Send Money To China

China flagSending money to China through banks is costly and currency exchange rates are very poor. If you are importing goods or, better yet, have a wholesale business that needs to have the stock constantly updated, you need to keep the budget under control. That’s why we recommend to carefully read our China Money Transfer Guide.

We will show you how to make money transfers with zero fees and get a great currency exchange rate whenever you need to send money to or from China.

The Guide’s Topics:

Best Company To Send Money To China

Payment Facility



MoneyCorp logoMin. Transfer: £ / € 50.
Transfer: Online or by Phone.
Wire Fees: None.

Expected Rates*:
- GBP: 8.2619 CNY to 8.3332 CNY
- USD: 6.5960 CNY to 6.6529 CNY
- EUR: 6.9802 CNY to 7.0404 CNY
MoneyCorp Review
transferwise logoMin. Transfer: £ / € 1.
Transfer: Online or using the App.
Wire Fees: Based on amount.
Best Rates for £100-5,000
Expected Rates* - Any Amount:
- GBP: 1.7492 AUD
- EUR: 1.4778 AUD
- USD: 1.3965 AUD
Transferwise Review
Azimo logoMin. Transfer: No Limit.
Transfer: Online Only.
Wire Fees: £ / € 1 - 12 (Depends on Speed).

Expected Rates*:
- GBP: 8.2996 CNY
- EUR: 7.0121 CNY
- USD: 6.6261 CNY
Azimo review
ChinaBankTransfer Fee + Other Fees Might Be Applied. Must Have Account To Transfer Funds. Bad Currency Exchange Rate.

Exchange rate would be approximately *:
- GBP: 8.2158 CNY to 8.2996 CNY
- EUR: 6.9413 CNY to 7.0121 CNY
- USD: 6.5592 CNY to 6.6261 CNY
paypal logo2.9%+ Transfer Fees, and 2.5% more for Currency Exchanges. Quick But Very Bad Currency Exchange Rates.

Exchange rate would be approximately *:
- GBP: 8.1739 CNY or worse
- EUR: 6.9413 CNY or worse
- USD: 6.5592 CNY or worse

* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies, we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.

Supported Countries & Payment methods

TorFX has been making money transfers to China for a long time as they have realized the impact that their economy has had on the world. And because is hard for people from Europe especially to create an account on any Chinese bank, an FX company is the way to go. They will send the money to their Chinese bank account and then transfer it to your recipient’s bank account with no extra fees.

With World First, the process and the benefits are the same. The main difference is the fact that they don’t work with private clients. They only cater to corporate clients. Their website has a Chinese version for business owners that aren’t so confident in their English skills but still want to transfer money to China with WorldFirst.

Payoneer – Another great option

If the options listed above are not exactly what you’re looking for, most likely you are a freelancer working with international clients or companies and need a service customized to your needs. If this is true, then look no further because Payoneer will help you to transfer money to China. Read our review or go to their website.

payoneer logoread review payoneergo to site payoneer

Best Company to Transfer Money from China

Service Provider



worldfirst-logoMin. Transfer: £ / € 1,000.
Transfer: Online or by Phone.
Why Them? 75,000+ Active Clients. 100+ Currencies Available. 98% Positive Client Feedback.
WorldFirst Review

Supported Regions & Currencies

The State Administration of Foreign Exchange (part of the China Banking Regulatory Commission) gives FX companies the right to operate in the whole country without needing additional licenses per regions, like the USA needs.

Currencies: With World First, you can send money from China to any location under the Sun. It is a bold statement but they have access to more than 100 different currencies. And if you take into consideration that the Euro alone is used in Germany, Cyprus, Finland, Netherlands, Austria, Belgium, Estonia and 12 more countries, you can easily see that the rest of currencies will cover pretty much any destination you may think of.

