Fact checked
When you’re wanting to send money to family or friends in China, it’s important to be on the lookout for cheap exchange rates, low fees and a simple transfer process. Compare a range of international money transfer providers here with Savvy to help you find the best exchange rates and lowest fees available. Consider a range of options with us before getting your international money transfer underway today.
OFX |
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||||||||
Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
|||||||||||||||||
|
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||||||||
Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
|||||||||||||||||
Xe |
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||||||||
Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
|||||||||||||||||
Western Union Money Transfer |
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||||||||
Send money to over 200 countries and territories across the world onlineMore details |
|||||||||||||||||
Wise Money Transfer |
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||||||||
Send money cheaper and easier with Wise with no hidden fees.More details |
|||||||||||||||||
TorFX |
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||||||||
Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
|||||||||||||||||
Currencyfair |
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||||||||
Send money overseas at better exchange rates, with no hidden fees.More details |
|||||||||||||||||
Remitly |
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||||||||
Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
|||||||||||||||||
Revolut |
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||||||||
Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
|||||||||||||||||
Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
Specialist money transfer companies now offer the cheapest and fastest way to send money from Australia to China. Whatever your reason for sending money, using one of Savvy’s partnered international money transfer companies will be your best option to get funds overseas quickly.
International money transfer providers
These are specialist companies that provide international money transfer and forex services. They range from those with a cash and retail focus to those that provide a complete business foreign exchange service. An international transfer company can get your payment to its destination as soon as the same day (with some completed in a matter of seconds) or within two days in most cases and charge lower fees compared to other transfer options.
Bank transfers
A standard bank transfer to China will often take at least three to five business days, making it a slower option when it comes to completing a money transfer. In addition, they charge transfer fees of between $6 right up to $30 or more and often add a markup onto the exchange rate to take a further bite out of your pocket. In contrast, transfer companies charge lower fees and their markup will be less.
Cash transfers
Another way of sending money to China is by sending a deposit to a popular Chinese digital payment system such as Alipay, or by using WeChat cash transfer. This will depend on your recipient having access to these mobile apps. To use WeChat, you’ll have to be a Chinese national and have a National ID card, plus there are various other conditions to be met to be able to send or receive money using WeChat. It’s also possible to send instant cash transfers to China through other international transfer companies which support cash transfers. However, these will likely turn out to be more expensive than standard online transfers.
PayPal (Xoom)
Another popular method for sending money to China is to use PayPal’s Xoom. Whilst it’s very popular elsewhere in the Western world, it isn’t currently available for Australians to send money in Australian dollars. It’s only possible to use it to send money to China if you have a bank account in US or Canadian dollars, Euros or British pounds. However, if you open an international account, such as those offered by a company like Wise, and deposit any of these currencies into your international account, you’ll be able to use this service to send money to China from Australia.
This will still prove to be a more expensive option than using a specialist international money transfer provider, though, as PayPal will charge a high set transfer fee (on average around 2.9% of the send amount) plus you won’t get the best exchange rate. Specialist money transfer providers such as those partnered with Savvy will help you secure a cheaper way to send money overseas than either Xoom or a standard bank.
Exchange rate
When planning an international transfer, the exchange rate on offer is the most important factor to take into consideration (in conjunction with the fees charged for the transfer service). Even a small difference in the exchange rate can make a major difference to the amount your recipient in China will receive, which will increase as the size of your transfer grows. Look at the chart below to see how much a small difference in the exchange rate adds up where the mid-market rate is 4.66:
| Transfer amount | Exchange rate on offer | Amount received in China | Difference between exchange rates |
|---|---|---|---|
|
$300 |
4.66 |
¥1398 |
N/A |
|
$300 |
4.54 |
¥1362 |
¥36 |
|
$300 |
4.25 |
¥1275 |
¥123 |
|
$30,000 |
4.66 |
¥139,800 |
N/A |
|
$30,000 |
4.54 |
¥136,200 |
¥3,600 |
|
$30,000 |
4.25 |
¥127,500 |
¥12,300 |
*Calculations do not include transfer fees. Rates aren’t necessarily representative of current market rates.
Fees charged
After you’ve considered the exchange rate, look at the fees charged to carry out your transfer. Some companies charge a set fee (up to $15), while others charge a small fee based on a percentage of your transfer amount (typically 0.40% to 0.65%). Look at the following table to see how a percentage fee structure is cheaper for smaller transfers, but more expensive for larger transfers when transferring money to China.
| Transfer amount AUD | $300 | $3,000 | $30,000 | $300,000 |
|---|---|---|---|---|
|
Percentage fee charged (0.45%) |
$1.35 |
$13.50 |
$135 |
$1,350 |
As this table demonstrates, it would be cheaper to use a percentage-based fee if you wanted to send up to $3,000 to China, but once you get over about $3,000, it’d be cheaper to opt for a provider charging a set fee of $15. It’s always worth noting that some companies drop their set fee for larger transfers, such as not charging any fees for transfers over $10,000.
Other aspects of international transfer services worth comparing include:
There are quite a few things you can do to help you make the cheapest money transfer to China. These include:
Compare your options regularly
International money markets move relentlessly, so exchange rates constantly change. As such, it’s worth comparing exchange rates and transfer providers frequently to make sure you get the best rate and lowest fees possible. Comparisons with Savvy are always free, so check back with us often before making your next international money transfer.
Use an international account
International accounts allow you to store funds in different currencies, nominate the currency in which a bill is paid and receive payments from a variety of sources in up to 50 different currencies. This type of international transfer account can help you save money if you intend to regularly send money to China by enabling you to make a bulk currency transfer when the exchange rate is competitive and store those yuan for when they’re needed, rather than risking a lower rate. You may also be able to use your international account to change Australian dollars for US dollars to pay your Chinese recipient to benefit from potentially lower prices.
Use currency exchange tools
Many providers offer currency exchange tools either on their website or mobile app. These can include:
There's no need to pay a dollar to compare money transfer services with Savvy, as you can do so for free at any time.
You can compare offers with competitive exchange rates, fees and transfer speeds in minutes with us.
We're partnered with trusted and licensed money transfer companies to bring more quality to your comparisons.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
