I believe that readers have heard of the current online remittance tool, the foreign currency remittance back to China has been far less difficult ten years ago, basically and you use any website or APP is not much difference, the purpose of this article, in addition to the introduction of remittances to mainland China, a good tool, but also to compare their rates, the author himself is in Canada, his family at home, remittances back to the country is my rigid demand, I have been using the Western Union in the early years, I have also tried a lot of Vancouver local Chinese remittance services, but in the past two years China’s restrictions on the Western Union more and more Western Union, also tried a lot of Vancouver local Chinese remittance services, but in the past two years China’s restrictions on the Western Union more and more, the vast majority of Chinese remittance and basically have to deal with the counter, or find it convenient enough to direct, the Internet searched the circle to find a lot of good alternatives, individuals are currently mainly used Transferwise and Remitly these two services to remit money back to China.
Note: The rates of each remittance platform may change at any time, the information on this site may lag behind, please refer to the official website.
Readers are invited to first understand the limitations on remittances to China: Domestic individuals are entitled to a maximum of $50,000 (or its equivalent in foreign currency) per person per year for settlement and purchase of remittances. This quota is the amount that an individual can get without providing additional documents other than ID cards. In fact, for those who specifically need to settle foreign exchange purchases, as long as they can present authentic documents, they can be exempted from this limit. In addition, the settlement limit of 50,000 U.S. dollars is not equal to the remittance of foreign currency is also this limitation, the actual operation of the amount of foreign exchange accounted for often more than 50,000 U.S. dollars, only can not immediately in the current year all the RMB settlement of foreign currency is still in your account, which is not a special circumstance, you need to wait for the coming year and then settle only. For more information on foreign exchange settlement, please refer to: Domestic Bank Settlement Guide.
If you want to transfer money abroad (much harder), see How to send money abroad.
It is almost impossible to transfer money from an offshore business account to a domestic personal account. Overseas personal accounts are usually able to send money to domestic RMB accounts with the same name, and on some platforms it is also possible to send money to other people’s accounts in China, but the amount of money to be sent is subject to domestic laws and regulations, as well as to overseas financial laws and regulations, and the remittance platform’s own regulations, so readers are strongly advised to know the overseas laws and regulations and the platform’s restrictions beforehand in order to complete the remittance process smoothly and efficiently.
Transferring money from an offshore non-bank account (e.g. PayPal) to a domestic bank account is not feasible, and the author personally has not been successful so far.
The necessary prerequisite for the normal use of online platforms to send money back to your home country is that you have a legal identity and bank account in a foreign country. Platforms that offer transfers of US dollars from the US require identity verification, and you need to be prepared with a driver’s license or your state ID or passport, as well as an SSN, among other documents.
Transferring RMB from abroad is fast but expensive, and transferring foreign currency from abroad to a domestic account is slow but inexpensive – this is the rule for almost all money transfer instruments, and the exact form of transfer depends on your trade-off between speed and cost.
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Comparison of remittance fees
| Remittance Tools | Rate | Remarks |
|---|---|---|
| Transferwise | RMB 1.2% USD Fixed Rate | Lowest combined rate, transfer to Alipay, first $600 free! |
| Xoom | 2.0% | (Non-Chinese) PayPal to Alipay |
| Remitly | Fixed exchange rate | Can be sent to Alipay |
| Panda Express | Fixed rate | Alipay/WeChat No fee for the first remittance |
| PayPal | $35 per transaction | |
| Swapsy | 0.8 %，2.5% | Peer-to-peer exchange services |
| Western Union | 1.2 percent | Increasing domestic restrictions |
| WordlRemit | 1.7% | |
| Azimo | 1.07% | Support for money transfers from European countries can be sent to Alipay |
| XE | 2.05% | |
| Paysend | 2.05% | Can be transferred to Alipay |
| Payoneer | 2.30% | Fast RMB transfer but high rates |
herald
- The rates of each remittance platform mentioned in this article are for reference only. As the service of the platforms may change at any time, readers who want to know the real-time accurate rates of a certain remittance platform should obtain them from the platform’s website or app by themselves.
- The exchange rate that non-logged-in users see on a money transfer website or app may not represent the actual rate you’ll get when you sign up for an account, the latter usually has more favorable deals and you get a better final transfer rate
common problems
In case of RMB remittance, most platforms can deliver the money within one day. If it is a foreign currency remittance, it will take 1-2 weeks to be credited to the domestic bank.
Remittances need to provide the remitter remittance bank account in the country of legal identification, to the domestic settlement of foreign exchange may need to provide identity cards, bank cards and other documents, the amount of money (more than 5,000 U.S. dollars) also need to provide proof of income.
It is recommended that a single remittance should not exceed USD 5,000 (or equivalent foreign currency) and RMB 30,000, and readers are also advised to pay attention to the limitations of the remittance platform.
