Leslie Massey
There are several ways to transfer money from China to Australia. The cheapest way is usually through an online provider, with Western Union being the most affordable option in 67.4% of searches on Monito.com in the past 3 months. Wise is another online provider that offers fast, low-cost, and secure online money transfers. Alipay and WeChat are also options for transferring money from China to Australia.
| Characteristics | Values |
|---|---|
| Transfer speed | Fast, low-cost, and secure online money transfers to Australia from China. A money transfer from China (CNY) to Australia (AUD) should arrive in 6 hours. |
| Fees | Fees as low as 0.1%. To send money in CNY to Australia from China, you pay a small, flat fee of 21.68 CNY + 0.58% of the amount that's converted. |
| Payment methods | Pay in CNY with your debit card or credit card, or send the money from your online banking. |
| Transfer tracking | You can track the transfer at every step of the way. |
| Exchange rates | You can check exchange rates on the app and lock in an exchange rate for up to 48 hours. |
| Transfer types | Repeat transfers, same-day transfers, instant money transfers. |
| Security | Multi-level security to protect your money and data. |
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What You'll Learn
Online money transfer services
Wise
Wise, formerly known as TransferWise, is a well-known and trusted online money transfer service. It offers fast, low-cost, and secure transfers from China to Australia. Wise allows you to send money using your debit or credit card, or directly from your online banking. The recipient will receive the money directly in their bank account in CNY, with the option to lock in an exchange rate for up to 48 hours. Wise has over 12.8 million users and is known for its low fees and fast transfer speeds.
Western Union
Western Union is another popular provider with a vast agent location network in China. It offers online money transfers from Australia to China with competitive fees, averaging -0.6% of the transferred amount. Western Union also provides real-time transfers to China, although these may be limited to certain accounts and China's bank processing hours. The maximum limit for online transfers to China is AUD $7,000, and you can track your transfers using a unique tracking number.
Panda Remit
Panda Remit is a specialised international money transfer service that offers transfers from Australia to Mainland China. They offer favourable exchange rates and low transfer fees, with a handling fee of AUD 5.99 per transaction. Panda Remit supports various payment methods, including PayID, POLi, and bank transfers. The recipient can receive the money through Alipay, Weixin, and bank accounts with major banks in China. Panda Remit is known for its fast transfer speeds and reliable customer service.
Remitly
Remitly is a trusted online money transfer service that guarantees on-time delivery or a refund of fees. It offers secure transfers to China through Alipay, WeChat, and bank deposits. Remitly provides multi-level security to protect your money and data. You can create an account on their website or app and select your preferred delivery speed and method.
When choosing an online money transfer service, it is important to compare fees, exchange rates, transfer speeds, security, and the availability of the service in your region. Additionally, always use a secure internet connection to safeguard your information during the transfer process.
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Transfer fees and rates
Transfer Fees
Transfer fees can vary depending on the service provider and the type of transfer. Some common fees include:
- Flat fees: Some services, such as Wise, charge a small flat fee per transaction, which is typically around AUD 4.95 to 5.99.
- Percentage-based fees: In addition to flat fees, some services may charge a percentage of the amount being converted or transferred. For example, Wise charges 0.76% of the converted amount, while other services may have similar or slightly higher percentages.
- Exchange rate margins: Some providers may advertise low or zero fees but make up for it through unfavourable exchange rates. It is important to consider the exchange rate offered and any potential hidden fees or surcharges.
Transfer Rates
The transfer rate represents how much of the transferred money will reach the recipient after all fees and exchange rates have been considered. Different providers offer different rates, and it is important to compare them to get the best value:
- According to Monito, the average user transferring money from China to Australia pays a total of 0.59% in fees and exchange rates when using a transfer service listed on their platform. This is significantly lower than the 4.6% typically paid at a bank or traditional cash transfer service.
- Western Union has been identified as one of the cheapest providers for transfers from Australia to China, with an average cost of 0.6% to 0.8% of the amount sent.
- Panda Remit offers favourable exchange rates for the first transaction but has been reported to have high transfer fees for subsequent transfers.
It is always a good idea to compare multiple providers and consider their fees, exchange rates, transfer speeds, and security measures before initiating a transfer.
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Cash pick-up locations
Western Union has over 27,000 agent locations in China, and your receiver can pick up the cash at any of their 525,000+ locations worldwide. To send money through Western Union, you can visit an agent location in person or use their website or app. You will need to provide the receiver's bank and account information, and you will receive a Money Transfer Control Number (MTCN) on your receipt. Share this number with your receiver, who can then collect the cash from an agreed agent location.
Ria Money Transfer also offers cash pick-up at thousands of partner locations globally. You can send money through their website, app, or in person at a Ria location. Your friend in China can decide on the best participating location to pick up the cash. They will need to bring their government-issued photo ID and the transfer PIN.
