How to send money to China from Singapore with the best SGD-CNY rate

The exchange rate is the price you will pay when buying Yuan Renminbi in Singapore. A better exchange rate means you send more Yuan Renminbis to China.

Currently, the mid-market rate between the Singapore Dollar and Yuan Renminbi is 5.2229. Exchange rates between SGD-CNY change almost constantly.

The cost of sending money from China to China, is made-up of a combination of fees and exchange rates:

• The Mid-Market and Exchange Rates: The mid-market rate determines a mid-price for buying currency. The current mid-market rate from SGD-CNY is 5.2229 CNY per Singapore Dollar.

• Fees: Outside of exchange rates, you may need to pay a fee to send. TorFx currently offers the lowest fees on transfers to China from Singapore, costing 0 SGD per transfer. Although this does include large transfers as well, we recommend searching for your exact send amount for an exact fee.

• Amount Received: The amount received in Yuan Renminbi is the amount you started with, minus the amount you paid in the exchange and fees.

Waiting a day or two can help you get more CNY for the same amount of Singapore Dollars, but you may also end up paying more if you do wait.

A better option is to use a forward contract. This allows you to lock in an agreed exchange rate for transfers between Singapore and China for a set amount of time, this can be up to two years in some cases.

Sending through a money transfer company via a bank transfer will most often be the way to get the best price when sending money from Singapore to China.

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

Bank transfers

Bank transfers are often the better option for money transfers from Singapore to China.

Sending money via a bank transfer with a company such as TorFx for transfers from Singapore to China allows you to benefit from lower fees and more favorable exchange rates than you would get with a traditional bank. 


Debit and prepaid cards

Sending money from Singapore to China with a prepaid or a debit card is very simple with Wise.


Wise is a leader in card payments for transfers from Singapore to China, competing among a total of 5 active money transfer companies on this route.

Credit cards

When it comes to international credit card transfers from Singapore to China, we recommend comparing your options to get the best deal.

Beware of fees: using a credit card to transfer money often results in a fee being charged by your card issuer. Where possible, we recommend a bank transfer or debit card payment instead.

and have different regulators for financial transactions and ensuring you fully understand these regulations will aid in keeping your money safe.

Our directory of worldwide financial regulators has regulation details for money transfers between Singapore and China.

Money transfer companies offering services between Singapore and China have minimum or maximum thresholds on how much you can send or receive. These can be daily, weekly or monthly.

In particular, rates and fees for sending different amounts of Singapore Dollar could change. We always recommend comparing SGD-CNY rates for your specific transfer amount. Then, with transfers to China, shopping around each time can make a huge difference - as some providers offer introductory rates.

If you’re worried about transfer limits, for sending large amounts of SGD to China, we’d recommend Wise.

There are different options for receiving Yuan Renminbi in China. The most popular are direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account. Not all providers offering transfers from Singapore to China will offer every method for incoming Yuan Renminbi, so it’s best to check ahead of time.

Sending directly to a bank account is one of the most common ways to send money from Singapore into China. For most part, this is because it means the recipient has to do very little. Wise is the best company for bank transfers between Singapore and China.

And if you need cash right away, check if cash pickup is an option for transfers between Singapore and China.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like TorFx.

You will need to verify your ID at the sign up stage when sending from Singapore to China through a money transfer company.

Documents needed will vary and in some cases you might need a couple of different forms of ID.

ID can be verified in Singapore through a government issued ID such as a passport or driver's license. If the recipient needs ID to collect money in China, both of these will also likely be accepted. Depending on the company you are using and where the money is going in China, it’s always best to check ahead just in case.

Larger transactions between Singapore and China are likely to be subject to additional checks such as proof of funds for anti-money laundering purposes. This could slow down the process of sending money if you’re not prepared for them.

One of the reasons Wise scored so highly for large and regular transfers to China, was their easy sign up process in Singapore.

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

Some transfers into Yuan Renminbi may need to be reported to tax authorities in China. This is of particular note where inheritance or property purchases are involved.

Personal allowances and tax limits will change in China based on age, income and personal circumstance. When in doubt, please contact a tax professional in Singapore or China to discuss your individual needs. This will ensure you are not missing any specific tax obligations associated with your transfer.