Almost all money transfer platforms require the recipient’s name, and often do not allow it to be written in Chinese. This is where you should fill in the pinyin of your real Chinese name, e.g., for Zhang San, write San in the First name field and Zhang in the Last name field.
Some remittance platforms require the recipient’s address to be filled in, and often do not allow Chinese to be written for technical reasons. If allowed, it is also recommended to fill in English as much as possible, and there is no need to intentionally translate the Chinese address, but only need to be converted into pinyin and pay attention to the order, generally fill in the street address of the door in Addres 1, and there is no need to fill in Address 2.
SWIFT CODE is a unique identification number used by banks for international money transfers, which is used by the international financial system (in conjunction with other information) to accurately identify and transfer money to the account of a designated bank.
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Transferwise （首转600美金免手续费）
Transferwise（现wise.com）在全球有800万客户，笔者目前使用最多的在线汇款转账服务，把美金转回国内再结汇，费率低，操作简单，稳定，支持支付宝人民币快速到账。
Transferwise美金到人民币汇款参考费率：1 – 6.613/6.70 = 1.2%
首笔汇款600美金以内零费率，你可以通过它把美金转回国内美金或人民币账户。
上图是我之前用Transferwise转账时的截图，我的账号有较长使用时间，你可以看到我汇美金到人民币的费率约为1.2%，汇美金的费率只有0.1%，几乎可以忽略，这不是最终费用，后面还会说到，但可以说明用Transferwise的费率起点很低。
你也可以在Transferwise首页用它的计算器实时知道所需费率，在未注册登录时（无优惠），可能只能看到1.5%的美金转账人民币费率。
笔者在美国工作，家人在国内，要经常汇款到过呢，我的使用经验是直接美金转账人民币速度快费率相对高，如果不急，往国内双币借记卡转美金再结汇最划算，下面是一个基本的操作演示。注册Transferwise账号的流程我就不啰嗦了，大家按照网站提示操作吧，并不复杂，如果要转外币到国内，你需要通过所在国的银行账号与身份信息，如美国的银行账号拥有者需要提供ID认证信息（SSN号，驾照照片等），这些资料要提前准备好。
官方视频：如何用Transferwise（Wise）汇款到中国（支付宝）。
1. 填写汇款金额与币种
上面的两张图已经贴过了，在这个界面中你能第一时间看到各币种间汇款费用，这个费用不包含汇入汇出行可能收取的手续费，这个费用根据不同的汇款方式（如通过借记卡、信用卡、储蓄账号等）会有较大差异，这后面会说到。
需要注意的是：
- 单个收款人人民币收款上限，银联卡收款为31000元，支付宝微信收款为50000元，若用微信支付宝收款，必须绑定好国内有效银行卡
- 单个收款人美金收款上限每年是50000美金
这决定了Transferwise这个渠道可能不适合有大额汇款需要的用户，但像我这样汇款到中国作假日日常开支补充的，已经足够了，因为我直接汇美金，每年5万美金的限额，我一般用不完。
2. 填写收款人信息
在Bank account country下拉列表里选择China，填完你在国内开通了美金账户的借记卡账号就可以了，收款人信息可以保存，这次填完以后就不必反复填写了。将美金从美国汇出美国需要走SWIFT网络，所以你需要事先准备好你国内银行卡开户行的SWIFT代码，通常只需要联系一下银行在线客服就能找到。
走SWIFT汇款额外产生每笔3.2美金的费用，如果你有兴趣，也可以询问汇出行与汇入行的手续费，我在美国的银行是PNC，中国的银行是建行，美金对美金汇入两边都不额外收费。
3. 确认汇款金额与收款人信息
在汇款金额与收款人信息确认界面，你能看到更新后的费率（Transferwise手续费+SWIFT转账手续费）共4.60美金，此时费率仍不到0.5%，我的操作时间是美东时间10月18日晚12点左右，汇款到达国内银行时间预计为10月23日，大致算5个工作日，注意这是美金“到达”国内行的时间，通常国内银行收到外汇后还需经过一套流程，审核通过后才会入账，也就是把美金打到你银行卡的美金账户上，这个过程大致也需要一周时间，所以加起来国外汇美金到国内银行美金账号大致需要2周左右的时间。
美金入账后，你就可以结汇了（把账上的美金换成人民币），不熟悉国内银行结汇流程的朋友，可以参考这篇：国内银行结汇新手指南。
4. 填写付款人信息
