Given the fact that the Chinese diaspora is spread in different parts of the world, instances of people sending money to China does not come as a surprise. Then, there is money that enters the country as payment for goods or services. These, of course, are not the only ways of money entering the country. No matter why you want to transfer money to China, looking for a suitable service provider may help you in more ways than one.
Transfer Money to China
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The Chinese renminbi (CNY) is the official currency of China. The yuan serves as a basic unit of the renminbi. The yuan is often used to refer to the currency of China in general, especially in the international market. One yuan is divided into 10 jiao, which is further subdivided into 10 fen.
The Chinese renminbi was the eight most traded currency in the world in 2013, and it reached the fifth spot in 2015.
To send money to a Chinese bank account you will need to bank’s SWIFT code. The table below lists SWIFT codes of some popular banks in China.
|Industrial and Commercial Bank of China||Beijing||ICBKCNBJXXX|
|China Construction Bank Corporation||Beijing||PCBCCNBJXXX|
|Agricultural Bank of China||Beijing||ABOCCNBJ010|
|Bank of China||Beijing||BKCHCNBJ110|
Popular Currency Corridors
Money enters and leaves China across different currency corridors regularly. In 2016, U.S. $61 billion was sent to China as remittances from other countries. When it comes to people sending money from China to other countries as remittances, more than U.S. $2.7 billion made its way out of the country in 2016.
The corresponding tables give you an indication of the amount of money that flowed in and out of China across its popular currency corridors. The numbers are from 2016 and listed in U.S. dollars.
How Do I Compare Companies When Sending Money to China?
No matter whether you want to transfer money to or send money from China, selecting a suitable service provider requires that you pay attention to the same aspects.
- Cost effectiveness. Factors that affect the cost of your money transfer to China include the fees you pay and the exchange rate you get. Incidentally, both tend to vary from one service provider to the next. If you are looking for the cheapest way to send money to China, simply compare how much money the recipient stands to receive through different service providers.
- Turnaround time. Do you want to send money to China in a hurry? If so, consider using the services of companies that have cash pickup centers in the country because these transfers tend to process almost immediately. If you plan to send money to a Chinese bank account, the process may take up two six working days. Factors that affect the speed of transfers to bank accounts include the country of your residence, the company you select, as well as the recipient’s bank.
- Modes of payment. You may pay for your money transfer to China using your bank account by turning to just about any service provider. Not all accept payments via debit and credit cards, although finding the ones that do is easy. Some even let you pay using region-specific methods such as ACH, iDEAL, SOFORT, and POLi.
- Customer support. If you plan to send money to China regularly, this aspect requires your particular attention, because you never know when you might need some kind of assistance. Some of the top companies provide local phone support in different countries. Most provide online support, either through chat or email, or both. To find out how the companies on your shortlist fare in the real world, turn to review-based websites such as Trustpilot and Feefo.
How to Transfer Money to China?
When sending money to China, you can get started in different ways.
- Online. Several banks let their customers wire money to China online. However, turning to specialist online money transfer companies may lead to savings in the form of time and money.
- Over the phone. Some of the top overseas money transfer companies let you send money to China by speaking to a company representative over the phone. Some even give their customers access to dedicated currency dealers.
- In-person. If you feel that the best way to transfer money to China is in person, you get to choose from banks and companies that operate out of physical locations. The latter usually fare better when it comes to cost effectiveness and speed.
Zhang moved to the U.S. as a student. Upon the completion of his course he found a job there and decided to stay back. Once he started making enough money, he decided to start sending some back home, to his parents and younger sister. He used the services of a popular American bank for the first few months, after which a co-worker suggested that he compare it with some specialist money transfer companies. He did, and this is what he found.
|Bank||Money Transfer Service|
|Exchange rate||$1 = CNY 6.1262||$1 = CNy 6.2674|
|Amount received for $1,500||CNY 9,005.51||CNY 9,401.10|
|Transfer time||2 to 5 days||1 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||CNY 395.59|
Zhang decided to go with the money transfer company instead of the bank not only because it was more cost effective, but also because it got the money to his parents sooner. Besides, the company he selected let him schedule his transfers so he did not have to go through the entire process each month.
Cash Pickup Locations in China
Sending money to China quickly is possible if you turn to a company that has cash pickup locations in the country. You may also use the services of such a company if the recipient does not have a bank account. Some of your options include MoneyGram, Western Union, and Ria.
|MoneyGram in China|
|Beijing Bank of China 95 Xin Hua N Road Tong Zhou District Beijing||Bank of China 89 Xisanhuan N Road Haidian District Beijing|
|Shanghai ICBC 900 A Yishanlu Shanghai||ICBC 14 Guanglinyi Road Hongkou District Shanghai|
|Western Union in China|
|Beijing Bank of China No 91 Qian Men Avenue Chongwen District Beijing||Bank of China 2 Dong Jiao Min Xiang Dong Cheng District Beijing|
|Shanghai Bank of China 170 West Nanjing Road Shanghai||Bank of China 176 North Chongqing Road Huangpu District Shanghai|
Safety Tips for Picking Up Cash in China
Counterfeit banknotes, especially RMB 100, are increasing in circulation, and you may even get them from ATMs. Unfortunately, banks do not take responsibility of replacing them. As a result, pay due attention to banknotes before accepting them from anyone. Refrain from carrying large sums of money when possible.
Petty crimes such as bag snatching, pickpocketing, and theft of laptops and mobile phones are commonplace in major cities and around popular tourist places, even during daytime. Exercise caution when you visit trade fairs, markets, crowded areas, cafes, bars, coffee shops, restaurants, department stores, and internet cafes. Petty crime can also take place on overnight trains and buses.
Instances of violent crime against foreigners are few, but have been known to occur. Armed bandit attacks take place in remote parts of the country, and police presence is typically poor around the country’s borders.
What Information Do I Need to Transfer Money to China?
Sending money to China requires that you provide some kind of information, which varies depending on the desired transfer method.
- Bank account. You will need to provide the recipient’s complete name and bank account number along with the receiving bank’s name and SWIFT code.
- Cash pickup center. You will need the recipient’s complete name and the recipient will need to identify a suitable cash pickup location. The recipient may collect the transferred money by presenting a transaction number and a valid form of identification document.
Regulations When Transferring Money To and From China
China has faced criticism for manipulating financial controls and regulating the exchange rate of the Chinese renminbi. The People’s Bank of China is responsible for regulating the country’s financial sector and setting the nation’s monetary policy. The China Banking Regulatory Commission, operating under the People’s Bank of China, supervises the country’s banking sector. The State Administration of Foreign Exchange is responsible for overseeing the forex market.
While Chinese authorities have eased currency controls in recent times, trading in Chinese renminbi remains restrictive, with there being relatively low limits on how much money one may transfer out of the country. Individuals, for instance, may exchange no more than U.S. $50,000 or its equivalent per year. While transfers of larger sums are allowed for reasons such as medical fees or foreign tuition fees, they require prior approval.
International businesses that have a presence in China can open bank accounts in foreign currencies without requiring prior approval, and they may convert to Chinese renminbi as and when they like.
Whether you want to send money to China or are planning on transferring money from China, take time to compare specialist money transfer companies after taking your individual needs into account. If you find ongoing promotional offers, you may save even more money.
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