A guide to China remittance (2025): how to send money to China

Key takeaways

• Remitting money to China via traditional methods can cost up to 7% of the total amount and take five days to arrive, with unpredictable intermediary fees and compliance delays that disrupt payroll and supplier payments.

• Fintech providers like Airwallex offer faster RMB transfers, transparent pricing, and local account details that help you bypass delays, hidden fees, and the regulatory hurdles common with traditional banks.

• Airwallex offers an all-in-one platform that combines local Chinese yuan accounts, fast cross-border transfers, and multi-currency corporate cards – so you can store, transfer, and track money across markets without the complexity of traditional banking.

In 2025, it still takes five days to transfer money to China from Singapore, and it'll cost you up to 7% of the total amount in fees.¹

That’s the status quo for businesses using traditional SWIFT networks. Payments pass through multiple intermediaries, each adding fees and delays. You don’t get full visibility. You don’t always know when funds will arrive. When payroll or inventory is on the line, the lack of control can quickly turn into a business risk. 

Fortunately, better options are available. In this guide, we’ll compare the best ways to transfer money to China – and show how fintech providers like Airwallex deliver faster transfers, lower costs, and local account access that simplifies the process end to end.

How should I remit money to China from Singapore?

Sending money to China is challenging for Singapore businesses. Bank transfers via providers like DBS, UOB, or OCBC often take three to five business days to arrive. Fees stack up quickly – between international wire charges, FX mark-ups, and hidden deductions by intermediary banks. For companies expanding into China, opening a local bank account often introduces more friction. The process is slow, requires extensive documentation, and often comes with minimum balance requirements and ongoing compliance overhead.

To overcome these barriers, many businesses turn to non-bank alternatives. Licensed money-transmitting specialists can handle cross-border payments, but are typically better suited to consumer remittances or one-off transfers. China-based apps such as Alipay and WeChat Pay are widely used by local vendors, though foreign businesses usually need a domestic entity or partner account to access them. 

Increasingly, fintech platforms like Airwallex offer a faster, more flexible way to pay Chinese suppliers. These platforms support direct RMB transfers, offer more competitive FX rates, and come with built-in tools that simplify reconciliation and reduce manual work.

What is the best way to send money to China?

The best ways to send money from Singapore to China include:

• Airwallex lets you send money to China through a dedicated Chinese yuan account. You can hold, convert, and transfer money like a local business, while bypassing traditional banking restrictions. Our proprietary network delivers same-day transfers to over 95% of recipients – turning what was once a multi-day procedure into a simple, transparent process.

• WorldFirst is an international payment service provider specialising in global transfers and foreign exchange solutions for businesses.

• Corpay is a global finance technology company that provides cross-border payment solutions and foreign currency exchange services for businesses.

• Convera/Western Union for businesses facilitates transactions in over 140 currencies across 200+ countries, including China. After acquiring Western Union Business Solutions in 2023, the company expanded its digital payment services beyond standard wire transfers.

• Wise Business offers multi-currency transfers in 40+ currencies across 80+ countries, with their platform centred around cross-border payments rather than broader financial management capabilities.

• Aspire is a Singapore-based fintech company that helps SMEs manage multi-currency payment accounts, cards, and expense management tools. Aspire partners with Wise to facilitate Chinese yuan payments. 

• OFX is an international money transfer specialist that supports over 50 currencies across 170+ countries for individuals and businesses at competitive exchange rates.

• Banks like DBS, OCBC, and UOB support cross-border transfers to Chinese business accounts. These payments typically take up to five working days and involve international wire fees, currency conversion mark-ups, and intermediary bank charges. 

Compare the most common China remittance services in 2025

You have more ways than ever to send money to China. But each option comes with trade-offs — from transfer speed and cost to how easily you can track and reconcile payments.

Use this table to compare key providers, including fintech platforms like Airwallex, traditional banks, and money transfer services, across fees, speed, and regulatory coverage.

Note: The information in this table has been reviewed to be accurate as of 13 August 2025.

Best methods to transfer money to China: key features, pros, and cons

Let’s take a closer look at how each China remittance option compares against each other, and what each can offer your business. 

For full product and fee information, including additional charges, please visit each provider’s official website.

Airwallex

Airwallex offers an integrated financial platform that helps over 150,000 businesses manage money globally. Our solution eliminates the delays, fees, and restrictions often encountered with traditional banking systems.

With Airwallex, you can open Global Accounts with local bank details in 20+ currencies across 60+ countries, including mainland China. Accept payments like a local with faster processing and no unnecessary conversion fees, all without opening an overseas bank account. These typically involve months of setup, meeting minimum balance requirements, and ongoing compliance obligations. 

Traditional banks charge hidden fees and take up to four days to process transfers. By switching to Airwallex, you'll free up cash flow, reduce administrative hassle, and keep your China partners happy with on-time payments.