最后一步是选择付款方式，图中所示：不同的付款方式意味着不同的费用，用信用卡付款是最贵的，绝大多数时候都不推荐，美国银行基本都支持Bank Debit（ACH）方式，图示的这比付款选择的是用我的Transferwise账号所绑定的虚拟账号上的余钱付款，费率最低不到0.5%，如果我选择ACH，费率不到0.8%，即使是Wire transfer也不到1%，其它付款方式自然是不考虑的，所以汇款这1000美金到国内账户，我支付的费用不超过10美金。
首笔600美金以内汇款零费率。
Remitly
Remitly美金到人民币汇款参考费率
首笔汇款汇率特价优惠，正常汇款费率1.5%，加急2.0%，支付宝每日收款5万人民币，一周以内到账。
1. 填写汇款金额与收款方式
Remitly支持支付宝收款汇入中国银行卡。
图中所示，我汇款100美金，当天美元对人民币汇率为6.70，因为我的账号还在优惠条款内，Remitly给我的汇率是6.76，注意优惠条件用完后，实际汇率一定比当日人民币汇率低，按照图中界面中的提示，使用Remitly无优惠账户汇款到国内，你大致会被收取约1.5%的费用，若要加急，费率约为2.0%，单笔汇款固定手续费2.99美金，1000美金以上免手续费。
2. 填写收款人信息
图中我选择的是支付宝付款，填写国内支付宝账号ID（邮箱或手机），姓氏，名字，中国大陆的手机等信息，姓名拼音可能是不能用中文的，可以填写拼音。
我了解了一下，Remitly支付宝收款的每日限额是50000人民币。
3. 填写汇款人信息
在上图界面中填写汇款人信息。
4. 填写付款明细
填写汇出行（美国）的信息，你可以选择借记卡，信用卡（加收3%费用）或银行储蓄账号。
5. 信息确认
在这步确认之前填写的收款人信息，汇款人，以及付款详细信息，点击“确认并转账”进入审核程序。
我的这比汇款在美东时间10月17日晚上9点左右确认，Remitly承诺CST时间10月22日到，大致用时5个工作日，因为我选择的付款账号是美国银行储蓄卡，这是偏慢的汇出途径，借记卡或信用卡应该更快。
6. 查看收据
上图是这次汇款的收据，在款项正式从美国银行里汇出前，你都可以取消转账。
首汇15美金新人红包，首汇800美金以内享受利率优惠。
PandaRemit（熊猫速汇）- 首笔零手续费、汇率优惠
熊猫速汇支持从澳大利亚、新西兰、美国、加拿大、欧元区国家、英国、新加坡、香港、日本、韩国等国家和地区快速汇款人民币到国内，手续费低，汇率优。也是为数不多支持从中国大陆转出人民币的服务（单笔最高49000元）。
提供安卓和苹果手机客户端App，也支持从微信操作发起汇款。下文以微信上的操作为例，演示大致汇款流程：
登录（或注册账号）
你可以用手机验证码、邮箱、或账号密码注册登录。
2. 发起汇款
填入外币汇款金额后，APP会自动计算等额人民币，首汇无汇率损失，且免手续费，非首汇的汇率及手续费请以APP显示为准。确认收款金额后，来到“汇款开始界面”，在此分别填写汇款人和收款人信息。
下为旧图，实际界面以当前熊猫速汇APP界面为准。
填写汇款人信息
收款人信息请务必如实填写，否则汇款很可能失败，提前准备好国外账户开户资料，后续步骤需要验证。
填写收款人信息
熊猫速汇支持以微信、支付宝（需绑定银行卡）和银行卡作为收款人，后续步骤有验证，请准备好相关资料，须本人操作。
Xoom
2021/02/14：XOOM貌似已恢复人民币汇款业务。
注意：在几个海外华论坛的帖子（这个和这个）里基本确认了，现在Xoom已经无法汇款（人民币）到中国，官方披露它们在中国的人民币银行账号被冻结，官方没有消息说确切回复时间，建议读者考虑替代工具如：Transferwise或者Remitly。
Xoom已经恢复到CNY的汇款服务，且能从非中国区PayPal账号直接提现到支付宝。
Xoom是PayPal旗下的服务，在所有汇款到中国的服务里面，Xoom的美金汇人民币是我用过的唯一能“秒到”的，只要在背景时间工作日早7点到晚10点间操作，基本点下最后一个确认按钮一分钟内，我就收到国内银行人民币入账的短信了，收款人只需要在国内银行有一张银行卡即可，不需要有Xoom账号。虽然Xoom的费率不是最低的，但考虑到它无与伦比的速度，相信很多读者都不会介意。
美金到人民币汇款参考费率：1 – 6.565/6.70 = 2.0%
1. 填写汇款金额与目的地
当天美元兑人民币汇率为6.70，Xoom给我的汇率是6.565，汇率损失约为2.0%。
在北京时间早7点到晚10点间操作，汇款是“瞬间”完成的。
填写收款人信息
收款人银行卡是国内任意支持银联全球速汇服务的借记卡。
填写付款人信息
用银行账户汇出免手续费，从借记卡或信用卡汇出要收取30美金手续费。
XOOM支持从PayPal账号汇出，但不适用于中国大陆区的PayPal账号。从国外PayPal账号汇人民币到国内借记卡也不容易，很可能要提供更多信息，有兴趣的读者可以一试，笔者没有试过直接从国外PayPal账号通过Xoom汇款到国内，而是通过先将国外PayPal账号中的美金转到美国银行账号内，然后再通过Xoom从美国银行账号内提现人民币到国内，这里可能影响你在美国的报税，这我就不展开了，请读者自己了解细节吧。
Xoom很快，但是想通过它直接把海外PayPal账户余额转到国内人民币账户的人，恐怕得失望 ：(
PayPal
PayPal汇款到中国国内其实并不复杂，不少用户常碰见的“无法转账”的问题多是因为无法正常绑定国内银行卡，下文会讨论如何解决这个问题。
PayPal美金汇款参考费率
每笔35美金。
1. 关联银行账户
这是PayPal汇款最关键的一步，要成功绑定国内银行账户，需要注意：
- 你必须填入国内支持美金汇入（双币或多币）的账号，并确保上图要求的信息（银行名称，SWIFT代码，分行地址，账号，开户人姓名，电话号码）正确且与你的银行账户当前状态一致
- 在填入上述信息并点击上图中“关联您的银行账户”按钮时你必须通过位于中国大陆的IP地址访问，否则会绑定失败，且PayPal不会告诉你原因，这意味着你得暂时关闭上网工具，PayPal官网在绝大多数时候是可以从国内直接访问的
2. 提现
成功绑定国内银行账号后，只要用PayPal的“提现”功能就行了。
