International money transfer resources

Send money to China

Article by Mozo

According to the World Bank, China is one of the top receiving countries for money transfers, with Australia one of the big contributors. The number of Australians investing in Chinese businesses and property is on the rise and there continues to be a large influx of Chinese people migrating to Australia. Therefore there are many reasons to send money to China, including:
  • Purchasing goods and services for your business
  • Paying wages or royalties
  • Paying school or university fees to support children living in China
  • Gift to friends or family living in China
  • Emergency transfer of funds to a relative for medical reasons
  • Buying investment property in China

Remember this guide is informing people about transferring money to China, it’s not for those wishing to travel there. If you’re planning a holiday to China for personal or business reasons, head to the Mozo travel money section of our site.

Banks vs Foreign exchange provider: Who to use for sending money to China

If you want to send money to China, you’ll notice that there are several different options. However, there are two main players in this now competitive market - banks and foreign exchange providers. A foreign exchange provider specialises in sending money overseas, the big ones are - OFX, World First and CurrencyFair. So if you're transferring money to China on a regular basis, or need to make a large one-off transfer you could save hundreds if not thousands of dollars by choosing a specialist provider over a bank. You want as many Chinese Yuan for your Australian dollars don’t you?!

Feature Bank Foreign Exchange Provider
Exchange Rate Bank exchange rates are typically more expensive than an independent broker. The bank usually chooses the exchange rate As they are the specialists in the field, foreign exchange providers they usually offer a much better exchange rate.
Transfer fees

Banks usually charge around $20 per transfer. If you transfer over a certain amount, the provider usually won’t charge a transfer fee.
Transfer options Most banks allow you to transfer money in a branch, online, by an app or over the phone; most options come with a fee. You can transfer your money online, over the phone and some providers have an app you can use.

Click the link to read about more options of sending money overseas.

How to compare international money transfer providers

Regardless if you’re sending money to China for individual or business purposes there are still five key features to look for when comparing international money transfer providers.

1. Transfer limits: Some providers have a minimum and maximum amount you can send to China. You might have to shop around to find one that allows you to transfer the amount you wish to send.

2. Rates: The higher the exchange rate the more Chinese Yuan you’ll receive for your Aussie dollar. Don’t go with the first exchange rate you come across, take the time to calculate how much you’ll get from the different rates being offered by several providers. A few cents difference in the exchange rate could save you lots and lots! Compare the market and save on international money transfers!

3. Turnaround time: This refers to the time it takes for your money to be processed by the IMT provider, to the moment it hits the recipient’s bank account.

4. Charges and fees: There are several fees associated with transferring money to China but if you do your research some foreign exchange specialists waive the charges if you meet a certain criteria. Fees to be wary of include: a transfer fee, a sending and receiving fee, a cancellation fee and an amending fee.

5. Transfer options: Sending money to China really couldn’t be easier, you can make the transfer online, by phone, in a branch and some providers even have an app you can use.

How to transfer money to China

As we’ve mentioned, transferring funds overseas is now a fairly easy, economical and hassle free process that can be done from the comfort of your own home. Regardless of which foreign exchange specialist you have decided to use the method is pretty much the same.

  • Register and set up an account with a foreign exchange provider
  • Decide how much you want to transfer and to which country you want the money sent
  • Confirm and make sure you are happy with the costs and exchange rate of the transfer
  • Provide details of the recipient including their name and bank details
  • Book the deal!

Checklist when sending money to China

You now know how to set up an international money transfer, so let’s look at what information you need to make it happen.

  • Personal details: Name, address, date of birth, country of birth, phone number
  • Sender’s account details: Bank details of the account where the transfer will come from
  • Recipient’s personal details: Name, address and bank account number
  • Recipient’s bank details: Full name and address of bank including the SWIFT/BIC code


I only want to make a one off transfer, what are my options? This will depend on how much you want to transfer. If it’s just a small amount AUD$200 or less then PayPal is a fast and secure option, with low fees. For a one off larger transfer it’s definitely worth choosing a foreign exchange specialist. The better exchange rate you’ll receive from an IMT specialist could save you thousands on a large one off transfer.
Can I track an international money transfer? You sure can! Just check in with the provider and they will give you an update.
How often is the information on exchange rates updated on your website? The information on international money transfer rates is updated hourly on Mozo, but because of the fluctuating nature of foreign exchange you may find a small difference to the 'live' price you will get from the IMT provider at the exact time of your overseas money transfer.
Can I change or cancel an international money transfer? It will depend on how far along the transfer is. You’ll have to check with your provider. If you do cancel or change the transfer you may incur a fee.
What is a spot deal? A spot deal is an arrangement where you lock in the current exchange rate immediately with a legal binding of converting one currency for the other within 24 hours of booking the deal.
What does a SWIFT/BIC code stand for? The Society for Worldwide Interbank Financial Telecommunications (SWIFT) or a Bank Identifier Code (BIC). This is an 8 or 11 digit code that identifies banks around the world.
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