What are the most common way to send money to China

Send Money to China – Chinese Suppliers and Chinese Freight Forwarder

Sending cash to China is far simpler today than before, but it still comes with challenges. You’ll want to find a method that’s not only safe but also cost-effective.

Key Factors When Paying Suppliers in China

If you’re a business owner, remember to account for various fees like paying to your Chinese Suppliers and import charges and shipping freight. Keep in mind, exchange rates and processing fees impact every payment.

 

The Main Currency in China: Yuan or Renminbi?

You might have seen different terms like CNY, CNH, or RMB. Here’s the deal:

  • CNY is the onshore currency used within Mainland China
  • CNH is the offshore currency traded outside Mainland China

Now, let’s dive into the ways you can securely transfer your money to China.

 

Proven Methods to Pay Your Chinese Suppliers

There are a handful of trusted methods for sending money. Each has its own perks regarding time, cost, and security.

Method Trust Level Fees Setup Speed Notes
PayPal Very High 2.9% + currency conversion fees Easy Quick Offers services in China since acquiring GoPay in 2019. Watch out for currency fees – use a PayPal Fee Calculator to estimate costs.
Bank/Wire Transfers (SWIFT) High $35-45 + conversion fees Easy Slow to Medium Traditional and reliable. Suitable for large transfers but may face delays due to regulations.
Airwallex High 0.2% above the interbank rate Easy 1-3 business days Fintech company offering streamlined services, multi-currency accounts, and competitive rates with no hidden fees.
Statrys High 75 HKD Easy 1-3 business days Similar to Airwallex, provides multi-currency accounts and competitive rates without hidden fees.
Wise High 4.46 USD + 0.65% of the amount Easy Slow to Medium Real exchange rates and low fees make it ideal for large transfers.
Stripe High 2.99 USD Easy Fast Online transfer service with flexible collection methods and competitive rates.

 

 

1. PayPal

PayPal is well-known and trusted globally. Since acquiring GoPay in 2019, PayPal offers services in China, making it a solid choice.

  • Trust level: Very High
  • Fees: 2.9% + currency conversion fees
  • Setup: Easy
  • Speed: Quick

However, currency fees can add up, so calculate the cost first with our PayPal Fee Calculator.

2. Bank or Wire Transfers (SWIFT)

Wire transfers are a traditional and reliable option, using international SWIFT codes.

  • Trust level: High
  • Fees: $35-45 + conversion fees
  • Setup: Easy
  • Speed: Slow to medium

Good for large transfers, but be aware of possible delays due to strict regulations.

3. Airwallex 

Airwallex, a fintech company in Hong Kong, offers a streamlined global payment service for businesses.

  • Trust level: High
  • Fees: 0.2% above the interbank rate
  • Setup: Easy
  • Speed: 1-3 business days

They offer a multi-currency account with competitive rates and no hidden fees.

 

4. Statrys

Statrys, a fintech company in Hong Kong, offers a streamlined global payment service for businesses.

  • Trust level: High
  • Fees: 75 HKD
  • Setup: Easy
  • Speed: 1-3 business days

They offer a multi-currency account with competitive rates and no hidden fees.

5. Wise

Wise provides real exchange rates and low fees for international transfers.

  • Trust level: High
  • Fees: 4.46 USD +0.65% of the amount
  • Setup: Easy
  • Speed: Slow to medium

Ideal for large transfers due to their favorable rates.

 

6. Stripe

Stripe is another online transfer service that offers various collection methods 

 

  • Trust level: High
  • Fees: 2.99 USD
  • Setup: Easy
  • Speed: Fast¬†

It’s a flexible alternative, with competitive rates and quick delivery.

FAQs About Sending Money to China

Best way to send money to China:

  1. PayPal
  2. Bank Transfers
  3. Airwallex Business Account
  4. Wise
  5. Stripe 

 

Can PayPal send money to China?

Yes, PayPal can send money to China.

Can money be sent to China?

Certainly, money can be sent to China through various services.

Is PayPal banned in China?

No, PayPal is not banned in China.

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