提现美元到国内借记卡的美金账户每笔费用为35美金，个人经验，从汇出到国内银行通知你结汇（电话或短信）一般需要2周时间，结汇流程请看：国内银行结汇新手指南。
PayPal账户内美金汇款到中国（人民币）的费用是每笔35美金。
Swapsy
Swapsy is an online peer-to-peer exchange service platform, through which both parties voluntarily enter into an exchange agreement, with the platform acting as an intermediary to review the user’s information and manage the risk of the transaction. Both parties can create the required amount of exchange requests, you can also accept other users have created a request for exchange, the original Swapsy support through PayPal direct exchange, but now seems to have rarely seen a valid PayPal as a means of payment for the exchange of foreign exchange requests, which should be the result of a certain part of the limitations, otherwise, if you can directly pay for the exchange of foreign exchange through PayPal (to the Otherwise, if you can pay directly through PayPal for foreign exchange (to collect money from domestic WeChat Alipay accounts), this would be a super useful feature.
Currently almost all Swapsy exchange requests are paid through an intermediary payment platform called Zelle, the image below shows the prompt I got when I simulated a $500 exchange request (in RMB):
Here readers may notice the pros and cons of Swapsy, the biggest point is that there is no exchange rate loss, the USD to CNY exchange rate shown in the list in the chart is the actual exchange rate of the day, and if you pay in USD through Zelle, Swapsy only charges 0.8% commission, which is already quite cheap.
The drawbacks are also obvious, firstly you may not be able to exchange the full amount you need to exchange, unless a current user initiates a request for an amount equal to the amount you need to exchange in order to match it, then you may only be able to exchange as close to the required amount as possible, which can sometimes be very inconvenient unless you create the exchange request yourself, but this means you may have to wait a while for a match. Another issue is that the speed of exchange buying may be affected by the speed of feedback from individual users on both sides of the exchange, and here there are some force majeure factors such as the market that may cause the exchange to finalize the deal very slowly.
Swapsy may not be the most suitable tool for regular remittances to China, nor is it suitable for large sums of money, its maximum dollar amount is $2,000, and as I said earlier, the timeliness of exchange is difficult to guarantee, but it is very suitable for temporary turnover of the timeliness of the need to go is not high.