Beyond China remittances, our global platform provides local bank details in 60+ countries and supports 160+ local payment methods. In China, you can access popular digital wallets like Alipay and WeChat Pay through our Online Payment License.

By offering customers their preferred payment methods, you'll see higher conversion rates while keeping transaction fees low. For your own business spending, use Airwallex Corporate Cards to pay suppliers and employees in RMB without currency conversion fees.

Pros:

• End-to-end payment platform for international money transfers, online payment acceptance, and multi-currency accounts

• Free local transfers to 120+ countries via local payment rails 

• Market-leading FX rates with no transfer limits

• Flat-rate fees instead of percentage-based commissions

• Pay Chinese suppliers directly with RMB-enabled Corporate Cards without currency conversion fees

• Set up RMB account in minutes 

Cons:

• Personalised account management is available for an additional cost

WorldFirst

Part of the Ant Group, WorldFirst connects directly to Chinese sourcing platforms such as 1688.com and TaoWorld, allowing businesses to make payments directly through these platforms. Compared to Airwallex, WorldFirst doesn't provide additional features like payment gateways, payment links, or expense management features needed for comprehensive financial operations in Singapore.

Pros:

• Free, same-day transfers through local payment methods in CNH

• Direct payment integrations with 1688.com and TaoWorld⁹

Cons:

• Lacks built-in payment processing capabilities outside mainland China

Corpay

Corpay lets you send and receive both RMB for payments to China. The platform caters to large enterprises requiring extensive cross-border payment capabilities, exchange rate protection tools, and automated bill payments, but may offer more features than SMEs need for straightforward China remittance solutions.

You'll need to contact them directly to learn about their transaction fees, exchange rates, and account charges, as they don't list pricing publicly. With Airwallex, there’s no guesswork, you’ll know what to pay upfront – no lengthy sales calls required. Whether you’re a startup, SME, or an enterprise, you can start processing China payments immediately with clear fee structures and competitive rates.

Pros:

• Same-day RMB payments through local payment rails

• Customised payment workflows for cross-border payments

Cons:

• Exchange rates and pricing not shown

Convera/Western Union for businesses

Convera provides global payment and exchange services to businesses of all sizes. The company processes transactions in over 140 currencies through its financial network reaching 200+ countries. After acquiring Western Union Business Solutions in 2023, Convera added digital payment options to complement its wire transfer services. 

Convera works well for businesses primarily focused on international transfers and remittances to China. However, if you need comprehensive financial management beyond basic transfers, Convera falls short. Unlike integrated platforms like Airwallex, it doesn't offer multi-currency accounts, Corporate Cards, or batch transfer tools for paying multiple recipients – features that growing businesses often need to streamline their global operations.

Pros:

• Physical locations available

• Batch payment options

• Businesses can receive Chinese yuan payments into holding balances for later use

Cons: 

• Transfer fees vary based on your payment method and transfer amount

• Doesn’t offer card services, limiting your payment options

Wise Business

Wise Business lets you transfer Chinese yuan at mid-market FX rates, without the markups that banks typically charge. Transfers include a fixed fee based on your payment method and a variable fee tied to the transfer amount. This fee structure may not suit businesses that need to make frequent small transfers, as fixed fees represent a higher percentage cost on smaller amounts.

Pros:

• Transfers use mid-market FX rate

• Offers volume-based fee discounts

Cons:

• Transfers below S$30,000 are subject to 0.26% fee charges, while larger amounts receive discounted rates

• Doesn't provide local account details

Aspire

Aspire is a Singapore-based fintech that helps SMEs looking for digital banking alternatives to traditional corporate accounts. For businesses sending money to China, Aspire lets you make Chinese yuan transfers through its partnership with Wise. However, unlike Airwallex, it doesn’t offer local account details, so you’ll pay SWIFT fees and currency conversion charges on each transaction.

Pros:

• Supports Chinese yuan transfers and other major currencies like SGD, USD, EUR, and GBP

Cons:

• Doesn't provide local account details 

• SWIFT fees and FX charges apply to each transaction

OFX

OFX is an international money transfer specialist that supports over 50 currencies across 170+ countries for both individuals and businesses. While OFX provides useful features like live exchange rates and past currency data access, their pricing structure includes a S$15 transfer fee for amounts under S$10,000, which can add up quickly if you make frequent routine payments below this threshold.

In contrast, Airwallex has no minimum fees regardless of the transfer amount and combines real-time exchange rates with transparent pricing. Beyond competitive rates, Airwallex provides a complete financial platform with multi-currency Corporate Cards and 160+ local payment methods – everything you need to manage global payments in one place.

Pros:

• Access to live exchange rates and past currency data

Cons:

•  Chinese yuan transfers less than S$10,000 incur a S$15 fee and are subject to potential recipient bank charges¹⁰

Bank transfers

Traditional banks remain a widely used channel for large payments, but unpredictable fees and FX rates make them hard to budget for. In contrast, Airwallex offers transparent fees regardless of the transfer amount, making it easier to plan your costs upfront.