Today’s Foreign Exchange Rates for CNY

GBP to CNY – Pounds to Chinese Yuan; 10,000 GBP is 83,586.3000 CNY

CNY to GBP – Chinese Yuan to Pounds; 10,000 CNY is 1,196.3683 GBP

CNY to CAD – Chinese Yuan to Canadian Dollars; 10,000 CNY is 1,923.3654 CAD

CAD to CNY – Canadian Dollars to Chinese Yuan; 10,000 CAD is 51,992.1999 CNY

AUD to CNY – Australian Dollar to Chinese Yuan; 10,000 AUD is 47,282.9352 CNY

CNY to AUD – Chinese Yuan to Australian Dollar; 10,000 CNY is 2,114.9279 AUD

CNY to USD – Chinese Yuan to US Dollars; 10,000 CNY is 1,504.4810 USD

USD to CNY – US Dollars to Chinese Yuan; 10,000 USD is 66,468.1044 CNY

CNY to CHF – Chinese Yuan to Swiss Franc; 10,000 EUR is 1,455.8127 CHF

CHF to CNY – Swiss Francs to Chinese Yuan; 10,000 CHF is 68,690.1533 CNY

CNY to EUR – Chinese Yuan to Euro; 10,000 CNY is 1,411.6907 EUR

EUR to CNY – Euro to Chinese Yuan; 10,000 EUR is 70,837.0481 CNY

Popular CNY Routes

Popular currency transfer routes for people visiting this page:

  1. Transfer from UK to China (GBP to CNY)
  2. Send money to China from USA (USD to CNY)
  3. Transfer from China to EU (CNY to EUR)
  4. Transfer from Canada to China (CAD to CNY)
  5. Transfer from Australia to China (AUD to CNY)

Update on CNY Rates: China’s Yuan Suffers Biggest Losses Against US Dollar

While the consequences of Brexit have hit the UK and Europe hard, Asian countries have not been left unscathed. China especially has seen the yuan suffer a major hit.

2016 has already been a tough year for what is now the world’s second-largest economy. As the economy suffered a major crisis at the beginning of the year, the yuan saw big losses. The state of China’s economy and its currency has been highly significant in the performance of economies around the world. It is a major trade partner with all the economic giants and emerging markets.

Brexit hit the yuan in relation to the US dollar, as investors rushed to what is considered a safe haven. The greenback gained against most major currencies.

But many economists are wary about blaming the yuan’s current depreciation on Brexit alone. They speculate that Brexit simply provides a cover for what was happening anyway, allowing China to cover up any true vulnerability.

A sharp devaluation of the yuan could be a critical blow to the international economy, which is already suffering from Brexit.

However, China’s central bank has attempted to allay fears, saying a big depreciation is not on the cards. They claim to have learned lessons from January’s chaos and are keeping a careful watch on the currency. The bank says it aims to keep the yuan/dollar exchange “basically stable at a reasonable and balanced level.”

The yuan’s devaluation could be a big blow to the global economy. For now, we will have to wait until the true consequences of Brexit are clear.

Wire Money To China Bank Account

The Chinese yuan (also known as Renminbi) is one of the top most-used currencies in the world because of the huge growth of the Chinese economy in the last few decades. Even if the double digits of growth are gone, China still has one of the world’s fastest growing major economy this year and maybe even into 2016.

When taking into consideration that China produced 17% of the world’s GDP in 2014, it is no surprise that China’s yuan made it’s way to the top 5 as payment currency surpassing the CAD and AUD, and falling behind to only the well known big four: USD, EUR, GBP and Japanese yen.

Business: In a country where exports are surpassing the imports by almost 50%, the opportunities to grow or develop a company are huge. Many countries have factories and offices in China as the workers there have small wages (~$210 per month) and the sheer quantity of skilled people is a major factor.

We have all looked at a random product label and, to no surprise, we have seen that is made in China. And it doesn’t mean it is bad, it just shows how every business has realised the large profit margins that can be achieved by outsourcing the heavy lifting to China.

*If you are interested in doing business with Chinese people, be sure to read about their culture and business etiquette.

Expats and Remittances: China is the second biggest receiver of remittances after India, with $64 billion in 2014 alone. This seems a big number but it is not when you take into consideration the fact that there are over 50 million overseas Chinese people worldwide. This is why companies are developing their technology to provide the cheapest way to send money to China. Every penny counts.

Thinking Of Relocating To China?

If you consider moving to China and live there as an expat, you may find the following information helpful.

Advantages Of Moving To China:

  • Affordable Housing: 48% lower housing costs than the UK.
  • Entertainment Attractions: 29% lower than the UK.
  • Food Cost Lower: The average meal in China costs 2 GBP.