西联汇款（WesternUnion）
美金到人民币汇款参考费率：1 – 6.58/6.66 = 1.2%
西联汇款曾经是汇款到中国的首选工具，全球代理网店遍布200多个国家和地区，在中国农行、邮储银行、建行、稠州商业银行、浦发以及不少地方商业银行都有合作，虽然特快现金汇款的费用很高，但用西联汇款到中国曾经是最为快速安全可靠的途径，但是这两年受到的限制越来越多。
笔者不是西联汇款用户，但对这个服务早有所耳闻，在国内有朋友做Youtube Up主有用它往国内汇款（汇款到中国注意事项看这里），也有不少人用它往国外转美金（汇出限制看这里）。因为西联允许私对私转账汇款，在我写这篇文章前，从网上了解到这两年国内金融系统可能正在加大对西联汇款的限制，请读者在操作前务必先咨询自己收款行当前政策，以免造成不必要损失。
西联汇款的操作并不复杂：
1. 填写金额，付款与收款方式
收款方可以选择现金收款或直接汇入银行账户，付款方可选择从国外信用卡、借记卡或银行账号汇出。
2. 填写收款人信息
注意，收款人与付款人（西联汇款账户所有者）不能是同一人，也就是说你不能给自己汇款。
3. 填写付款账户信息、确认等
如果在第一步选择信用卡或借记卡付款，你需要填写卡片信息。如果选择的是银行账号，你需要填写银行账户信息。确认信息无误后就可以汇出了。这个步骤的截图我忘了做，请读者自行根据提示操作吧。
市场上为数不多的私对私（不同人）汇款服务。
这里有更详细的西联汇款评测，这是WesternUnion官网。
WorldRemit
WorldRemit支持150+个国家和90+货币转账，手续费透明，从美国汇款到中国，WorldRemit支持支付宝、银联卡以及手机话费充值。
WorldRemit美金到人民币汇款参考费率：1 – 6.55/6.66 = 1.7%
1. 选择汇款目的地与收款方式
WorldRemit能直接汇款至国内支付宝账号，这非常方便；你也可以通过借记卡收款；小额甚至可以直接以手机充值的方式收款。
2. 填写金额
我测试时的美金对人民币汇率是6.66，图中所示汇款1000美金的汇率损失约为1.7%，手续费2.99美金。
3. 填写收款人信息
上图中的Alipay ID即支付宝账号绑定的手机号。
4. 填写付款账号信息
可以直接汇款到国内支付宝。
Azimo
Azimo GBP to CNY Reference Rate: 1 – 8.656/8.75 = 1.07
To register for Azimo you need the address and phone number of the European country where you have support.
1. Selection of currency and means of receipt
Azimo supports receiving payments via Alipay account in RMB.
2. Fill in payee information
Alipay ID can be filled with Alipay-bound cell phone or email.
3. Fill in the remittance amount
On that day, the GBP to RMB exchange rate was 8.75, as shown in the chart above, the exchange rate loss of this remittance is about 1%, which is still very cheap.
4. Fill in the payment account information
Azimo is a reliable tool for sending money home from European countries.
XE
XE currently does not support USD to RMB remittance, but you can remit HKD.
XE USD to HKD Money Transfer Reference Rate
1 – 7.5908/7.75 = 2.05%
The author himself is not a member of XE, the use of experience is limited, so can only do a little limited introduction, if the reader has XE use first-hand experience, may wish to leave a message after the article.
XE was established in 1993 to provide customers in more than 130 countries around the world (from the U.S.) U.S. dollar remittance business, registered XE account needs to verify the U.S. identity, you need to provide a U.S. address, cell phone number, SSN or ITIN number, and driver’s license, state ID, passport in any item ID.
25+ years of remittance services.
PaySend
PaySend美金到人民币汇款参考费率：1 – 6.5529/6.69 = 2.05%
PaySend服务于全球70多个国家，注册账号时必须填写汇出账号所在国家的电话号码，注册前你必须确保你的访问IP地址与你的汇出国一致，比如说你想从美国汇出那么你要实现准备好上网工具连接到美国节点后再打开PaySend并注册账号，否则如果你直接从中国大陆打开，将无法输入美国电话号码从而无法注册美国账号。
PaySend的汇款界面很简洁，操作简单。
填写汇款金额，收款与付款账户信息
用我的邀请码00lcnn汇款，首汇免手续费。
TransferGo
TransferGo是一个在欧洲地区广受好评的在线汇款服务，费率低，速度快。美中不足是只支持从欧洲国家汇出，可以汇款到中国，但仅限美金收款，无法直接汇人民币。如果你想从非欧洲地区汇回国内或者想直接提现人民币，还是建议用Transferwise。
我测试当日的英镑对美金汇率为1.39，TransferGo给我的千元汇率是1.377，汇率损失约1%，另收0.99英镑手续费（一周内到），用户可以选择多快到，越快相应手续费越高，当日到最贵，但也并不贵。
TransferGo提供安卓和苹果手机App，全球有200万+用户。
Payoneer
Payoneer Reference Rate for USD to CNY Transfer: 1 – 6.555/6.671 = 2.3
Register for an account
Payoneer registration is open to domestic individuals and enterprises, applicants need to prepare the original valid documents, individuals should at least prepare ID cards and documents that can prove the actual address, enterprises need to provide business certificates, the application process later uploaded after manual review and approval, the account can be opened. Users can choose whether to open a credit card (prepaid) according to the actual needs, if you only intend to use Payoneer to collect money and then withdraw cash, you can choose a cardless account, if you intend to collect money and then directly consume, you can open a card account.
payee
There are two ways to receive money through Payoneer:
One is to let other Payoneer users directly transfer money to your Payoneer account, this way is zero fee, convenient and fast, the trouble naturally is that both parties must have a Payoneer account.
