How to send money to China: A guide for international businesses
Last update: 29 Sep 2025
Sending money to China has traditionally been slow. It typically takes 3–5 working days – and sometimes up to 10 – for funds to settle. And it’s expensive, with margins of 2–4% on FX conversions and fees as high as $50 for wire transfer services such as SWIFT.
In this article, we’ll cover some of the different ways to send money to China, and share which methods are best for different types of payments.
We’ll also introduce the World Account, a multi-currency business account that allows you to collect, hold and pay in 20+ currencies, including CNH. Multi-currency accounts are faster and more affordable than traditional methods of sending money to China and other markets, with 80% of payments sent via WorldFirst landing on the same day.
Below, we’ll cover:
- Why WorldFirst is the best option for businesses sending money to China
- How to open a World Account
- Four more ways to send money to China
- How to choose the right method for sending money to China
Open a multi-currency account for free with WorldFirst now to start sending instant and same-day payments to China.
Why WorldFirst is the best option for businesses sending money to China
WorldFirst is a digital financial services platform built for international businesses. We make it simple and more affordable to send payments to China and 210+ other countries and territories.
Over one million business customers have already trusted us to speed up transfer times, lower costs and overcome other barriers to global trade. Regulated by the Monetary Authority of Singapore (MAS), we’ve partnered with leading banks including Barclays, HSBC and J.P. Morgan to safeguard client funds.
What’s more, as a pillar brand of Ant International – a leading global payments provider and subsidiary of Ant Group, the operator of Alipay – we’re backed by one of the largest financial technology networks in China. This infrastructure enables us to offer some of the fastest and most secure payment routes into China, using local payment rails and established banking partnerships.
Here’s why WorldFirst is the best choice for businesses sending money to China:
Pay to China from anywhere in the world with a multi-currency account
A WorldFirst multi-currency account lets you receive, hold and send funds in CNH and 20+ other currencies. For each currency, you’ll get a separate account with local account details.
With a CNH account, you can send funds to China using local payment rails, for faster, more affordable payments. Holding funds in CNH can also help you avoid double FX fees. Some banks route payments through USD before converting to CNH, which means you pay for two FX conversions instead of one. Holding CNH directly avoids that extra cost.
You can also choose to hold USD, SGD, EUR and other currencies in local currency accounts. This can help you hedge and manage FX risks, then pay Chinese suppliers when required on the same day, at competitive rates. What’s more, it’s free to receive and hold funds in your currency accounts, so it doesn’t cost you anything to wait and trade at your convenience.
Find out more: How to open a Chinese bank account: A guide for businesses
Pay Chinese suppliers directly in CNY from G10 currencies
What if you need to make payments to suppliers in China that don’t accept CNH? In that case, you can use WorldFirst’s four-step process to make real-time payments directly in CNY to Chinese trade suppliers.
To pay in CNY from Singapore, simply:
- Go to “Payments” in the WorldFirst portal and click “Pay CNY to China”, then add your supplier’s details and required documentation
- Add payee details and choose the right bank or Alipay account
- Click “Create a trade order” and submit contract details to obtain your payment quota
- Select the payee, currency and amount and enter the 6-digit code sent to your phone
With the “Pay CNY to China” feature, you can make direct CNY payments from 10 of the world’s most traded currencies: SGD, USD, EUR, GBP, JPY, NZD, AUD, CAD, HKD and CNH.
You can pay up to CN¥1.5 million per supplier per day without hidden fees, extra conversions or unnecessary intermediaries. That means you can pay Chinese suppliers directly and expand your access to a wider supplier base that prefers settlement in CNY.
Read more: Everything you need to know about payments in renminbi
Find and pay suppliers using our direct integration with 1688.com
For a simpler way to find even more suppliers, take advantage of WorldFirst’s exclusive integration with 1688.com.
As one of China’s leading online B2B marketplaces, 1688.com has over 10 million suppliers across 1,700 product categories, with prices up to 40% less than other online wholesale platforms. With WorldFirst, you can make instant payments to suppliers in CNH.
Before this direct integration with WorldFirst, 1688.com was virtually inaccessible to foreigners because of its limited payment options. Buyers needed to pay with a local Chinese bank account, using local payment methods like WeChat, Alipay or direct bank transfers.
With a WorldFirst account, however, you can directly source and pay instantly in CNH to Chinese suppliers on 1688.com. 1688.com also lets you make smaller orders, with low minimum order quantities, so you can easily vet suppliers and test new products.
