- Send money online within minutes
- Large range of destinations
- Able to send to cash pickup locations
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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.
Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds with our money transfer partners.
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.
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.
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 Wise when possible.
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 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 service||Cash transfer||Bank transfer|
|Fee||$13||$0||$10 + additional correspondent bank fees|
|Exchange rate||1 AUD = 4.8 CNY||1 AUD = 4.72 CNY||1 AUD = 4.6 CNY|
|Transfer speed||1-2 day||0-3 days||2-5 days|
|Amount received||CNY¥23,792||CNY¥ 23,860||CNY ¥23,033|
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.
Sign up and send money with a digital money transfer specialist in four steps:
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to China to meet your needs:
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.
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.
Track how the Chinese yuan trades against Australia dollar in our historical rate chart.
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.
To send money from Australia to China, you'll need documentation and details that include:
To pick up money in person, documentation can include:
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.
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.
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Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
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