How To Send Money To China In 2023 (Cheap And Easy)

I’ve got many questions about the best way to send money to China in 2023, particularly when it comes to fees and delivery times. Sending money abroad is never easy and can be frustrating when you need the money soon and with no blockers. Many international students and ex-pats living in Sweden need to send money to their families or bring it back from their home countries.

In this post, we do a step-by-step guide on how to send money to China using Wise, the fastest and cheapest method in 2023. Wise can send money to UnionPay, Alipay, and Weixin (WeChat) accounts at the lowest fees. We also cover some other alternative services like Revolut and Western Union.

How to send money to China in 2023? (Top 4 Methods)

Money transfer services have existed for many years, but the game keeps changing yearly. Since the inception of neo banks and digital services, fees have become cheaper, and delivery times are almost instant compared to the 90s. Staying on top of the game can save you more than one headache when you send money to family or friends abroad.

Have a look at this comparison when sending money from Sweden to China. Some services can be up to 20% cheaper, mainly due to high transfer fees and pure exchange rates! A single transaction can make you win or lose plenty of money, and it gets worse if you send money regularly to friends or family.

Let’s look at the best options when sending money to China that I’ve tried personally. To evaluate and compare them, we consider many aspects, such as ease of use, transfer fees, exchange rates offered, number of steps needed, number of destinations available, and how long it takes to transfer the money.

1. Wise

Wise is my top preferred option when sending money to China. In my experience, not only is it the cheapest alternative as of 2023, but also it provides the fastest service when it comes to transfers to bank accounts.

Wise is a UK-based company that started in 2010, and since then, it has revolutionized money transfers with much lower costs than traditional banks. Using a peer-to-peer system, Wise can cut almost all of the nasty wire transfer fees and deliver money instantly! The company uses mid-market exchange rates, meaning customers can get a fair exchange rate without hidden fees.

In 2023, Wise launched its Eco Debit Card (which we reviewed), and they are taking great steps towards sustainable banking. and finance. One of its unique features is its borderless account, which allows you to hold and manage multiple currencies in one place. This makes sending and receiving money in different currencies easier and cheaper.

Use Wise to send money to china (Step-by-step):

1. Sign up for a free Wise account.
2. When prompted Who are you sending to?, tap on Someone else.
3. Choose if you want to send to a UnionPay, an Alipay, or a Weixin account.
4. Enter the amount you want to send and select the currency you want to pay in.
5. Enter the recipient’s details, including their name, address, and bank account information in China. Depending on the account, it will also ask for the Alipay ID, Weixin ID, or UnionPay card number.
6. Review the transfer details, including the exchange rate and fees.
7. Pay for your transfer using your debit card, credit card, or bank transfer.
8. Once your payment is confirmed, Wise will convert the money and send it to the recipient’s bank account in China.
9. You and the recipient will receive notifications once the transfer is complete.

To receive your money, Alipay and Weixin recipients may need to link a bank card to their wallets. Alipay recipients will receive a push notification, and Weixin recipients will receive an SMS to help them complete this one-time setup.

2. Remitly

Remitly is the most recent player in the game, and I discovered it trying to send money to South America (to Argentina or Chile). Remitly specializes in international money transfers, providing a platform allowing individuals to send and receive money across borders quickly, securely, and at a lower cost than traditional money transfer methods.

Remitly is available in over 20 countries and supports various currencies, including the US dollar, Euro, British Pound, and Chinese Yuan. Remitly’s services include bank transfers, cash pickups, and home delivery options. The company is based in Seattle, Washington, and was founded in 2011. It has since expanded its operations globally and processed over $20 billion in money transfers for its customers.

Use Remitly to send money to China (step-by-step):

1. Create a free Remitly account.
2. Select China as your recipient country and enter the amount you wish to send.
3. Choose your delivery method. Remitly offers two options: bank transfer and cash pickup.
4. Provide the recipient’s details, including their name, address, and bank account information if you chose bank transfer, or the pickup location if you chose cash pickup.
5. Review your transaction details and confirm your payment. You will receive a confirmation email and a tracking number to monitor your transfer’s progress.
6. Your recipient will receive the funds in Chinese Yuan within the estimated delivery time, depending on the delivery method you selected.

3. Revolut

We’ve covered Revolut many, many times on the blog. In 2022, Revolut got an official banking license in the EU, meaning it is now an official bank with a deposit guarantee. When it comes to money transfers, Revolut uses the interbank exchange rate for currency conversion, which means that you’ll get the real exchange rate with no hidden fees. It also offers competitive fees and allows you to send money to over 130 countries.

To send money to China using Revolut, follow these steps:

1. Sign up for a free Revolut account.
2. Add money to your Revolut account using a bank transfer, credit/debit card, or Apple Pay.
3. Go to the Payments tab in the app and select “Send Money”.
4. Enter the recipient’s details in China, including their name and bank account information.
5. Choose the amount you want to send and select the currency you wish to pay in.
6. Review the transfer details, including the exchange rate and fees.
7. Confirm the transfer by entering your Revolut passcode, or use your fingerprint to authenticate the transaction.
8. Revolut will convert the money and send it to the recipient’s bank account in China.
9. You and the recipient will receive notifications once the transfer is complete.

Here are some screenshots of the steps in my app.

4. WorldRemit

WorldRemit was founded in 2010 and is based in London, UK, as a digital money transfer company that provides a platform for individuals to send and receive money across borders. WorldRemit offers services in more than 130 countries worldwide and supports various currencies, including the US dollar, Euro, British Pound, and many others. They pride themselves on offering low fees and competitive exchange rates, making it a popular choice for people looking to send money abroad.

Send money to China using WorldRemit (Step-by-step):

1. Create a free account with WorldRemit.
2. Choose China as the destination country and the amount you want to send.
3. Select your preferred payment method, such as bank transfer, credit/debit card, or Apple Pay.
4. Enter the recipient’s details, including their full name, address, and bank account information.
5. Review your transaction details, including the exchange rate, fees, and estimated delivery time.
6. Confirm and pay for your transfer. You will receive a confirmation email with a reference number.
7. Once the transfer is complete, WorldRemit will notify you and the recipient via email or SMS.

WorldRemit offers competitive exchange rates and low fees for sending money to China. However, it is important to note that the recipient may also incur fees from their bank or financial institution.

Conclusion

Sending money to China has become more accessible and cheaper in the last decade. After all, it’s already 2023, and we live in a digital economy with a globalized world. Sending money is expected to be straightforward!

My preferred option is Wise (mainly from Europe) because it is cheaper than 99% of the services and can make the transaction on the same day. However, there are many good alternatives that I even tried personally. Platforms like Revolut, Remitly, and WorldRemit can also help you transfer money to an account in China in seconds. Ultimately, it depends on how large is the sum you are sending, in which bank is the recipient’s account (Alipay, Weixin, UnionPay), and how soon you need the money available.

Hope this post was helpful, and I promise to keep it updated with more options! Feel free to drop a comment below or reach out to me via Instagram.

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