Read more: WorldFirst and 1688.com: All you need for wholesale sourcing in Singapore
Pay other World Account holders instantly, for free
One of the simplest and fastest ways to pay suppliers and other businesses in China is by making free payments to other World Accounts.
WorldFirst is free to join, with no monthly or annual fees, no account setup fees and no fees to hold or receive currency. If your suppliers sign up too, you can pay them instantly, without transfer fees or FX fees in the same currency.
Use your World Card to pay in CNH with zero FX fees
When you open a World Account, you also get up to 20 free virtual World Cards that you can use like regular payment cards. You can use your World Card to make online payments to suppliers and wholesale marketplaces wherever Mastercard is accepted.
A World Card allows you to pay in CNH and 14 other major currencies (including SGD, USD, GBP, EUR, NZD and KHD) with zero FX fees when you pay from existing currency balances.
And when you use your World Card to pay suppliers and other business expenses, you earn up to 1.2% unlimited cashback.
Read more: Best multi-currency card: Top 5 options compared (+ how to choose)
How to open a World Account
Get your IDs and documents ready, then head to the WorldFirst online registration page and:
- Create an account
- Provide some personal and business details
- Submit your supporting documents
Need a little extra assistance? Visit our official Account opening help page for more info.
- Open 20+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
4 more ways to send money to China
If a multi-currency account doesn’t seem like the best fit for your needs, there are several other ways to send money to China. Digital wallet and app-based payments, for instance, have gained popularity in recent years.
It’s important to keep an eye on regulatory updates, as rules can change and certain methods may no longer be permitted. For example, In 2023 and 2024, the Monetary Authority of Singapore temporarily banned cross-border payments to China via non-specified non-bank channels, including certain remittance services.
Here are some of the current options:
1. Traditional bank wire (SWIFT)
Many businesses rely on traditional wire transfers, which use the SWIFT network to move funds from your bank to the recipient’s bank. The SWIFT network is a global messaging system that enables banks and financial institutions to securely exchange payment instructions.
- Transfer times: Transfers typically take 3–5 days, or as many as 10 if a transaction is flagged for fraud or inaccuracies. Transfers can be delayed due to intermediary bank processing times, bank holidays and other administrative hurdles.
- Pros: Bank wires typically have no transaction limits, and are widely regarded by businesses as one of the most reliable and secure payment options.
- Cons: Upfront fees can be as high as $20–50 per transfer, plus exchange rate markups of 1–3% and other possible markups from intermediary banks. There’s also very little transparency around costs and payment arrival times.
Best for: Enterprises with established banking relationships, as well as businesses that need to make very large, infrequent international money transfers where security matters more than cost or speed.
2. Online money transfer platforms (Wise, PayPal/Xoom)
Online money transfer platforms are digital services that enable domestic or international money transfers. They are generally aimed at individuals, but may offer business services as well.
- Transfer times: Depending on the platform, currency and amount, transfers can take anywhere from a few minutes to a few days.
- Pros: Online transfers are extremely simple to set up and get started, and platforms are generally transparent about their fees. Some platforms even have online calculators, so you can determine the exact amount you’ll pay prior to making the transfer.
- Cons: Online money transfer platforms have lower transfer limits than traditional wire transfer methods (typically SG$10,000 or less). They may also have restrictions on who can pay or receive payments in China. Some platforms may hold funds for longer periods of time if they have any concerns about theft or fraud.
Best for: Small businesses and sole proprietorships for whom simplicity matters more than optimising costs, and transfers of less than SG$7,000-10,000.
3. Remittance services (Western Union, MoneyGram)
Remittance services have huge global networks that can be used to send cash worldwide, in minutes or within 24 hours, at convenient locations.
- Transfer times: Remittance services are usually instant, but can take up to five business days for certain types of transfers.
- Pros: Fast and nearly universally available, remittance services can reach recipients in remote areas with limited banking infrastructure. Some providers, like Western Union, let you send money to a mobile Weixin wallet, which can be convenient for individual users in China.
- Cons: Fees are typically much higher than digital services, with upfront charges, poor exchange rates and hidden fees. Remittance services can also be prone to scams, and are generally not considered professional or secure enough for most business payments.
Best for: Sending money to individuals in areas with limited banking infrastructure, or small, one-time payments to potential new suppliers in remote regions.