The second is to allow people without Payoneer accounts to transfer money to the virtual card tied to your Payoneer account. Each Payoneer account contains a variety of currencies, the U.S. and Chinese currencies are corresponding to the host country’s virtual account, which can receive transfers from third-party institutions in the local currency, regulated by the laws of the host country. It is important to note that these virtual accounts only accept transfers from non-personal bank accounts.
withdraw funds
Payoneer accounts are multi-currency, each currency exists in its own sub-account, each currency sub-account can apply for a prepaid Master credit card, you can set whether to let Payoneer automatically reset to this credit card and how much to recharge, like a normal credit card, you can use this credit card to spend money online and offline. The amount prepaid to this card cannot be returned to your Payoneer currency account, it cannot be reflected, it can only be spent. The amount you can withdraw is the amount in your account that is not put on the card.
Payoneer withdrawal currency depends on which country’s bank you want to withdraw to, if it’s to a domestic Chinese bank, it will automatically withdraw RMB, if it’s a US bank, then it will withdraw USD.
= I will Payoneer US dollar account in the 1000 US dollars withdrawn to the China Construction Bank account, the day the dollar to yuan exchange rate of 6.71, Payoneer gave me the exchange rate of 6.555, the exchange rate loss of about 2.3%, not cheap.
However, a large number of domestic buyers of overseas e-commerce platforms such as Amazon withdraw cash through Payoneer because of its fast speed, high amount and stable service. As shown in the chart above, my account has a monthly withdrawal limit of more than $100,000, which is equivalent to 700,000 RMB per month, a limit that is not available on most platforms that do USD to RMB transfers.
High rates, but supports large RMB withdrawals.
OrbitRemit
Currently supports remittance from GBP, AUD, NZD to RMB, mainly for Australia and New Zealand users, NZD remittance RMB fixed rate of 1% or so, account registration is very simple, email registration (don’t forget to go to a limited number of click on the confirmation link to complete the authentication), cell phone verification, support for mainland China cell phone number, you can directly withdraw cash to Alipay ( screenshot ), remittance process to provide an address, I did not test in depth that the Whether the service strictly requires a real address, but British, Australian and New Zealand readers have no problem at all, from the point of view of the supported collection currency, OrbitRemit has a very clear target customers, namely: British, Australian and New Zealand to Asia, especially in Southeast Asian countries.
MoneyGram
The author’s personal experience is that there are relatively not many users who use MoneyGram abroad to send money to China, and this service is very similar to Western Union, which does not have any special advantages in many similar services, such as its rates and timeliness are lacking compared to Transferwise; but there are quite a lot of people who use MoneyGram to send money abroad because there are really very few third-party tools to facilitate money transfers to foreign countries, which are restricted in the past two years, just as the similar service of Western Union. MoneyGram’s similar business has been very restricted in the past two years.
express exchange
If you are planning to send money back home from Brazil or Australia, you can consider using Fast Money. I’m not a Fast Money user, and I only know some skinny from the official website. Fast Money uses a fixed exchange rate, supports WeChat remittance, and is fast. Readers who have experience using it may wish to leave a comment. I’ m not sure if you’re going to be able to do that.
Citibank Global Exchange
If you have both Citibank China and overseas accounts, you can use its Global Express service, which allows you to transfer foreign currencies between your Citibank accounts (RMB transfers are not supported) instantly, with no handling fee, and can be done through Citibank Online or ATMs. Click here to learn more.
HSBC Global Transfer
Similar to Citibank Global Express, foreign currency transfers can also be made between HSBC’s China and US accounts, although HSBC’s recipients can be out-of-bank customers (but must be family members), and real-time transfers usually reach the recipient bank within minutes. Transfers between personal accounts can be operated at HSBC counters, online banking, mobile banking and WeChat banking, and third-party remittances into support counters and mobile banking. Overseas personal global transfer limit, transfer to the third party personal account daily cumulative maximum of 50,000 U.S. dollars or equivalent amount, transfer to the overseas personal account, the daily cumulative total maximum of 200,000 U.S. dollars or equivalent amount. Click here to learn more.
OFX
Although I can see the USD to CNY exchange rate on the page, when I tried to register for an OFX account, I failed to successfully match the USD-CNY currency combination (later confirmed with customer service that remitting CNY is only open to corporate customers), the service does not seem to support USD remittances to China at the moment, regardless of whether the remittance is in Chinese Yuan or US dollars, so I didn’t look into it. In addition, the registration of this service is more cumbersome, need to provide more personal information, personally do not recommend, if you have foreign currency to foreign currency remittance needs, you can consider.
CurrencyFair
I’ve heard that CurrencyFair’s rates are lower, it can not support USD to CNY or USD to USD remittance, the registration process is more cumbersome, and you have to provide more personal information, interested readers can take a look.
