroad you're less protected.

Always confirm who you're really sending to before you send, because there's little recourse after.

For more information, check our guide to money transfer regulations in the UK.