|Minimum Age||18 years|
You can send money to China in one of the following ways:
Using a money transfer company: You can send money to arrive in China within 3 working days. You may also get the option of same day or next day delivery for an extra charge.
Using your bank: Your bank uses a transfer process called SWIFT payments when sending money overseas. You can only make a SWIFT transfer if your money is also in the same bank.
It is usually cheaper to use a money transfer service than a SWIFT transfer, with banks charging around £20 for transfers outside of the UK.
Money transfer companies have different fees and costs for sending money abroad. To get the best deal you need to check:
The exchange rate: This tells you how much each pound you send is worth when exchanged into Chinese yuan, for example a rate of 8.94 would exchange £1 into 元8.94.
The transfer fee: This is the cost you pay to transfer your money to China. It is usually a fixed amount, and the amount a company charge could depend on the amount you send.
You can use this comparison to check transfer fees and whether you can set up single or regular payments.
Standard transfers take between one and three working days, but some companies offer a same day or next day delivery option for an extra fee.
They deduct their costs from the interbank rate (the rate banks use to exchange currencies with one another) to give you a personalised rate.
Your bank could charge you a SWIFT transfer fee, typically around £20, which is more expensive than the fees charged by money transfer companies.
Some transfer companies only let you send money to an account in your own name. Check this before sending your money to avoid any delays.
Yes, your money is kept separate to a transfer company's operational money, meaning you have a better chance of getting your money back if they go bust.
We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.
Last updated: 12 October, 2021
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