Send money to China

What is the best CNY exchange rate today?

Send money internationally to China (CNY) using the mid-market exchange rate. Check and compare the rates from the major financial providers.

The true cost of sending USD to CNY

How much does it cost to send money to China?

  • International money transfers shouldn’t be expensive.
  • Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
  • You should choose a provider that uses the mid-market exchange rate to convert your money.

What are the payments methods to send money to China?

The available payment methods for your international transfer may vary. Most of the times these should be:

  • Debit Card.
  • Credit Card.
  • Bank Transfer.

How long does it take to send money to China?

How long does an international transfer take? It mostly depends on:

  • Countries you send from and to.
  • Public holidays or weekends.
  • Payment methods.
  • Potential security checks.

Sending money to China

China receives more than $60 billion. The remittances received come mainly from:
1/ USA ($16bn)
2/ Hong Kong ($16bn)
3/ Japan ($4bn)
4/ Canada ($4bn)
5/ Korea ($4bn)

The Chinese remittances market has been evolving a lot over the last few years. Indeed, Xoom offered instant money transfers from US to China in 2015, profiting from this opportunity to translate its website in Chinese, whereas Western Union & WeChat partnered in November 2015, and the UK-based Transferwise started offering money transfers to China at the beginning 2016. A few figures about demographics and remittances

A few figures about demographics and remittances

How many Chinese are abroad?

There are more than 10 million Chinese people outside China. And there are X foreigners in China. That makes the market very dynamic.
In Hong Kong, there are more than 2 million Chinese natives, same in the United States of America. The country where the Chinese are the most present are:
1/ Hong Kong
2/ USA
3/ Republic of Korea
4/ Japan
5/ Canada

Singapore is 7th, after Australia (6th)

On the other side, there are many foreigners in China, mainly from:
a/ Korea with more than 220’000 expatriates.
b/ Philippines with 120’000.
c/ Brazil with 115’000 people

Currency Market

The Chinese currency is the Yuan (CNY). In China people are used to call it kuaì in a few areas. The Yuan is still controlled because it is allowed to rise or fall by 2% from the central parity rate each trading day.

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