Find the best ways to transfer money to China

The exchange rate determines how much CNY the recipient will receive.

For instance, in the past 7 days average exchange rate between the US Dollar and the Yuan Renminbi was 7.1733 CNY.

Since USD - CNY exchange rates fluctuate based on market conditions, waiting a few days can result in a better rate and more CNY for your recipient.

If you urgently need the money in China, we recommend using Wise, which offers the best CNY exchange rates.

The cheapest way to fund your transfer to China is by using a bank transfer with Regency FX, which is 0.09% cheaper than the next best option.

How you pay for your transfer impacts the cost, speed, and the amount of CNY received.

Based on a $7,000 transfer to China using our live data, the options you have are:

• A bank transfer with Regency FX will cost you $0 in fees and a 0.27% markup

• Debit card transfer with costs $ with % markup

We recommend not using bank transfer when sending money to China, as they tend to be the most expensive.

Credit card transfers tend to add cash advance fees and might have higher interest rates on CNY.

Whenever possible, avoid sending CNY over the SWIFT network. Despite the name, CNY transfers over SWIFT are slower and come with higher fees.

Money transfer companies will often have minimum and maximum limits on how much CNY you can send.

Often, the amount will also impact the fees and the CNY rate you get.

For example, we found Wise to be the best option for sending large amounts to China.

There might also be government-imposed restrictions, commercial restrictions, and many more.

This is why it’s important to compare your transfer options to China.

The speed of transferring CNY to China depends on several factors, including the amount being sent, the timing of the transfer, and the chosen payment method.

Usually, the quicker you need your CNY, the more it will cost you in fees.

For example, consider a transfer of $7,000 from the US to China:

• Fastest provider: Among 9 companies servicing China, Wise consistently offers the quickest delivery times across all deposit methods.

• Bank or debit card deposits: Services like Wise for bank account deposits and for card deposits provide almost instant and cost-effective CNY transfers. Fees are approximately $56.65 for bank deposits and $ for debit card deposits, with a minimal % markup.

• Credit card deposits are another option, but be mindful of potential cash advance fees.

• Urgent transfers: For the fastest possible transfers, we recommend opting for cash pickup services through providers like Western Union or Ria Money.

Avoid making CNY transfers over SWIFT

SWIFT is slower for CNY transfers due to the involvement of intermediary banks in China, so it’s best to avoid it if speed is your priority.

For CNY transfers, you have the following options:

Money transfer companies

You can send Yuan Renminbi via an FX broker (a managed service) or via an online-only company (self-managed).

According to our analysis, we found that Wise is the overall best way to transfer money to China.

App

Most money transfer services to China offer mobile apps, which often provide better CNY exchange rates.

You can check our guide on the best money transfer apps to find one that fits your needs.

In-person

Cash transfers to China can be made in person through services like Ria Money Transfers or Western Union.

Cash transfers are almost always instant but require the recipient to physically visit the nearest agent to collect CNY.

Bank transfers

We advise you not to use your bank to wire money to CN because of the fees but rather use it to fund your CNY transfer.

There are several ways to receive money in China, including direct bank deposits, cash pickups, home deliveries, and mobile wallets.

Here are your options:

• Direct bank deposits: to deposit money into the recipient's account in China, we recommend using Regency FX.

• Cash pickup: if you need immediate access to cash in China, consider using cash pickup, but check availability.

• Mobile wallets: you can receive CNY directly into your digital wallet like PayPal, but they come with limitations and higher costs compared to using Regency FX.

In most cases, CNY will arrive without any involvement from the recipient.

However, if you’re sending Yuan Renminbi as cash, or in large amounts, the receiver might need the following*:

• Valid forms of ID: such as passport, or driver’s license.

• Sender's information: the full name and address.

• Transfer details: the amount of CNY to be received.

• Transfer confirmation number: the sender should give it to the recipient.

• SWIFT code / IBAN: sometimes you may need to include IBAN and/or the SWIFT code.

*The exact documents you need might vary by the company you use.

For larger Yuan Renminbi transfers, money transfer companies may ask for a source of funds and proof of address. This is done in accordance with AML policies.

If you’re making a large transfer to China, we recommend using Wise.

There might be tax implications and government-imposed limits when sending Yuan Renminbi to China.

Some CNY transfers may be subject to various taxes, including gift tax and commercial tax.

Even if there are no limits or taxation involved, certain CNY transfers need to be reported to the tax authorities in China.

When in doubt, please contact a tax professional in China or in your country.