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Tax guidelines and regulations for large money transfers into China

Learn how to deal with tricky taxes when sending money to loved ones or to businesses in China.

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Leah Fallon
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Buying an apartment in Guangzhou, starting a business in Beijing or studying in Shanghai can require sending large money transfers to China. Before you move your money out of Australia, learn more about whether China taxes large cash remittances.

How China regulates large remittances

When sending money to China, you may be concerned about potential gift taxes. The good news is that China is one of the few countries that doesn't levy an inheritance or gift tax on cash sent into the country.

However, this may not stay the same in the future. China announced in 2017 that it's considering imposing inheritance and gift taxes in the next few years. We'll update this space as details trickle in.

Do I have to report large transfers out of Australia?

You personally won't have to report any amount of money you transfer out of Australia. The bank or money transfer company you use will do this for you. They are required to report any suspicious transfers or transfers over $10,000 to AUSTRAC (the Australian Transaction Reports and Analysis Centre).

How will my recipient receive my remittance in China?

The process of receiving a money transfer in China depends largely on your provider and how you've marked it for delivery. Your recipient may need to provide government-issued photo ID or a transaction confirmation number to receive your funds.

If they have an account with a Chinese bank or money transfer company, they may not need to provide this information every time you send money.

DISCLAIMER: This article is general advice. It does not consider your own personal circumstances and may not be applicable to you. You should obtain professional advice and consider your own situation before acting on anything contained in our article.

Money transfer services with no maximum sending limit

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
OFX (Ozforex) International Money Transfers
AUD 250 1 - 2 days AUD 0.00 4.919 CNY
49,187
 $0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies. 		Go to site Show details
WorldFirst International Money Transfers
AUD 2,000 1 day AUD 0.00 4.919 CNY
49,187
 Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it. 		Go to site Show details
Send International Money Transfers
AUD 2,000 1 day AUD 0.00 4.919 CNY
49,187
 Send guarantees to match any competitor’s exchange rate. T&C’s apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes. 		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.

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International Money Transfer Offers

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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.

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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.

More info
Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it.

More info
Logo for Send International Money Transfers
Send International Money Transfers

Send guarantees to match any competitor’s exchange rate. T&C’s apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.

More info

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