- Do you need to move funds to China from Australia? Understanding the basic laws of international money transfers is crucial when sending money abroad.
- China regulates large remittances and may require you or the recipient to file paperwork and pay tax.
- Choosing the right financial entity to send funds to China can help you save on currency exchange rates and fees.
Whether you want to send money abroad to family or pay your overseas employees, sending money to China from Australia is easy.
Read on to find the best ways to transfer funds to China from Australia [AUD to CNY].
Need to transfer money to China from Australia?
Best ways to send money to China
On website
Highlights
- Wise Borderless multi-currency receiving accounts. This gives you access to a digital currency wallet that you can hold and transact in over 50 currencies.
- Borderless Debit Card. The FX optimised debit card is attached to your Wise Borderless account that can be used to withdraw or pay for purchases in foreign currency within or outside Australia.
- Android and Apple Apps. Indulge convenience by transacting thru the Wise App anytime and anywhere!
- Fund options. Loads of options to fund your Wise account including transfer from Debit and credit cards, or thru a local bank transfer. Quick and easy!
Pros
Cons
On website
Remitly
Highlights
- Enjoy great exchange rates and low fees.
- Every transfer carries a delivery promise. Have your money delivered on time or get your money back.
- Safety and security. Remitly uses industry-standard security protocols and encryption.
Pros
Cons
WorldRemit
Highlights
- Send 70 currencies to 130 countries, from your smartphone or computer.
- WorldRemit uses industry-leading technology that protects your money and guarantees it arrives safely every time.
- See WorldRemit's low fees and their best exchange rates upfront, with no hidden costs
Pros
Cons
On website
OFX Money Transfer
Highlights
- Enjoy better rates and fees.
- Transfers to most countries take 1-2 business days. Track your transfer online or with the OFX mobile app.
- With support staff that are located in Australia, USA, UK, Canada, New Zealand, Hong Kong and Singapore.
Pros
Cons
Compare more money transfer services before you send money to China
Common reasons people transfer money to China
Sending money back home to family or offering financial support to a family member living abroad are the most common reasons people transfer money to China.
Business transactions are another common reason. Chinese companies supply numerous Australian businesses with goods or services. So, paying suppliers, contractors or overseas employees tops the business transfers list.
Other reasons include:
- Buying property overseas
- Running an ecommerce business
- Emigrating to China
- Getting married overseas
- Paying for education overseas
- Making charitable donations
Business vs personal
Whether you transfer funds from a personal or business account, there is no limit on how much money you can transfer to China.
Chinese law regulates large remittances. Banks and money transfer companies must report all overseas and domestic transfers of more than ¥50,000 (about $10,000). If you want to send a large amount, you and the recipient may have to provide proof of identity and residence. Moreover, the recipient may also have to provide proof of income and justify where the money comes from.
Monetary gifts are not taxed in China, meaning the recipient will not have to file a tax return or pay tax.
However, overseas income is subject to tax. Resident taxpayers are obliged to declare foreign income to the Chinese tax authorities. Foreign income includes:
- Money from salaries or pensions earned overseas
- Interest or dividend payments
- Income from selling an overseas property
- Equity transfers
How much money can you send to China from Australia?
You can send any amount as long as it doesn’t exceed your account’s maximum limit. Banks generally have a limit between $5,000 and $10,000 per transaction. Check with your bank before transferring funds because some accounts have a default limit set to $0, and you may have to visit the branch to increase it.
Money transfer companies have higher limits, generally above $50,000 for personal transfers. Business limits are higher.
For larger remittances, you can contact your bank or money transfer service and ask for a temporary or permanent limit raise.
How much does it cost to transfer money to China through a bank?
Whether you’re transferring money through the bank or a money transfer service, you’ll have to pay a fee or a currency conversion margin.
Banks generally charge both. Fixed fees vary from about $6 to $35 and are charged per transfer. In addition, banks charge a currency conversion margin that can go up to 5%.
Money transfer services can also charge fees and a margin, but most companies charge one or the other. Fees go up to about $10 per transfer (although there are exceptions), but the margins charged rarely go over 1%.
What to compare to get the best deal
Getting the best deal when transferring funds abroad is challenging if you don’t know what to compare. Here are the most crucial factors:
- Transfer options (bank account, ewallets, cash pick-ups)
- Payment options (bank card, bank transfer)
- Fees
- FX margin
- Transfer speed
- Minimum and maximum limits
