Send money to China

According to the World Bank, China is one of the top receiving countries for international money transfers, with Australia being the biggest contributor. The number of Australians investing in Chinese businesses and property is on the rise and there also continues to be a large influx of Chinese people migrating to Australia.

As such, there are many reasons why people might send money to China, including:

• Purchasing goods and services for your business
• Paying wages or royalties
• Paying school or university fees to support children living in China
• Cash gifts for friends or family living in China
• Emergency transfer of funds to a relative for medical reasons
• Buying investment property in China

Remember this guide is informing people about transferring money to China, and not for those wishing to travel there. If you’re planning a holiday to China for personal or business reasons, head to the Mozo travel money section of our site.

If you're looking to send money to China, you’ll notice that there are several different options. But the main players in this now competitive market are banks, foreign exchange and wire transfers providers.

Foreign exchange providers such as OFX, WorldFirst and TorFX specialise in sending money overseas. They're typically cheaper than the big banks, meaning that if you're transferring money to China on a regular basis, or need to make a large one-off transfer, you could save hundreds if not thousands of dollars by choosing a specialist provider over a bank.

Here's a quick breakdown of the differences between providers: 

Regardless of whether you’re sending money to China for individual or business purposes, there are five key features to look for when comparing IMT providers.

1. Transfer limits: Some providers have a minimum and maximum amount you can send to China. You might have to shop around to find one that allows you to transfer the amount you wish to send. While with the big banks you may be restricted by your daily withdrawal or 'pay anyone' limit, IMT specialists are typically good for transfers ranging from $50-$2,000 all the way up to the millions. 

2. Rates: The higher the AUD/CNY exchange rate, the more Chinese Yuan you’ll receive for your Aussie dollar. Don’t go with the first exchange rate you come across, and take the time to calculate how much you’ll get from the different rates being offered by several providers. A few cents difference in the exchange rate could save you lots. Mozo's international money transfers comparison table also does the calculations for you. 

3. Turnaround time: This refers to the time from when your money is sent and processed by the IMT provider, to the moment it hits the recipient’s bank account. Depending on the provider, you could be waiting 1-5 business days before the funds arrive. 

4. Charges and fees: There are several fees associated with transferring money to China but if you do your research, some foreign exchange specialists may waive the charges if you meet a certain criteria. Fees to be wary of include: a transfer fee, a sending and receiving fee, a cancellation fee and an amending fee.

5. Transfer options: Sending money to China really couldn’t be easier. You can make the transfer online, by phone, or in a branch (each with different transfer fees) and some providers even have an app you can use.

As we’ve mentioned, transferring funds to China is now a fairly easy, economical and hassle free process that can be done from the comfort of your own home. Regardless of which foreign exchange specialist you have decided to use the method is pretty much the same.

• Register and set up an account with a foreign exchange provider
• Decide how much you want to transfer and to which country you want the money sent
• Confirm and make sure you are happy with the costs and exchange rate of the transfer
• Provide details of the recipient including their name and bank details
• Book the deal!

You now know how to set up an international money transfer, so let’s look at what information you need to make it happen.

• Personal details: Name, address, date of birth, country of birth, phone number
• Sender’s account details: Bank details of the account where the transfer will come from
• Recipient’s personal details: Name, address and bank account number
• Recipient’s bank details: Full name and address of bank including the SWIFT/BIC code

Ready to weigh up your exchange rate options for transfers from Aussie dollars to Chinese Yuan? Get started with the IMT specialist offers below, or head over to our international money transfers hub for even more deals.