Are you looking for an easy and safe way to send money to China? To make your job simple and straightforward, we’ve listed some of the top banks and international money specialists in our exchange rate calculator below. Have a scan to see who’s offering the best deals, charging the lowest conversion fees and can process the transfer in the shortest time.
$500 monthly minimum for regular transfers
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Want to dig a little deeper into the fees and features you should be looking out for when picking a foreign currency provider? Read on as we answer some of the frequently asked questions around transferring funds to China.
If you’re looking to transfer money to a recipient in China, you’ll generally have two options - a bank or a foreign exchange specialist. Here’s what you need to know about each of them:
The best part about transferring money overseas with a bank is you’ll be working with a name that you know and trust and have probably dealt with before. It is after all, comforting exchanging money with a brand you’re familiar with, especially if you just need to make a small one off transfer.
The only downside with banks is that they often charge a high conversion fee and offer less competitive exchange rates compared to international currency specialists.
Foreign Exchange Specialists
Foreign Exchange Specialists are agencies that focus solely on currency conversions and can help you send funds to China safely and quickly, generally within 1-2 days. Usually, the transfer is carried out online or over the phone, which means international money transfers are available at the tap of your smartphone.
As far as value for money is concerned, they are known to apply a lower margin to the foreign exchange rate and charge a lower transfer fee compared to the banks. For instance, Torfx offers fee free transfers, whereas you may have to pay $30 for transferring money in person with a big bank.
The answer to this question depends on how you’re going to convert your Aussie cash into CNY. Let’s take a look at two of your main options:
Option 1. You’ve decided you feel safer transferring money in person.
In this case, you’ll need to check the provider’s operating hours, visit the branch and then kick off your request for a currency transfer in person. You might have to wait in line but at the end of the day you’ll have someone personally take you through the process.
Option 2. You find online money transfers more convenient.
Smart move, this could save you both time and money! Here are the three broad steps for transferring money to China online:
Step 1: Choose an international money transfer provider in the table above and click on the blue “go to site” button which will take you to their website, where you can register your request for transferring CNY to China.
Step 2: Set up an account with the provider, which usually requires you to provide documentation such as a passport and driver’s licence and your bank account details.
Step 3: Place your foreign exchange CNY order, which will generally require you to confirm the amount you want to transfer, pay the online transfer specialist and provide the recipient’s bank details.
It’s totally understandable if you’re worried about the safety of your money, especially when dealing with a new currency specialist that you’ve never used before. That’s why you should only engage with a provider that is regulated through ASIC - you might be happy to know that at Mozo, we only list providers who’ll handle your money safely. So, transferring CNY to China using a bank or IMT specialist online is completely safe, as long as they are licensed and regulated.
One of the most important deciding factors when it comes to picking a foreign currency provider is to look for one who’s offering the best CNY exchange rate. Mozo’s exchange rate calculator at the top of this page lists the best exchange rates of the day, making it easy for you to find the top deals.
Remember that even a small difference in rates can have a huge impact on the overall value you get for your money. For example, at the time of writing, TorFx was offering CNY 7,423 for AUD $10,000, whereas a big bank was only offering CNY 7,032.
The time it takes to transfer money to China can vary from one provider to another. But generally, it takes anywhere between 1-7 days. If you need to transfer money urgently, some providers offer to make the process shorter for an extra fee.
Yes, you’re free to set up both one-off as well as regular money transfers to China. Just keep in mind that if you’re going to convert and transfer AUD to CNY regularly, it makes sense to find a provider that’s offering a good deal for multiple transfers. For instance, some providers may offer you better exchange rates or a certain number of fee free transfers when you form a long term relationship with them.
Overall, always remember to carefully check features and fees and read the fine print when transferring your Aussie coin to CNY to ensure you’re getting the best deal.