Send Money to China

How to Send Money to China

  1. Gather the relevant banking information including the name on the recipient’s bank account and the CNAPS code.

  2. Create a free online account with OFX, or login to get a live quote for your money transfer.

  3. Enter your details and those of your recipient.

  4. Choose ‘finalise transaction’ to process your payment.

 

It’s easy and affordable to send money to China using OFX. Even if you’re not ready to transfer funds today, you can sign up now, so your account is active and ready when a great exchange rate comes up.

When sending money to China, keep in mind that different tax regulations may apply to sending large sums of money overseas depending on many factors including:

  • how the money is going to be used

  • how much you are sending

  • the source of the funds

  • if the money has been taxed elsewhere

 

For example, supporting family members by paying for living expenses is usually considered different from sending large sums of money abroad as a gift. See our Guide to Sending Money to Family Abroad for more details.

How to send money to China at a great exchange rate

When looking at exchange rates, it’s important to know that the value of the Chinese yuan (CNY) is loosely pegged to the U.S. dollar (USD), as the U.S. is China’s largest trading partner. Also, the value of the CNY is maintained within a 2% range against a basket of currencies of China’s trading partners. If you want to read up on the factors that influence the value of the CNY or other currencies, head over to the Exchange Rates section of our site.