Although sending money to China is certainly easier today than in the past, as previously discussed in the article on Yuan remittance to China, this article explores the common methods for remitting Yuan to China. To find the best method for transferring money to China, several factors must be considered, including ease of transaction, speed, cost, and process transparency. Given that many people prefer to stay at home for work or shopping, electronic money transfer is becoming the preferred option for payments and trade. Fortunately, buying or selling goods and benefiting from services can now be done online, with more options available. Businesses and customers have found ways to carry out transactions easily for items and services. Yuan remittance to China can be done through online money transfer websites and apps. The Asan Tejarat website offers such services. By using these websites, you can now transfer money from Iran to China, making such transactions possible. This is an attractive option compared to sending money via post or interbank deposits, as both may have various costs and offer less security. Sending cash is only preferred with a credit card or online accounts, as it can help ensure the safety of your payment.

How to send money from Iran to China?

Looking for ways to start sending money from Iran to China? Below are the initial steps you can follow to start sending Yuan to China:

  • Be familiar with the exchange rate. The foreign exchange rate can affect the amount your recipient receives.
  • Identification documents may be required when registering, so it’s better to be prepared for this. You can also prepare the general information of your recipient.
  • Registration. Online money transfer websites are designed to make registration easier for customers. To start quickly, complete the registration steps. You may also be asked to link your bank account card as a source of funds.
  • Monitor your transaction. After sending money, be sure to keep a copy of the transaction number or reference number. This can be the easiest way to confirm whether your money has been sent or not. In case of any issues, this number can also be used to resolve the transaction problem.

Yuan Remittance to China

When you need to make a payment to a supplier or a travel agency in China, you may wonder which payment method is the best for a secure, fast, and low-cost transfer. Generally, you can send money via banks or international money transfer platforms. Bank remittance efficiency is low due to high fees and poor exchange rates. There are many international remittance platforms, and you might not know which one is more suitable for you. Therefore, this article outlines the common methods for sending money to China, including how to use them, the cost of sending, transfer time, etc.

PayPal (suitable for payments under $500)

How to send money to China using PayPal?

PayPal is the easiest way to remit Yuan to China. It accepts debit and credit cards, so sending money from any account you have is simple. The process of sending money via PayPal is straightforward:

  1. Register a PayPal account using your email address.
  2. Link your bank card to PayPal.
  3. Ask your recipient to do the same if they don’t have a PayPal account.
  4. Once both accounts are set up, you can send money by following the steps on PayPal.

What are the transfer fees for PayPal?

When sending money from your country to China, a fee is charged as this is an international payment. The fee depends on the payment methods, bank account, PayPal Cash balance, or cards you have.

Avoiding PayPal transfer fees

However, most Chinese suppliers create PayPal accounts with a Chinese address when registering, and PayPal also detects the network IP country of the website they are visiting. Therefore, a suggestion to reduce PayPal fees is to register a PayPal account with your bank account instead of a credit card. Bank account transfers are done through the ACH banking channel, which is harder to fraud, but with a debit card, it’s easier to report a loss and stop the payment, increasing the risk of PayPal charging additional shipping fees.

To find the lowest cost method for remitting Yuan to China, you can refer to the article on “Yuan Remittance Without Fees.”

How long does it take to send money to China via PayPal?

PayPal offers two different services when transferring money:

  • Standard service: Funds are transferred within 2 business days.
  • Instant service: Funds are transferred within 30 minutes, with an additional 1% fee of the amount and a maximum charge of $10.00. With a maximum of $5,000 per transaction, $5,000 per day, $5,000 per week, and $15,000 per month for debit cards, and a maximum of $25,000 per month for bank accounts.

To find the fastest method for remitting Yuan to China, you can refer to the article on “Instant Yuan Remittance.”

What amounts are suitable for PayPal transfers to China?

Since PayPal accepts credit card payments, it is useful when you don’t have enough cash flow for a higher purchase. However, PayPal provides 180 days of refund protection, and the recipient may worry about fraud. After the recipient provides shipping information for the purchase, it is easy for a fraudster to request a refund. Therefore, Chinese suppliers prefer to receive lower amounts (less than $500) from PayPal payments to reduce the fraud risk. When amounts exceed $500, they are likely to request other payment methods.

If you have further questions about PayPal, you can consult our advisors at Asan Tejarat.

XOOM

XOOM is an easier way to send money to China. It is a PayPal service. You can use XOOM to deposit RMB directly into the recipient’s Chinese bank account. Many large banks in China are supported, such as Bank of China, Bank of Communications, China Construction Bank, Ping An Bank, Agricultural Bank of China, ICBC, and more. XOOM is also fast. If your money is sent between 7:30 AM and 10:00 PM Beijing time, it will arrive within 30 minutes.

To transfer money, you can log in with your PayPal account or create an Xoom account with your name and email address. Then, with the recipient’s UnionPay card number, you can start sending money. Depending on the payment methods and the amount you send, there will be transaction fees and currency conversion fees.

Western Union

Western Union is a payment solution provider with a long history. They have been trusted since 1871 and have a vast network of 500,000 agent locations.

How to send money to China using Western Union?

A long time ago, Western Union required all senders to visit one of their branches. After significant improvements to their service in recent years, you can now make your payment online, in-store, or through the mobile app. Working with Western Union transfers is simple.

What are the transfer fees for Western Union?

Depending on how you wish to pay and how your recipient wants to receive the money, different fees apply. For online payments, payments with credit cards have the highest fees, followed by debit cards and bank accounts. The handling fee for cash collection at a Western Union location is much higher than for receiving funds at the recipient’s bank account. Therefore, in normal circumstances, completing the remittance online is faster, more convenient, and economical. Additionally, you can send money directly to your recipient’s Alipay account, a common payment platform in China. However, the maximum amount per transaction is $2,500.

Tips for ensuring a smooth Western Union transfer

Based on our experience, here are some tips to pay attention to when using Western Union to send money to China:

  • Ensure that the recipient’s full name is correct, as this is essential for successful payment processing.
  • If there is an issue with the recipient’s information, visit a Western Union branch for correction.
  • Western Union is not authorized for commercial purposes, so do not include any business information in the transfer.
  • A Chinese recipient can only receive up to $50,000 (or the equivalent in foreign currency) per year. Please verify with your recipient.

Special tips when using Western Union for sending money to China:

Western Union offers a weak exchange rate as they also profit from it, so it is not recommended to send U.S. dollars. The exchange rate the recipient will receive in China could be about 5% different from the average market rate.

When sending a significant amount of cash, Western Union’s transfer fees are much higher than the Telegraphic Transfer (T/T) services provided by banks. Therefore, if you are sending more than $5,000, please compare the transfer costs. Since Western Union also requests high fees from its partners, many Chinese banks, like the Agricultural Bank of China, have stopped their cooperation with them. As a result, Western Union’s agent locations in China have been rapidly decreasing since 2017, making it less convenient for Chinese recipients to use them. Please contact your Chinese supplier to confirm they can use your Western Union payment.

Final Words

Sending money to China is not the easiest task. Exchange rates, transfer fees, and the variety of payment methods available can make discovering the best way to send money to China difficult. For Yuan remittance to China, you can use the methods mentioned above. You can also refer to the articles on “Yuan Remittance to Alipay” and “Yuan Remittance to WeChat” to choose the best method for your Yuan remittance to China. If you need assistance with importing from China, air, sea, and land transport, customs clearance, and Yuan remittance to China, you can get help from our consultants at Asan Tejarat and entrust them with your remittances to China.