Top 10 Remittance Services to China - Nov. 2018

Compare top remittance services & send money home to China in minutes!

I want to Send Money to:
1
Transfer Fees: Med
95
Users Score
2
Transfer Fees: Low
91
Users Score
3
Transfer Fees: Low
88
Users Score
4
Transfer Fees: Low
85
Users Score
5
Transfer Fees: Med
80
Users Score
6
Transfer Fees: Med
79
Users Score
7
Transfer Fees: Med
77
Users Score
8
Transfer Fees: High
74
Users Score
9
Transfer Fees: High
71
Users Score
10
Transfer Fees: High
68
Users Score
Service
Regulation
Delivery Speed
Delivery Methods
Transfer Fee
Score
Transfer Money Now
1
FMA
Instant
  • Direct to Bank
  • Cash pick-up
Med
* Transfer tracking available
Main Services: International money transfers, cash pickup, remittance services, mobile transfers
Transfer Objective: One time/Recurrent
Transfer Method: Bank transfer, Phone/App, debit or credit card, cash pick-up
Min Transfer Amount: £0.01
Available in:
Extra Features:
- Locked-in exchange rates
- 145+ years of experience in moving money
- Tracking options for transfers online
- 0-3 days of delivery (depends on destination)

Time to open Account: Few minutes
2
FCA
2-5 hours
  • Direct to Bank
  • Cash pick-up
  • Mobile Transfer
Low
Main Services: Send money online, bank transfers, telephone transfers. Send money to family and friends, emigrate, buy a property overseas or make regular maintenance payments.
Transfer Objective: one off/regular transfers
Transfer Method: Electronic bank transfer, UK debit card, UK direct debit
Min Transfer Amount: £100
Available in:
Extra Features:
- Free transfer fees
- Free to open an account
- Transfers by phone, online or App
- Safeguarded customer funds
- Longstanding FX provider since 1979
Time to open Account: Few minutes
3
FCA
1-2 hours
  • Cash pick-up
  • Direct to Bank
  • SWIFT
  • Mobile Transfer
Low
Main Services: International money transfers, send money to family or friends, send money online, mobile app transfers
Transfer Objective: One time/Recurrent
Transfer Method: Bank transfer, Phone/App, debit or credit card, cash pick-up and more.
Min Transfer Amount: $15
Available in:
Extra Features:
- Ria exist in more than 140 countries and over 300K locations.
- Easy & safe to send and receive money.
- Useful for cash pickup almost everywhere.
Time to open Account: Few hours
4
FCA, ASIC
Up to 24h
  • Direct to Bank
  • Cash pick-up
  • Mobile top-up
Low
5
FCA
More than 48h
  • Direct to Bank
Med
6
FCA
Up to 24h
  • Direct to Bank
  • SWIFT
  • Mobile Transfer
Med
7
FCA, HMRC
Up to 24h
  • Direct to Bank
  • Cash pick-up
Med
8
FCA
More than 48h
  • Direct to Bank
  • Mobile Transfer
High
74
9
FCA
24-48h
  • Direct to Bank
  • Mobile top-up
  • SWIFT
High
10
FCA
24-48h
  • Cash pick-up
  • Direct to Bank
High
68

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Top10moneytransfer.com is an independent professional comparison site that provides users with free and valuable information on leading money transfer services. Top10moneytransfer.com is supported by referral fees from listed companies. We do not provide a listing of each and every company in the market. We do not guarantee 100% accuracy of the information. The information which appears on this site is subject to change at any time. We aim to help users make an informed choice that best suits their particular needs.

Frequently Asked Questions

One of the first things that you need to do when considering an international money transfer is to make a research of the providers, including exchange rates, speed of transfer, and credibility of the companies which you are considering. 

Follow the link to get the main checklist on how to compare. 

