The Best Way to Safely Transfer Money to China:

1. Compare your local banks and money transfer services

2. Set-up an account with the bank or service you’ve chosen. Most of the time it can be done online but you will need to have some I.D. available

3. Transfer the money by confirming the exchange rate and fees. You’ll need the bank details of the person you want to pay in China. You also may need to pay for the transfer before the money is sent abroad

 


 

How to Find the Cheapest Way to Transfer Money to China

Compare The Total Cost

The total cost of the transfer comes down to 2 things:

Money transfer fees

1. Transfer Fees

Every Australian bank and money transfer company will charge you a different fee to send money overseas. Usually it’s between $10 and $32.

Exchange rate margin fees

2. Exchange Rate Margin

There is no “standard” exchange rate. Each bank will offer you a different exchange rate based on the currency you want to send overseas and the amount you need to send.

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China Money Transfer Guide

Transferring large amounts of currency

Transfering a Large Amount of CNY

If you are sending more that $10,000 between Australia and China, then the exchange rate and fees are the most important things to consider.

Using a trustworthy bank or money transfer is also critical. Make sure they have the appropriate licence in Australia and China.

Finally, you also want to make sure you choose a provider that has a strong track record with sending money to and from China.


Our Verdict: For payments to China, KVB Kunlun have Chinese staff and great exchange rates particularly for payments over $10,000

Winner: KVB
Read more about KVB

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Transferring currency for business

Business Currency Transfers

If your business is transferring currency, there are 2 things absolutely critical to finding the best option:

1. The exchange rate margin – this is the difference between the wholesale exchange rate you can see on xe.com and the rate you get

2. The business products they offer like forward exchange contracts, foreign currency accounts and limit orders


Winner: Airwallex

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family

Friends and Family

Some transfer services, such as Western Union, are perfect for international money transfers or small amounts (think sending that birthday money home to your nephew or niece), while others will offer to waive transfer fees only if the amount is a large one.

That’s why it is critical to shop around and discuss your individual needs with a currency exchange and money transfer specialist.


Our Verdict: With the right foreign exchange specialist, such as OFX it is possible to achieve a spread of 1% – and even lower, reduce or remove fees, create a strategy for purchasing currency and also access hedging tools.

Winner: OFX
Read more about OFX

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Fee Free Offer

OFX is a trusted partner of The Currency Shop. OFX customers using this link through The Currency Shop will not incur a transfer fee for their international money transfers, regardless of the size of the transaction.

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Minimum transfer $250. Please note that the receiving bank or intermediary bank may charge fees on transactions.



How To Transfer Money Online


Frequently Asked Questions

Paypal and Western Union (cash pick-up) are the fastest options. The transfer can be done in minutes.
If you are sending the money to a bank account, it will take 1-2 days if you are using a bank.
Or 2-3 days if you are using a money transfer company.

Sending money using a money transfer company is similar to using a bank but there are some important differences. Here are the main steps to do it online:

Setting things up (only has to be done once)

  • Log on to their website and register your details. You’ll need to have some I.D handy
  • Once your account has been approved, you’ll get a login and password
  • Enter the banking details of where you are sending the money. They are usually called the “Beneficiary” or “Recipient”

Tranferring Money

  • Get a quote for the amount you want to send
  • Confirm the details including the rate and how much it is in Australian dollars
  • You’ll get a deal confirmation. Finally you’ll need to pay them the Australian dollars before the money is sent to China

1. A Bank

Banks in Australia have higher fees and uncompetitve exchange rates but this doesn’t mean you should never use them. Using a bank is also the quickest way to transfer money internationally.

2. Paypal

This is a great option for anyone sending smaller amounts under $1000. The exchange rate you’ll get are comparable to a bank but the fees are significantly lower. It is particularly handy when the person you are paying has a Paypal account.

3. A Money Transfer Company

Money Transfer Companies like OFX and HiFX are often the cheapest option when you are sending between $1000 and $1,000,000 at a time. This is because they offer better exchange rates and lower (and sometimes no) fees. The downside to using a transfer company outside of a bank is that you’ll have to set up an account with them first. This can take between 10 minutes and 2 days depending on how much information they need from you. Also, the transfer itself will usually take 1 day longer than using a bank.

The banks and Paypal don’t have a minimum transfer amount but most money transfer companies do. If you are sending less than $500 to China and intend to use a money transfer company, make sure you check their minimum transfer amount.

To send money overeas, you’ll need the following information of the bank account you are sending the money to:

Beneficiary or Recipient Details

  1. The Account Name of your Recipient (person/business you are paying)
  2. Their address
  3. The SWIFT Code of their bank

 

A note about sending money to China: It is particularly important to make sure ALL the bank details you use are correct. Chinese banks are notoriously picky and will reject a payment even if a single digit is wrong or a single letter is out of place.

Swift Codes

Here is a list of SWIFT codes for the biggest banks in China: can help you make sure the IBAN number is valid.

Industrial and Commercial Bank of China : ICBKCNBJ

China Construction Bank Corporation : PCBCCNBJ

Agricultural Bank of China : ABOCCNBJ

HSBC : HSBCCNSH

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Currency Calculator: Australian Banks and Money Transfer Specialists

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Cheaper ways to transfer money overseas

5 Cheaper Ways to Transfer Money Overseas

Using a bank is one of the easiest ways of sending money overseas but it is also the most costly. Here are 5 cheaper alternatives…


 

How to transfer money back to Australia

Transferring Money Back to Australia

Transferring money back to Australia isn’t easy. It can also be really expensive depending on what exchange rate you get. This articles compares the best ways of moving money back to Australia.


 

Helping You Save Money on Currency

Buying travel money or transferring money overseas can be expensive and confusing. So how do you make the best choice and get the most out of your money?

An easy way is to use a comparison table for either international money transfers or currency exchange. These tables list and compare the banks with other large foreign exchange companies.

We’ve also put together tons of helpful videosguides and reviews that will help you make the right decision. You can work out a cheaper way of converting currency while still keeping your money safe.