PandaRemit (PandaRemit)
I would like to advise my readers not to use any cross-border financial services with a Chinese team background, don’t expect them to respect your data privacy, don’t expect them to mechanically safeguard their respect for their clients, don’t expect them to have a basic contractual spirit and ethical bottom line, no matter how attractive the rates you see and how convenient the services are now. Yes, it’s sad that the Chinese are the least trustworthy for this type of service, but you and I both know that the reality is that the Chinese do things with the devil where you can’t see it, and with this type of service because of the sensitivity of the personal data, I strongly suggest you invest your trust in a service provider that has a legalized business culture in their own country.
Other Channels for Remittance to China
Carrying cash
Through normal channels, you can probably only bring a maximum of 5,000 US dollars or its equivalent into mainland China at one time. This method is fine for occasional use, but is obviously not suitable for those who have the need to send money to China on a regular basis.
Starting in 2017, China’s domestic virtual currency has been completely banned, the formal channel is impossible to use the yuan and bitcoin swap, informal channels may have, but the author has no intention to understand, much less recommend, the vast majority of underground channels are very risky. The other thing is that the price of bitcoin fluctuates too much, and there is really no need for ordinary remittance users to take such a risk.
Send a personal check is a bit of money, probably only need to be two thousandths of a month of the handling fee, the generality is also good, from any foreign bank can be sent (to China), the name is written in Chinese pinyin, MEMO memo write Chinese name and payee ID number.
Disadvantages are first of all slow, the domestic payee receives a personal check, get to the bank, the bank verification of the check will take about a month, the verification is passed before the payee will notify the payee to collect the money, and cross-country mail check loss risk is also very high.
I returned from Canada with a few times, the fee is usually 0.75% of the amount of the check, the bank in the country of remittance to receive the check as well as carry it back to the country itself is not a problem, the problem is that to the domestic bank to go to the exchange of the unexpected trouble has been the domestic bank asked to prove that the source of funds (work, proof of income, etc.), it may be more than I brought, I do not know if it is not an example. Another problem with traveler’s checks is that they can only be collected in person and carried with you, and cannot be remitted to family members, which determines their limited use.
bank wire transfer
The advantage of going to the bank wire transfer is that the remittance amount is large when the overall rate is lower, from the U.S. bank wire transfer fees to China is about 15-30 U.S. dollars (banks vary greatly), the remitter needs to personally go to the foreign bank to handle, provide identification, fill in the name of the payee, the payee bank, the name of the branch code, the SWIFT code, the Routing code and so on, confirm that the remittance is generally 24 hours to arrive, the speed is not bad. The speed is not slow.
The disadvantage is that the rate may be very high, the remittance bank and the recipient bank charges in both directions, there may also be a transit bank in the middle of the charges, so small remittances do not need to consider bank wire transfer, large remittances only makes sense, but directly through the bank large remittances to China may touch the U.S. bank regulatory line, this is a long story. Please refer to this link for the operation of foreign bank wire transfers to domestic banks.
draft remittance
Ticket remittance by the bank in the domestic bill of exchange, overseas recipients with passports and bills of exchange in the overseas designated bank withdrawals or transfers of exchange business, but also a common traditional remittance method. The advantage is that the payee can transfer the bill of exchange through endorsement, and the charge is cheaper than wire transfer: usually the bank charges RMB handling fee at 1‰ of the remittance amount. The disadvantage is that the bill of exchange is transmitted by post, the collection time is late (which will affect the speed of capital return), easy to lose, damage or forgery, low security. Troublesome procedures, if for various reasons abroad can not get the bill of exchange, easy to delay things.
Cash withdrawals at domestic ATMs with a Debit Cart
That is, in the domestic bank with VISA, MASTER logo ATM with foreign bank debit card to withdraw cash, counting the fees and exchange rate difference, with this way may make you lose more than 5% of the money, very uneconomical, unless it is really urgent, otherwise it is not recommended.
ECARD
ECARD is suitable for people who live in China for a long time or need to travel to and from China, and is limited to U.S. residents who apply for it. With this card around, you can withdraw cash in RMB from any ATM in mainland China, and the exchange rate is very low. ECARD international transfer fee is very low, about 1.5%, much lower than the VISA/MASTER card in China withdrawal fee, to ECARD transfer about 2-3 working days, there is not too slow, the only bad thing is that only have the U.S. resident status of the person can apply, although the application is completely free.
MoneyGram
MoneyGram money transfers to China do not require a bank account, no wire fees, no intermediary bank fees, and are fast, but can only be handled over the counter on business days. I have used this service once abroad, and if I had the choice, I would rather use an app that can be operated online.It is worth noting that MoneyGram is a popular tool for sending money abroad in China.
Spend money directly in China with an overseas credit card
Regular credit cards charge 1% for purchases outside the U.S. on the VISA/MASTER network, and there may be exchange rate losses. However, MBNA, Capital One, Wachovia, Fleet and other credit cards do not charge. (This information is collected by the author and the Internet for reference only, please check with the relevant credit card issuer if you are interested).