Disadvantages Of Moving To China:

  • Limited English: China is just beginning to learn English and there is a very large gap between those that say “Hello” and those who can actually give you directions.
  • Censorship: The Chinese Government is very picky about what Internet frequencies can enter the country. This is important for expats to consider.
  • Pollution: China has one of the highest pollution rates in the world, particularly in Beijing where emissions are at a level unacceptable to most Western countries.

Popular Destinations in China

Popular cities for business and real estate transactions in China are: Shanghai, Beijing, Tianjin, Guangzhou, Shenzhen, Wuhan, Dongguan, Chongqing, Chengdu and Nanjing.

Cheapest Way To Send Money To China

The best way to send money to China is through Foreign Exchange companies. Incidentally, this is also the fastest and cheapest way to do it. Well, it is not incidentally at all. Why? Because these companies focus on one thing only, and that is to transfer currency as quickly as possible and also with the best rates.

The model by which they make money is simple – The companies buy large amounts of currency at wholesale prices and sell it as the currency value grows. And they are able to distribute the money with the help of the customers.

This is why they can support low fees and sometimes removing the fees altogether for some larger transfers. The company will give you more if they are allowed to do more. A simple yet square trade.

What is needed to transfer money to China

  • The Bank’s Name and Address
  • IBAN Code
  • Swift or BIC Code
  • The Account Number
  • The Receiver’s Complete Name

After you provide all the details listed above, the process is simple:

  • You create a free account with the company.
  • Receive a quote from one of the dealers – be it online or by the phone.
  • Send the money to your account so you can fund the transfer.
  • Get a confirmation from the company (usually the same dealer that gave you the quote) that the transaction is completed.

Our Company Recommendation:

Regulations and taxes when transferring money to and from China

China’s currency is the Yuan Renminbi (RMB). Although authorities have loosened controls since 2013, trading in RMB and foreign money transfers are highly restrictive, with relatively low limits on what can be transferred out of China. However, large sums are allowed out, with prior approval, for foreign tuition and medical fees, along with certain other institutional fees.

China has been criticised for manipulating financial controls to regulate the exchange rate of the RMB.

The People’s Bank of China

The People’s Bank of China (PBoC) regulates the financial sector, drafting laws and setting national monetary policy

The China Banking Regulatory Commission operates under the PBoC to supervise the banking centre. The State Administration of Foreign Exchange oversees the foreign exchange market.

Transfer regulations

Individuals are only allowed to exchange the equivalent US$50,000 into foreign currency per year.

Foreign firms invested in China are now allowed to open accounts in foreign currency without prior approval and convert to RMB at will.

China is looking to further loosen foreign exchange controls for corporations, and the next few years should see investment in China becoming easier.

Taxation on foreign income

Chinese residents are taxed on any foreign income.

Non-residents are taxed only on income originating in China. Double tax treaties are in place to avoid double-taxation.

Biggest banks in China

    • Bank of China
    • China Construction Bank
    • Industrial and Commercial Bank of China
  • Agricultural Bank of China

Average Salary in China is almost 3 times lower than in the UK

According to data collected from the past 18 months by, the average monthly disposable income in China it’s almost 3x lower compared to the UK, averaging at the £782 mark (similar to Jamaica). And these are mostly the numbers for big cities like Guangzhou, Shanghai or even the capital Beijing.

So if you end up working in China but are employed by a UK company, the quality of life provided by the average British salary will be well above average. Taking into consideration the fact that 1 British Pound is almost 10 Chinese Yuan, well, you get the point. And if you don’t have a picture already painted in your head, here are more interesting stats:

                                                                 London           Beijing            Difference

One-way Ticket (Local Transport)          2.65 £               0.21 £              -92.16 %

Monthly Pass (Regular Price)                131.00 £           10.38 £            -92.07 %

Taxi Start (Normal Tariff)                      3.00 £                1.35 £             -55.00 %

Taxi 1km (Normal Tariff)                       2.88 £                0.25 £             -91.15 %

Taxi 1hour Waiting (Normal Tariff)     25.00 £              3.50 £             -86.01 %

If you are a business owner that regularly buys merchandise or if you are part of the Chinese diaspora and need to help out your relatives with some cash, you now know the cheapest way to send money to China. And nothing is cheaper than a zero-fee transfer. And in certain situations, the same applies to those that need to send money from China. So be sure to thoroughly go through our listed FX companies and see which is the one for you.