Transfer money to China

Compare fees and exchange rates to get the best deal on your next money transfer to China.

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The best way to send money to China comes down to your specific needs. Compare a range of digital money specialists to find the fastest and cheapest for your budget, or read on below to find out how to make a transfer to China.

Send money to China with OFX

OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.

  • Large range of currencies
  • Online and phone transfers
  • Regular payments available
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Compare ways to send money to China

Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds with our money transfer partners.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 0 1 - 2 days AUD 1.99 4.97 CNY
14,899
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries. Go to site Show details
AUD 10 Within an hour AUD 2.99 4.95 CNY
14,834
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
AUD 2,000 1 day AUD 0.00 4.985 CNY
14,954
Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 1 Same day AUD 3.99 4.945 CNY
14,814
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
AUD 1 1 - 2 days AUD 22.50 5.005 CNY
14,901
TransferWise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
AUD 250 1 - 2 days AUD 15.00 4.985 CNY
14,879
$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
AUD 200 1 - 2 days AUD 15.00 4.998 CNY
14,919
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

What's the best way to send money to China?

Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to China. Some offer transfers straight to Chinese bank accounts, while others allow the money to be picked up in Chinese yuan in person. Banks, PayPal and other options are available but come with high fees, weak rates and longer turnaround times.

Digital money transfer services

Companies like XE and WorldRemit specialize in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient's Chinese bank account, often in as little as a day or two.

Cash transfers

Services like MoneyGram allow you to transfer cash for pickup at a local branch in China— often in 15 minutes. While it's a fast way to send money, you'll pay for the convenience in weak exchange rates and high fees. If a cash pickup is necessary, compare MoneyGram to digital services like WorldRemit or TransferWise when possible.

Banks

Chinese yuan may be carried by your bank, especially if you visit the main branches offering international service. Although your local bank can convert your Australian dollars into Chinese yuan, beware of high fees and wide margins on the exchange rate compared to digital and other options.

Let's crunch the numbers: Sending $5,000 to China

Let's say you need to send $5,000 to family in China. Here's what you might face as far as fees and exchange rates as of 10 November 2020.

Digital money transfer serviceCash transferBank transfer
Fee$13$0$10 + additional correspondent bank fees
Exchange rate1 AUD = 4.8 CNY1 AUD = 4.72 CNY1 AUD = 4.6 CNY
Transfer speed1-2 day0-3 days2-5 days
Amount receivedCNY¥23,792CNY¥ 23,860CNY ¥23,033
Verdict
  • Best rate
  • Best value
  • Slowest and most expensive

The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the cash transfer service, they receive more money due to lower fees, despite the digital transfer service offering a higher rate. If speed is crucial, a cash transfer can typically have your transfer to China in as little as 15 minutes for just a slightly higher fee.

How to send money to China online

Sign up and send money with a digital money transfer specialist in four steps:

  1. Sign up for a free account. Pick a provider and sign up for a free online account using your contact information, proof of ID and your preferred payment method.
  2. Provide transfer details. Submit your recipient's contact information and pick a delivery method. If you're transferring to a bank, you'll need your recipient's Chinese bank account details.
  3. Confirm transfer details. Double-check your payment method, expected fees and destination.
  4. Save your receipt. Record your receipt's confirmation number to track the progress of your transfer to China. Some money transfer providers send a text or email when your transfer is complete.

How to get the most out of your money transfer to China

Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to China to meet your needs:

  • Exchange rates. The AUD-CNY remains relatively stable, with occasional shifts on a larger scale. Exchanging currency ahead of time, or locking in prices, can help you prepare for these shifts.
  • Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger exchange rate.
  • Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of Chinese yuan you're sending.
  • Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to China.
  • Maximum limits. When exchange rates are favourable, sending more money can save you money in the future. If you plan to send large amounts of money to China, be sure to pick a provider that won't limit you.
  • Transfer methods. Whether you want money sent to a Chinese bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.

Emergency cash transfer to China

When it's more important to get your money to China quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.

How to send money to China without a bank account

Cash transfer services can help you if you're unbanked or marginally banked. If you don't have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.

Foreign exchange rates explained

The exchange rate determines how much one country's currency is worth in another country's currency. When a country's currency is strong, it yields more money when exchanging it in a country with a weaker currency. China's exchange rate doesn't often fluctuate when compared to Australia dollar, so expect relatively stable exchange rates between these two currencies. Factors that influence the exchange rate include interest rates, economic stability and inflation.

Track how the Chinese yuan trades against Australia dollar in our historical rate chart.

1
0
Updated: 25 Jan 2021 14:28:55 UTC

Today's exchange rate AUD to CNY

Documents needed for sending to and receiving money in China

To send money to China from Australia, you'll need government-issued ID and other documents, while documents needed to pick up money in China may be different by company.

Documents to send money from Australia

To send money from Australia to China, you'll need documentation and details that include:

  • Identification. Most services require a driver's license, passport or other government-issued ID.
  • Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal checks.
  • Recipient information. Submit your recipient's name as it appears on their ID, along with their phone number, Chinese bank account and routing number if sending to their bank.

Documents to receive money in China

To pick up money in person, documentation can include:

  • Transfer number. The person sending you money can forward the transfer's confirmation details — called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
  • Government-issued ID. A China Identification Card, a Passport (excluding Hong Kong, Macau and Taiwan passports), or a Mainland Travel Permit (for Hong Kong, Macau, and Taiwan residents only) will be accepted for identification for most money transfer cash pickups.
  • Amount sent. You may need to know how much was sent, usually within 10% of the total.
  • Sender's information. Take along your sender's full name, the sending country and their address, if known.

What to watch out for

Most money transfers between Australia and China shouldn't have any specific tax obligations attached to them, so long as they are for personal use and kept under $10,000 AUD. Some circumstances may trigger a need for filing specific forms, so read up on our Chinese remittance tax guidelines to learn more about when you may need to file with the ATO.

Learn more about using the Chinese yuan renminbi in China

Bottom line

Sending your hard-earned money to China shouldn't cost a fortune. Compare transfer companies that specialize in foreign for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.

More guides on Finder

International Money Transfer Offers

Important Information*
Logo for Azimo International Money Transfers
Azimo International Money Transfers

Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.

Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.

Logo for Send International Money Transfers
Send International Money Transfers

Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.

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