It is worth noting that Western Union is the provider that is most often the cheapest for money transfers to a cash pick-up location in China. Sending money online with Western Union is usually cheaper than using their physical agent locations.
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Transfer tracking
Tracking Options:
Several money transfer services, such as Wise and Western Union, offer online tracking options. These platforms may provide real-time updates and notifications about the status of your transfer. Additionally, some banks offer tracking services through their websites or mobile applications.
Reference Numbers:
When initiating a transfer, you will typically receive a unique reference number, such as a Federal Reference Number (Fed Number), Money Transfer Control Number (MTCN), or a Unique End-to-Tracking Code (UETR). This number is crucial for tracking your transfer. Keep it handy and provide it to the sending or receiving bank when inquiring about the status of your transaction.
Contacting Banks:
If you need more detailed information or encounter an issue, you may need to contact the sending or receiving bank directly. They can initiate a wire trace using the reference number to track the transfer within their systems. Be prepared to provide additional details, such as sender and receiver information and transfer specifics.
Timing Considerations:
International transfers can vary in processing time due to factors such as time zones, holidays, and the recipient country's banking infrastructure. Transfers may also be subject to delays due to compliance checks, anti-fraud measures, or incorrect instructions. Be mindful of these potential delays when tracking your transfer.
Security and Fraud Prevention:
By utilising these transfer tracking methods, you can stay informed about the status of your funds when transferring money from China to Australia, ensuring a smoother and more secure transaction experience.
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Payment methods
When transferring money from China to Australia, there are several payment methods available. Here are some of the most common options:
Bank Transfer: One common method is to use a traditional bank transfer through a financial institution. Both domestic and foreign banks in China offer this service. You can initiate a wire transfer from your Chinese bank account to an Australian bank account. Make sure to have the recipient's account details, including their account number, SWIFT code or BIC, and the bank's address. Transfers typically take a few business days to process, and there may be associated fees.
Online Money Transfer Services: There are several specialised online money transfer services that offer convenient and cost-effective ways to send money from China to Australia. These services often provide competitive exchange rates and low transfer fees. Examples include TransferWise, WorldFirst, and OFX. They usually offer user-friendly platforms and mobile apps for easy transfers.
PayPal: PayPal is a well-known online payment service that allows users to send and receive money internationally. If the recipient in Australia has a PayPal account, you can transfer money from your Chinese bank account or PayPal balance. PayPal supports multiple currencies and offers a secure and fast way to transfer funds. However, there may be transaction fees and currency conversion fees associated with using PayPal.
Alipay or WeChat Pay: If you have access to Chinese payment platforms such as Alipay or WeChat Pay, you can explore their international transfer options. These platforms have partnerships with various overseas financial institutions and may offer competitive rates and convenient ways to transfer money to Australia. However, their availability and features may vary, so it is essential to check the specific options provided by each platform.
Money Transfer Operators (MTOs): Traditional money transfer operators, such as Western Union and MoneyGram, have a presence in both China and Australia. They offer the ability to send money online or in person through their agent locations. MTOs can provide relatively quick transfers, often within minutes, making them suitable for urgent transactions. However, their fees can vary, so it is essential to review the costs before initiating a transfer.
Renminbi (RMB) Cash: Another option is to convert your RMB cash to Australian dollars (AUD) through a foreign exchange service. You can locate money changers or currency exchange booths in China that offer AUD as one of their currencies. This method allows you to physically carry the funds and exchange them for AUD in Australia. However, it is important to be mindful of any applicable cash amount limits and to ensure that you have a secure means of transporting the cash.
It is important to consider factors such as exchange rates, transfer fees, transfer speed, security, and the legality of each payment method when choosing the most suitable option for your specific needs.
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Frequently asked questions
The cheapest way to send money from China to Australia is through an online provider. Western Union is a popular provider with the biggest agent location network. The average cost of online money transfers from China to Australia with Western Union is -0.6% of the amount sent, whereas the cheapest online services average -0.8%.
You can transfer money from China to Australia with Western Union online, with their app, or in person at an agent location. To transfer money in person, go to a Western Union agent location near you with a valid government-issued ID and your receiver’s bank and account information. Arrange the money transfer to Australia and pay for it with cash or card. You’ll receive a Money Transfer Control Number (MTCN) on your receipt which you can use to track your money.
Yes, there are several other options for transferring money from China to Australia. Wise is a fast, low-cost, and secure online money transfer service. Remitly is another option that offers multi-level security to protect your money and data. Monito is a third alternative that compares international money transfer services to help you find the best option for your needs.
To transfer money from China to Australia, you will typically need a valid government-issued ID and your receiver’s bank and account information. If transferring to their Alipay account, you will need their Alipay ID (their mobile number). You will also need to select the currency and the amount you want to send.
