Sending money to China can be a daunting task, especially if you’re not familiar with the process. But don’t worry, we’ve got you covered! In this comprehensive guide, we’ll walk you through 10 safe and convenient methods to send money to China, so you can choose the one that best suits your needs.
1. Bank Transfer: The Traditional Approach
Bank transfer is the most common way to send money to China. It’s a reliable and secure method, but it can be slow and expensive. The fees can vary depending on the bank you’re using, but you can expect to pay around $30-$50 per transfer.
To send money via bank transfer, you’ll need to provide the recipient’s bank account details, including the account number, bank name, and branch address. The transfer typically takes 2-5 business days to complete.
2. Wire Transfer: Fast and Expensive
Wire transfer is a faster but more expensive option than bank transfer. The fees can range from $25-$100 per transfer, and the money usually arrives within 24 hours.
To send money via wire transfer, you’ll need to provide the recipient’s bank account details and the SWIFT code for their bank. The SWIFT code is a unique identifier for each bank, and it’s used to ensure that the money is sent to the correct account.
3. PayPal: Convenient but Limited
PayPal is a popular online payment service that allows you to send money to China easily. It’s convenient, but the fees can be high, especially for large amounts of money. PayPal charges a flat fee of 3.5% per transaction, plus a currency conversion fee.
To send money via PayPal, you’ll need to create an account and link it to your bank account. You can then send money to China by entering the recipient’s email address or mobile phone number.
4. Western Union: Global Reach and High Fees
Western Union is another well-known money transfer service that offers a wide range of options for sending money to China. It’s convenient, but the fees are high, especially for small amounts of money. Western Union charges a flat fee of $25 per transfer, plus a currency conversion fee.
To send money via Western Union, you can visit a local agent or use the Western Union website or app. You’ll need to provide the recipient’s name, address, and phone number.
5. MoneyGram: Fast and Convenient
MoneyGram is another popular money transfer service that offers fast and convenient ways to send money to China. The fees are comparable to those of Western Union, but MoneyGram offers a wider range of options for sending money, including cash pickup and bank transfers.
To send money via MoneyGram, you can visit a local agent or use the MoneyGram website or app. You’ll need to provide the recipient’s name, address, and phone number.
6. Alipay: Popular in China but Limited Abroad
Alipay is a Chinese online payment platform that’s similar to PayPal. It’s widely used in China, but it’s not as well-known outside of China. Alipay charges a fee of 0.8% per transaction, plus a currency conversion fee.
To send money via Alipay, you’ll need to create an account and link it to your bank account. You can then send money to China by entering the recipient’s Alipay ID or mobile phone number.
7. WeChat Pay: Convenient for Small Transfers
WeChat Pay is another Chinese online payment platform that’s similar to Alipay. It’s widely used in China, but it’s not as well-known outside of China. WeChat Pay charges a fee of 0.1% per transaction, plus a currency conversion fee.
To send money via WeChat Pay, you’ll need to create an account and link it to your bank account. You can then send money to China by entering the recipient’s WeChat ID or mobile phone number.
8. Wise (formerly TransferWise): Low Fees and Fast Transfers
Wise is a newer money transfer service that’s known for its low fees and fast transfers. Wise charges a flat fee of 0.5% per transfer, plus a currency conversion fee. The transfers usually take 1-2 business days to complete.
To send money via Wise, you’ll need to create an account and link it to your bank account. You can then send money to China by entering the recipient’s bank account details or mobile phone number.
9. OFX: For Large Transfers and Competitive Rates
OFX is a money transfer service that specializes in large transfers. It offers competitive rates and low fees, but it’s not as user-friendly as some of the other options on this list. OFX charges a flat fee of $15 per transfer, plus a currency conversion fee.
To send money via OFX, you’ll need to create an account and link it to your bank account. You can then send money to China by entering the recipient’s bank account details.
10. Remitly: Quick and Easy for Small Transfers
Remitly is a money transfer service that’s designed for quick and easy small transfers. It offers a variety of delivery options, including cash pickup, bank transfers, and mobile wallets. Remitly charges a flat fee of $3 per transfer, plus a currency conversion fee.
To send money via Remitly, you’ll need to create an account and link it to your bank account. You can then send money to China by entering the recipient’s name, address, and phone number.
Tips for Sending Money to China
- Compare fees and exchange rates: Before you send money to China, compare the fees and exchange rates offered by different providers. This will help you find the best deal possible.
- Consider the delivery time: If you need to send money to China quickly, consider using a wire transfer or a fast online money transfer service.
- Provide accurate recipient information: Make sure to provide the recipient’s full name, address, and bank account details accurately. This will help ensure that the money is sent to the correct person and account.
- Track your transfer: Once you’ve sent money to China, you can track the transfer status online or through the app of the provider you used. This will give you peace of mind and let you know when the recipient has received the money.
Conclusion
Sending money to China can be easy and convenient if you choose the right method. By comparing fees, considering the delivery time
