Sending money to China is a bit different than sending money to most other countries. It is still a breeze if you know what you’re doing, but specific circumstances make the process of sending money to China a bit different, even among major industry leaders like PayPal.
As of the time, this was written, the exchange rate for the Chinese Yuan (CNY) is 7.0452 CNY per American Dollar (USD). The 90-day average exchange rate was 6.9185 CNY per USD. The 90-day high was 7.0625 CNY per USD, and the low was 6.8518 CNY per USD.
The volatility of the Chinese Yuan against the USD was 0.2% over the last 90 days. Trade and economic factors have seen the CNY fluctuate fairly intensely over the course of the last two years. Current and continuing economic news will affect conversion rates. You can reasonably expect exchange rates to fluctuate moderately going forward, barring unforeseen circumstances.
The fastest way to transfer money to CHN (China) is through Western Union’s fast service. The money will reach it’s destination in a matter of minutes usually, but the recipient will have to pick it up at the Agricultural Bank of China or an applicable post office. The only downside to Western Union’s fast service is that it is among the most expensive money transfer services.
Another fast way to transfer money to China is through Xoom. Xoom only transfers from USD to CNY, but they complete the transfer in a matter of a few hours. If you send the money during peak Chinese banking business hours (07:00-22:00), then it will get to the destination in only a few hours. They also only charge moderate up-front and hidden costs.
TransferWise offers the best rates to transfer money to CHN (China). Their rates are always low, and their rates for China are no different.
There are a few differences in the way TransferWise operates in China, however. TransferWise teamed up with UnionPay, which is the company that actually moves the money across the Chinese border. TransferWise just handles the money once it has arrived and distributes it according to client demand. As a result of this, you can expect a small hidden exchange fee when using TransferWise to send funds. The hidden fee wouldn’t be a significant figure compared to other transfer services. However, it’s worth mentioning, as TransferWise doesn’t carry hidden costs for most countries.
The easiest way to send funds to CHN (China) is through Wyre. Wyre makes it very easy and convenient to send fnuds to a Chinese account, and it’s pretty fast too. The only downside is that it is a new business-oriented service, and they don’t transfer money to personal accounts. However, they can deliver to other Chinese bank accounts or Alipay accounts in less than 6 hours.
The overall best way to transfer funds to China is through TransferWise. They offer the best overall deal considering the specific challenges to sending money to CHN (China). There are other good options, but TransferWise offers the best package when all things are considered. TransferWise is also an optimal version to transfer your funds to Pakistan, Mexico and India.