Transfer Money Now
Main Services: International money transfers, remittance services, mobile transfers
Transfer Objective: One time/ Recurrent
Transfer Method: Direct to Bank, Cash pick-up, Mobile top-up
Min Transfer Amount: $15
- Great on mobile transfers
- Easy to send or receive money
- Good for remittance services
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
- Locked-in exchange rates
- 145+ years of experience in moving money
- Tracking options for transfers online
- 0-3 days of delivery (depends on destination)
Up to 24h
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
- Free transfer fees
- Free to open an account
- Transfers by phone, online or App
- Safeguarded customer funds
- Longstanding FX provider since 1979
Up to 24h
More than 48h
Up to 24h
More than 48h
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.
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:
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)