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Unveil the cheapest way to send money to China from USA


Jan 12, 2023

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Are you wondering how to send money to China from USA? DNBC’s experts will enlighten you on the cheapest way to send money to China from USA.

When you send money from USD to CNY, it’s worth getting familiar with the regulations in China. The Chinese government designed to regulate transfers from overseas beneficiaries and vendors around the world.

And now it’s time to unveil the cheapest way to send money to China from USA.

How to send money to China from USA?

CNY is one of the most widely-traded currencies on the foreign exchange market . Therefore, there are different money transfer services with international remittances to China.

Unveil the cheapest way to send money to China from USA

Unveil the cheapest way to send money to China from USA

It’s vital to note that a foreigner in China can only transfer US$500 per day to CNY (around 3,500 CNY). So if you send yourself US$1,000, it can take 2 days and two visits to retrieve the money from the local bank.

Anyway, there are several ways to send money from US to China, let’s discover some of them as follows.

1. Bank Transfer

This is the obvious method of transferring money. You can send it from your US bank into your Chinese account with some basic steps.

Visit your US bank

Set up a Chinese account as a “new beneficiary”

Make the transfer online (if you’re in China)

Different banks offer different fees and costs but in general, banks give relatively high fees and unfavorable exchange rates but they are secure, safe and convenient.

Legally, there is no limitation on the amount of money transferred to a beneficiary in China. However, Chinese citizens must follow a maximum transfer limit of $50,000 USD for foreign currency transferred overseas each year.

Chinese banks and institutions are required to report all international transactions within one day of receipt. International transfers of up to $28,000 and foreign currency transfers equivalent to $10,000 must be reported, too.

You should check if there are any government regulations with the amount of CNY received in China or sent from the US before making your transfer.

2. Write a check to Chinese account

This is a traditional solution, but it can work well. Here’s what you should follow:

Write a check to your Chinese bank account from your US bank

Send it to your Chinese bank’s teller

Wait and finish your transaction.

The Chinese bank will help you to finish your check. There is a much smaller fee for check transfers, maybe around US$15. The time to receive the money can take so long, between 30 – 60 days!

This is suitable for those who are not in a hurry and plan ahead. If you need to get the money quickly, the check is not a good choice.

3. Send the money via Paypal

You can easily send money from a PayPal account in the US to a PayPal account in China. It’s possible to transfer money directly to a Chinese bank account from a US PayPal one.

The fees can vary depending on whether you use a PayPal to PayPal way or you send directly to a Chinese bank account.

If you transfer money to a PayPal account in China, you can be charged $2.99 and 2.9% of the transaction amount.

4. Use a 3rd party wire transfer agency

Some transfer agencies like MoneyGram, Western Union or TransferMate offer wire transfer to China. Instead of sending to your bank account, these services transfer cash with some basic steps:

Visit the transfer service on website or at store

Add your cash and destination details (beneficiary name, ID number and password)

Go to the branch (it can be a bank, post office, or store)

Fill out a form and give them your password and ID to get the cash

They will give you foreign currency

Convert the foreign currency into CNY

This procedure is involved and requires a transfer fee (quite cheap) to be paid to the agent and a fee to the bank to convert your money into CNY, but it will get money to you in China within around 24 hours.

5. Withdraw from an ATM

With an American bank account, you can use your debit card to withdraw money from the bank in CNY (the transfer limit reaches about 3,500 CNY per day).

The withdrawal fee can reach around 20-30 CNY, and the exchange rate can be higher, and so it isn’t an optimal but good way to get fast cash in case of emergency.

6. Sending via an online money transfer provider

Online transfer providers are economical and convenient alternatives. They usually offer reasonable exchange rates for and quite low transfer fees.

The service enables you to transfer money conveniently and securely, where money can be sent online from the comfort at home.

The act of sending money from the US to China is quite simple, but it’s better to plan ahead. You should make sure to choose a reputable financial provider with a good service at reasonable rates.

Here are some of the online money transfer providers: DNBC Financial Group, TransferGo, WorldRemit, CurrencyFair,XE, TransferWise OFX, Remitly…

At DNBC Financial Group, you will be offered the best possible rate and competitive exchange rate. This is considered one of the cheapest way to send money to China from USA.

7. Use an international credit card

Credit cards will be a perfect solution in hotels and large stores in China.

There will be a charge for using foreign cards, but these days it’s possible to be offered special cards just for use abroad with free usage and low interest rates.

If you know that you’re traveling in China for any amount of time, then this type of card can help.

More about DNBC Financial Group

DNBC Financial Group is an experienced institution in the Fintech industry. It offers money transaction solutions anywhere in the world, including sending from the US to China.

By setting a high standard for innovation in the money transfer platform since 2017, DNBC Financial Group has given full solutions to collecting payments, transferring and managing funds.

Currently, DNBC Financial Group has a considerable number of customers all around the world, consisting of many customers transferring money from USA to China online.

Note: The content in this article is for general informative purposes only. You should conduct your own research or ask for specialist advice before making any financial decisions. All information in this article is current as of the date of publication, and DNBC Financial Group reserves the right to modify, add, or remove any information. We don’t provide any express or implied representations, warranties, or guarantees regarding the accuracy, completeness, or currency of the content within this publication.