How to Send Money to China for the Lowest Cost?

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How can I send money to China? It is one of the most frequently asked questions from those who are living in another country and want to make a business transaction or send funds to their families. If you are here to learn that, then you have come to the right place. However, you need to keep in mind one thing that China strictly regulates foreign currency exchanges. For every Chinese resident, there is a maximum limit of $50,000 (USD) yearly for currency changes. Therefore, for your assistance, we have put together a few methods that allow you to transfer funds to China. To learn about them, keep on reading!


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One of the most recommended methods of transferring money to China is via TransferWise without paying exorbitant fees. It is an online money transfer platform, which allows you to transfer funds up to eight times more cheaper as compared to a bank. It is amazingly simple, and in less than 10 minutes, you can send cash from your currency to CNY. All you need to do is to input the receiver’s bank information and transfer it directly from your account. The advantage of using this platform is that unlike other providers, transaction costs are always transparent. Plus, compared to regular to 3-7 days for a regular bank, you can send money within 24 hours. This is something that every person needs since it decreases the time necessary for the delivery of money. And, we know that time is money so it is important to have fast process. It is much easier to use the service of this company, customer support is excellent, while the transparency of this company is impeccable.

Western Union

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With a vast network of up to 500,000 agent locations, Western Union is another great way to send money to China. Over the years, Western Union has updated its services a lot. Now, you can send money to China online, in-Store, in-person, mobile App, and anyway you can possibly think of, plus your loved ones can pick up cash at more than 27,000 locations across China. However, depending on which method you have selected to transfer money, handling charges will be different. Moreover, it is essential to know that this service charges a significantly less fee for In-store as compared to online and mobile applications. This platform is very easy to use, and the recipient doesn’t need to have any bank account for this particular service. It is only necessary to provide the code to the recipient so they can withdraw money from one of 27,000 Western Union branches in China. Additional, besides the code for money withdrawal, the person is obliged to have an ID just to prove that the right person came to collect money. However, all of this is necessary to be conducted on behalf of Western Union since this company is required under federal law to make these measures to ensure that the customers are not using the service for fraud or money laundering.


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MoneyGram offers quite similar services like Western Union. The way they both operate is identical as well. It is working in almost 200 countries at over 100,000 agent locations, while a lot of these agents already are placed in local retailer locations. Therefore, you can find branches of MoneyGram wherever you are, and the recipient can reach agents easily as well in China. It allows you to transfer money at any time of the day and anywhere on the planet. For sending it, you will only require an ID, passport, or proof of your true identity all even within a few minutes. It is worth mentioning that Money Gram is the second-largest transfer company after Western Union. MoneyGram has excellent support service, coverage and credibility and security are on a high level. The downside is that the fees are a little bit more expensive and the exchange rates are a bit poorer than those provided by specialized online providers.

Telegraphic Transfer

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Telegraphic Transfer, which is known as Wire Transfer or Bank Transfer, is another most popular money transferring method nowadays. In this service, both the sender and receiver requires to have a Bank account for the transaction. Unlike other payment methods, sending money via telegraphic transfer involves a lot of information such as recipient account, recipient name, bank name, bank address, and SWIFT code. After you have all the required information, you will then have to fill a form given by the bank with that. To finish the process, you’ll have to follow all the instructions one by one. This service is good for overseas transactions. The usual time necessary for the transfer to be done is up to two days which is not that good if you and the person you are sending money to are in a hurry. The important thing here is that the fees are not standardized in all institutions that offer the service of the telegraphic transfer of the money. This means that the fees can be extremely high in one place and very low in the other place, so this is one of the things you should have in mind if you opt for this type of money transfer.

If you have any comments, feel free to share your experience and questions in the comment section below.