Looking for a way to send money to family, friends or a business in China (or even to your own bank account overseas)? According to MoneySmart, you should avoid Australian banks and go with a money transfer specialist to get better CNY exchange rates and lower fees on international transfers.
Based on the providers we've compared, Revolut is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Rocket Remit can get money to your recipient in China within minutes.
As reported by the ACCC, bank transfers are typically the cheapest way to get your money to China. Revolut and Remitly have some of the lowest bank transfer fees of the brands we've compared.Remember, it's more important to look at the overall cost of your transfer to China and this has a couple of elements:
Certain providers may give the mid-market rate but add fees on top and others will have low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Yuan renminbis your recipient will end up with.
Actual transfer times from Australia to China can depend on several factors including transfer amount, payment method and currency.Here are some of the fastest average transfer speeds to China:
The safest way to get your money to China is using a provider registered with Australia's industry regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Australia and China.
A great way to dive deeper is by reading our reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to China, consider using a provider such as TorFX or OFX to secure a better CNY exchange rate and benefit from its expertise handling larger transactions.Using a large transfer specialist can have the following advantages:
To send money to China, you'll need the necessary documentation, your recipient's details and a way to pay.
Wang is working in Australia as a financial analyst and he stays in regular contact with his elderly parents back home in China. His parents need some funds to help pay off a mortgage, so Wang plans to send them $2,000 from Australia.
He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.
|Bank||Money transfer company|
|Exchange rate||1 AUD = 4.63 CNY||1 AUD = 4.69 CNY|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2 - 5 working days||Next day|
|Amount received||9,212.20 CNY||9,369.33 CNY|
The money transfer company enables Wang to send an extra ¥157.13, which is transferred straight to his parents' Bank of China account.
When selecting a provider to transfer money to China, here are the main factors to consider:
Compared to a month ago, the Australian dollar is stronger against the Yuan renminbi. Currently, $5,000 is worth ¥23,570.50, whereas a month ago, $5,000 was equivalent to ¥22,981.00. That's an increase of 2.57% over the past month.
But compared to a year ago, the Australian dollar is a little weaker against the Yuan renminbi. A year ago, $5,000 was equivalent to ¥23,571.50. That's a decrease of 0% over 12 months.
What's more important, however, is the strength of the Australian dollar against the Yuan renminbi and where it goes from here – which is harder to call. But whichever way it goes, shopping around has the potential to get you more Yuan renminbis for your Australian dollars and can help you get the best out of any market conditions.
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