Bank of China USA
If you have a Chinese bank account in both the US and China, you can make a deposit through the Bank of China in the US to the Bank of China in China Tiger Head, wire transfer (USD) 24 hours to the account, receipts can be made in USD or cleared into RMB with a limit of 2999 USD and a wire transfer fee of 20 USD.
Happy Hour (Chinese restaurant)
The service has long since been shut down for unknown reasons.
Beginner’s Guide to Domestic Bank Settlements
To receive and settle a foreign exchange in mainland China without any problems, you usually need to go through the formalities.
Get a multi-currency debit card
It is recommended that you open a dual-currency or multi-currency debit card at the nearest counter of any of the four state-owned banks, and the specific process will not be repeated here. Multi-currency debit card, as the name suggests, is a debit card that allows the existence of multiple currencies in the account and is freely convertible to each other, at present, all major domestic banks basically have at least dual-currency debit card products that support RMB and US dollars in the class I account, when you open it, you need to talk to the counter to make it clear, you can consult the counter of the bank or the bank’s official website: Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank.
The reason why you need to be nearby is because the first time or the first few times you may need to go to the counter in person to handle the foreign exchange account, behind the foreign exchange account, individuals in the case of a single not more than 5,000 U.S. dollars, basically do not need to be handled in person again, the bank will directly help you to foreign exchange account, you only need to be in the mobile banking app on their own to settle foreign exchange (foreign currency into Renminbi) can be, so the individual to remit foreign currency from abroad with the settlement of foreign currency and is not as So, remittance and settlement of foreign exchange from abroad is not as troublesome as you think.
Inward remittance of foreign exchange from abroad
The platforms for sending money to China I’ve detailed in the linked article, so I won’t repeat them here.
The operation of all remittance tools is similar, nothing more than the establishment of an account, fill in the remittance currency and amount, fill in the recipient account information, fill in the account information of the payer, confirm and other steps. Fill in the payee information, you will need to bind your domestic multi-currency bank card, in advance to collect your account bank information, such as bank name English translation, account bank address English translation, SWIFT code, etc., the remittance tool is very likely to be used in the binding, if they are not sure how to get access to this information, do not get their own Baidu, should be directly contacted by the account bank’s online or telephone customer service, let them tell you.
Waiting for bank notification
The author’s family in the domestic experience of receiving remittances from abroad, the first few times the domestic major banks personal account received foreign exchange, the bank account (that is, the bank will receive foreign exchange to your debit card foreign currency account) before the phone will notify you in person to go to the counter to settle the foreign exchange, if you have just begun to remit money to the country, to remind the recipient to keep the cell phone smooth, so as not to delay the settlement of the foreign exchange.
Since you will most likely have to go to the counter in person the first few times you settle your money, I would previously recommend that you choose your nearest bank to open a multi-currency debit card for convenience.
Generally in person after a few remittances, the bank will not require you to personally go to the counter to settle remittances, and will not call again (at this time the foreign exchange has not yet been accounted for), but rather the use of cell phone text message notification form to notify you that the foreign exchange has been accounted for.
Counter or self-service settlement
If the amount of foreign currency is less than 5,000 U.S. dollars, in person to the counter settlement generally only need to show personal ID card, the camera took a picture on the line, if the amount is more than 5,000 U.S. dollars, the bank is likely to require you to produce more information to prove that the source of income, to be prepared in advance. This is just my personal experience, does not mean that 5000 dollars or less counter settlement of foreign exchange “must” what information do not have to provide, this depends on the specific bank, I returned to China when the Bank of China settlement of a few 5000 dollars or less (each more than 4000 points) of the U.S. dollar remittances, the first is the phone contacted me directly on the account! The first one was credited directly after contacting me by phone, the second one was credited directly without calling me, but in the third one the back office of the bank of China called to ask me about my source of income, and I emailed them my proof of employment in the U.S. After that, the checkout (I was already abroad at that time) didn’t give me a phone call or ask me to come to the counter in person, and it has always been credited automatically now. The first two times I used the CCB (which I used relatively little), I was notified by phone to go to the counter in person to account for the settlement of foreign exchange, and the third and later were automatically accounted for, I just need to self-service settlement on the app, so the caliber of the foreign exchange accounting and settlement process between the bank and the bank there are differences in the process, and there may even be geographical differences, which can only be experienced by yourself.
After the foreign exchange is credited, there is that the remittance of foreign currency to your debit card foreign currency account, you only need to log in to the bank’s cell phone App, in which to find the settlement menu, enter the selection of the settlement account, and then self-service settlement will be converted from foreign currency to RMB can be, the exchange rate is generally according to the day of the foreign exchange rate with the RMB exchange rate to, I have the past few years of experience of the settlement, the domestic line of personal foreign exchange settlement seems to be a zero-rate.
If readers with extensive experience in foreign exchange settlements would like to add to this, they may wish to leave a comment.