  • Bank transfers. Many major banks can safely wire your funds to China. Banks rely on existing links between banks and banking systems worldwide. However, a downside is the higher fees and weaker exchange rates you’ll typically receive. The fees for wire transfers are estimates and vary from bank to bank. Depending on how you send the money, the exchange rate fee will be paid by your sending bank or the receiving bank. A wire transfer to the receiver’s bank in China such as Industrial & Commercial Bank, China Construction Bank, Agricultural Bank of China, Bank of China is possible. Again your bank will charge a substantial service fee but the rate of exchange will be very good making this a cheap way to transfer large amounts of money but not so good for small amounts. In addition, there is a delay of at least 3 working days for the money to transfer. It is possible to wire money to someone in China via the Bank of China without them first opening an account, however, it is much more secure to have the receiver first open an account at the bank and give you the account number to transfer to.
  • Online money transfer services. Companies like World First, OFX and WorldRemit make international money transfers to China easy. These specialists offer more affordable transfers than banks do, allowing you to quickly and easily manage your transactions from home. With competitive exchange rates and lower fees, you can send funds from your bank account. Many also allow you to pay with a credit or debit card.
  • Providers with cash pickup. Trusted providers like  Western Union, MoneyGram, and Ria offer the option of cash pickups from thousands of agent locations across China. (For example, Western Union has more than more than 27000 agent locations in China) Almost every Post Office in China and many Bank of China offices operate Western Union desks for money transfer.They offer the key advantage of giving your recipient fast access to the cash you send — sometimes within minutes. However, services typically cost more than an online transfer specialist and vary by where you’re transferring your money and how you’re paying for it.
  • PayPal and/or Payoneer transfers. Not just for online purchases, PayPal offers transfers to more than 100 countries, including China and supports multiple currencies. The sad fact though is that it is one of the most expensive ways of getting money to China. Account-to-account PayPal fees are crazy high, between 7.4–9.6% in total if starting in a non-USD currency.
    Things have improved in the last year with the integration of Xoom into PayPal’s service (for US customers only – see below), which allows payment direct to a Chinese bank account, but fees are still high. Works for both personal and business payments.
  • In most cases you will need a valid I.D. presented at some point. In some cases the recipient personal data might be required as well. Please check the local regulations of the sending location & agent.
  • If sending to a bank account, you also need your recipient’s bank name and account number.
  • If sending to a mobile wallet, you also need your recipient’s mobile number with international dial code.

The limit per one transfer may vary depending on the conditions of the provider that you are using. For example, the maximum amount per transaction through Western Union is USD $5,000, while many others have no maximum limit. However, many if not all of the agents have a minimum limit for a transaction and it could vary from 1$ to 1000$. Local country laws may further limit payment amounts. See locations for additional country restrictions & check the specific conditions fitting your case.

China is still a special country where the capital outflows and inflows are heavily regulated, so there are also many limits to consider when making both personal and business payments. For individual chinese nationals, the maximum limit of a transfer is $50K per year. (or equivalent in CNY or any other currency) Foreigners in China, on the other hand, may only transfer US$500 per day into CNY (around 3,000 CNY). So if you sent US$1,000, it could take 2 days and 2 visits to remove it from the bank.

One of the agents XENDPAY, for instance states even more harsh restrictions on its website:

  • The beneficiary’s and remitter’s name should be the same (Personal client wishes to send CNY payment to own account in China in CNY)
  • Max. CNY 80K per day
  • Remitter being a Hong Kong ID holder (remitter must quote HK ID no. in the payment)
  • Personal remittances other than those listed above are not permitted.

So we strongly recommend to check the local regulations of the sending location as well as the conditions and restriction of your chosen agent.

Depending on the type of remittance and the provider you are using, the transfer could be available to your recipient in China anywhere between few minutes and few days. 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 own an account with a Chinese bank or money transfer company, they may not be required to provide this information each time you send money.

Please check the specific conditions fitting your case.

Most of the financial institutions have online tools on their website that allow you to track the money transfer. If you have carried out the money transfer to China via a bank, you can track your transaction by entering information like the tracking number and beneficiary’s account no. on the bank’s website.

When you send money via services like Xoom, Western Union, or Ria, you can always track your transfer by logging into your account on their website. The status tracking tools on the websites of these services keep the customers updated about the change in status. The recipient in China can also check the status of the transfer online. The check transfers and bank draft transfers can also be tracked online. Some of these institutions even provide updates via email and SMS where the sender and the receiver can keep a check on the status. A few companies like TransferWise and Xoom have mobile apps that enable customers to check the status of transfer on their mobile devices.

For the most cases, the answer is no, but be sure to check your specific case with the chosen agent.

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

However, the result of a relaxed socialist economy, China announced in 2017 that it’s considering imposing inheritance and gift taxes in the next few years.

When you’re sending money overseas, in many cases you’ll need to convert the funds you send into another currency, such as U.S. dollars into local currency. But with remitting to China it is not the case. The receiver in China could by paid out both in U.S. dollars and chinese CNY. (Subject to the mentioned above restrictions & limits)