4. Digital wallet and app-based payments (Singtel Dash Remit, DBS, Alipay+)
Certain mobile wallets, including some from traditional banks, allow for simple payments to China for a flat fee. You send payment from your Singapore-based digital wallet and your recipient receives their payment via their WeChat or Weixin Pay wallet.
- Transfer times: Transfers are usually instant or same-day, but can take up to four working days, depending on the payment method and receiving account.
- Pros: Some payments can be faster than traditional methods, and they’re convenient for recipients, who can access funds via their preferred apps.
- Cons: Transfer limits are typically even lower than for online money transfer platforms.
Best for: Individuals. These methods can’t be used with business bank accounts, and transfer limits are too low for most business needs
For growing businesses: How to choose the right method for sending money to China
Many of the above methods make sense for large, established enterprises and individuals who need to pay loved ones in China. But for growing cross-border businesses, it’s important to find the right balance of speed, cost, security and support to meet your needs.
To choose the option that makes the most sense for your business, consider the following questions:
- How will transfer speeds affect my supplier relationships? Traditional methods typically take 3–5 working days, or as many as 10 days if there are complications, while alternative methods can be delayed without notice or transparency. Delayed or unreliable payments can impact your cash flow and delay your supply chain, even resulting in lost sales due to inventory shortages.
- What does this method actually cost? Traditional transfer methods typically add 2–4% margins on FX conversions, including cable charges, agent fees and receiving bank fees. This is on top of any fees you might already be paying to maintain an account or double-convert funds. Alternative methods might seem to offer lower fees, but can hide costs in poor exchange rates, or cost you in lost time and limited supplier acceptance.
- How will this method impact my margins? Traditional transfer methods typically favour large order volumes, with high percentage-based fees eating into margins on smaller orders. But while alternative methods may offer lower rates, they’re also less widely-accepted, which can limit your access to lower-cost suppliers.
- Is this method secure and effective? Does it send the right message? Slow traditional bank wires are known for their security and reliability, while alternative methods can be instant but prone to fraud. And while some alternative methods may appear more savvy and tech-friendly, many are also perceived as less professional, or only designed for individuals.
A growing business should choose a payment method that offers the best of all worlds: speed, reliability, security and lower costs. For safe, professional and efficient business payments, choose a solution like the WorldFirst multi-currency account.
Choose WorldFirst for fast, secure, convenient China payments
A multi-currency World Account makes it easy to send money to China, with lots of ways to pay and save on fees. Whether you’re sourcing new suppliers, need to make faster payments or want to optimise your FX costs, WorldFirst has a China payment solution for you.
Open a World Account for free now to start sending money to China.
Frequently asked questions (FAQ)
What are the biggest challenges of sending money to China using traditional methods?
Traditional bank transfers to China are often slow, costly and heavily regulated. High fees, unfavourable exchange rates and strict compliance checks can delay or even block payments, making wires less predictable for both individuals and businesses.
Does China have two currencies?
China has two currencies:
- CNY, also known as Chinese yuan or onshore renminbi, is the local currency used for all trade and commerce within mainland China. It is tightly regulated by the Chinese government and cannot be spent outside the country
- CNH, or offshore renminbi, is the currency used for cross-border business. It is traded globally, like other currencies, and can be used to make payments from abroad.
Most international banks only allow payments to China in CNH, which can make paying Chinese suppliers especially challenging.
What are the best alternative ways to send money to China?
Multi-currency accounts are faster, cheaper and more transparent than bank wires, with FX rates, quicker delivery and more convenience for frequent senders. When you choose WorldFirst, you get secure and reliable transfers, thanks to our partnerships with banks like Barclays, J.P. Morgan and HSBC.
How long does it take to send money to China?
The time depends on the method: fintech apps and mobile wallet transfers can arrive within minutes or hours, while bank wires typically take 3–5 business days. Delays are more common with larger amounts requiring extra documentation.
How much does it cost to send money to China?
Costs vary widely depending on the provider and funding method. Bank wires often cost $25–$50 plus FX markups, while multi-currency accounts like WorldFirst offer lower-cost and even free options (such as World Account to World Account transfers).
Can I send money to China using a debit card or bank card?
Yes, many transfer services let you fund international transfers with a debit card or bank card, though fees may be higher than with a bank account. This method can be convenient if you want the best way to send money quickly, but always compare rates to avoid hidden costs.
What details does my recipient need to collect money in China?
To receive money through a bank like Bank of China, recipients typically need their full name, account number and sometimes a mobile or phone number for notification. Certain money transfer and remittance services also require proof of Chinese residency, like a Chinese ID number.
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