If you need to send money to China from the UK we’re going to give you the step-by-step process to get it done, including an overlooked (low-cost) option.
We’ll also answer a few of the most common questions about sending money to China and discuss alternative transfer methods as well.
In case you’re wondering, the low-cost option we’re talking about is opening an international bank account with one of the best international banks for expats, which you can learn more about for free here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Send Money to China From the UK
- Online Money Transfers to China From UK
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Send Money to China From the UK
There are several ways to send money to China from the UK. This includes traditional bank transfers, international transfer services, money order companies, and even payment service providers. The best option for a particular situation will depend on the amount being sent, the purpose of the transfer, and the individuals involved.
Of course, a major factor that will determine the best option for sending money to China from the UK is whether the transfer is for personal or business use. In this article, our focus will be on sending personal transfers. If you are looking for information on sending business transfers, feel free to contact our team for additional support.
Alternatively, if you’re looking for information on in-person money transfers, including how to send money through Western Union in person, you can access our free guide linked here.
To determine which option is best for your particular situation, we suggest considering the following variables:
- What is the purpose of the transaction?
- How much money is being sent to China from the UK?
- What are the nationalities of the parties involved?
- What existing account options does the sending party have?
As mentioned, in most cases, individuals will be able to choose between traditional bank transfers, money orders, and international transfer services. The biggest differences between these options are typically the fees charged for sending the transfer and the time it takes for the transfer to arrive.
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Online Money Transfers to China From UK
When it comes to sending money to China from the UK, there is one option that is constantly overlooked: expat bank accounts.
In fact, expat bank accounts offer one of the most competitive options for international transfers in terms of price and delivery time. Here is a closer look at how expat bank accounts do this.
Competitive Pricing
Most expat bank accounts allow you to have multi-currency accounts, this means you can hold multiple international currencies (e.g, RMB) with your bank.
If you are regularly sending money to or from foreign countries like China, this gives you more flexibility. Instead of being forced to convert at the time of transfer, you can wait for advantageous fluctuations in the price.
Additionally, expat bank accounts typically involve opening premier accounts, which offer preferential rates on foreign exchange and transfers.
Fast Execution Time
Most of the banks that cater to expats are international in nature, this means they have operations in major markets, like China. In many cases, these international banks can help facilitate account opening in other markets where they have a presence.
Alternatively, if the person that you are sending to has an account with the same bank in China, then you would essentially be sending an inter-bank transfer. In addition to being faster, interbank transfers are often less expensive as well.
Alternative Ways to Complete a Money Transfer to China
- Swift transfer via your expat bank account
- Wise online transfer
- Remitly online transfer
- World Remit online transfer
- Western Union money order
Again, the specific option you choose will depend on your priorities, the fees you are comfortable paying, and how soon the transfer needs to arrive.
Additional consideration should be given to the amount that you are sending, as certain options listed above do have limits on the amount they can send.
Frequently Asked Questions
Below are three of the most common questions that we receive from people sending money to China from UK. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can I Send Money to a Friend in China?
Yes, you can send money to a friend in China. In most instances, personal transfers can be executed quickly through your traditional bank account online. That said, larger transactions may require additional supporting documents. An alternative option for sending personal transfers to China from the UK is using online transfer services. These digital options often offer better exchange rates, lower fees, and faster delivery times.
Can I Send Money Online to China?
You can send money online to China through several international transfer services. That said, in addition to popular transfer platforms, you can also use traditional banks for fast and effective transfers. Importantly, when deciding between transfer options, it’s important to compare all of the costs, exchange rates, and transfer time in order to choose the best option for your situation.
What App Can I Use to Send Money to China?
There are several apps that you can use to send money to China. This includes popular transfer services like Wise, Remitly, or Paypal. Alternatively, you may want to consider money order services like Western Union or WorldRemit.
Do You Want Help Opening Bank Accounts
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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+ Expert insights on which banks to choose & why
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And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
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