Pros:

• Established institutions with decades of banking experience

• Widely accepted for overseas payments

Cons:

• Unavoidable SWIFT fees starting from S$30, plus unpredictable correspondent bank charges and FX markups

• Longer remittance times of 2–5 business days

What is the cheapest way to send money to China from Singapore?

The cheapest remittance option isn’t always the one with the lowest exchange rate. Some providers quote sharp rates upfront, then add fees, inflate the FX margin, or pass your transfer through a chain of intermediary banks. By the time the payment lands, the total cost can be much higher than expected.

If you want to keep costs low, look beyond the headline rate. Choose a provider that shows you exactly what you’ll pay, with no hidden charges. Even better if you can manage the full transfer process from one place, without juggling multiple systems or waiting days for confirmation.

Airwallex connects directly to China’s local payment networks. That means no middlemen, no surprise deductions, and faster settlements. You get real-time exchange rates, transparent pricing, and same-day delivery on most transfers – all on one platform.

What is the fastest way to send money to China from Singapore?

Follow these steps to speed up your China transfers:

• Choose local payment rails over SWIFT: Transfers through local Chinese payment rails arrive faster than traditional banking networks that route through multiple intermediary banks

• Time your transfers right: Send money during business hours in both Singapore and China, and avoid public holidays

• Prepare your documentation: China requires proof of transaction purpose and order details for SAFE compliance – having these ready speeds up processing

Airwallex helps you move faster by directly connecting you to China's local payment rails, bypassing the complexities of traditional banking. Our proprietary global network spans over 120 countries and supports over 160+ local payment methods, including popular digital wallets like WeChat Pay and AliPay in China.

This direct connection means 95% of your transfers arrive the same day, with some reaching their destination in as little as 30 minutes.

What to consider when sending money to China: tips for businesses

Compare remittance services 

Don’t just look at FX rates. Consider the complete picture – account fees, currency options, and payment tools that make business payments easier. Airwallex’s all-in-one Business Account features transparent remittance fees, support for 23+ currencies, and spend management tools like Airwallex’s Corporate Card to help you control costs as you scale.

Review all fees upfront 

Be mindful of transaction fees when comparing providers for sending money to China. What looks like an attractive rate might be offset by high transfer fees, bank charges, or currency conversion costs. The Airwallex Global Account simplifies this process – you get a Chinese yuan account with local bank details and clear pricing without hidden fees.

Stay up to date with Know Your Customer (KYC) requirements and regulatory changes

KYC helps prevent fraud by verifying client identity and assessing risk. For money transfers to China, documentation required includes proof of identity, proof of address, and transaction purpose verification. For RMB payments, you must provide order information to the Chinese State Administration of Foreign Exchange to verify the source of funds. Meeting these requirements helps you avoid delays and penalties.

Understand tax implications

Large payments to China may have tax reporting requirements in both Singapore and China. Stay current with Inland Revenue Authority of Singapore (IRAS) guidelines and work with a tax professional familiar with cross-border transactions to avoid compliance issues that could delay your payments.

Build strong supplier relationships

Clear communication with your suppliers or business partners in China can lead to better terms and prevent misunderstandings about payments. Tell your recipient when they can expect payment and share any important transfer details. Many businesses use fintech solutions like Airwallex to send RMB directly to their partners’ and suppliers’ accounts in China. This cuts fees and builds trust through reliable, on-time payments.

Challenges with transferring money to Chinese bank accounts

In December 2023, the Monetary Authority of Singapore (MAS) required remittance companies to stop all remittance activities to China through non-bank and non-card channels, including mobile wallets, money changers, and cash pickup services. The suspension remains in effect as of August 2025.¹⁰

This regulatory change reflects Singapore's commitment to securing cross-border payments by routing transactions through established banking networks, ensuring compliance and reducing financial crime risks.

However, the order complicates money transfers to China. These security improvements make transactions safer, but slow down processing times and increase costs. Forward-thinking global businesses choose platforms like Airwallex for faster processing, lower costs, and better transparency – benefits that are becoming even more vital as the market shifts toward regulated, secure operations.

Airwallex provides exactly what Singapore businesses need: fast, cost-effective transfers to China that meet all regulatory requirements. With an Airwallex Chinese yuan account, you can manage payments between Singapore and China. After opening an account, you receive a dedicated account number to accept RMB, maintain balances, and pay Chinese partners. For supplier payments in other currencies, Airwallex supports transactions in over 23+ currencies, including RMB and USD, with faster processing and lower fees than traditional banks. 

Consider Airwallex for faster and more cost-effective transfers to China

If you're still using SWIFT wires or juggling multiple tools to pay suppliers in China, it's time to rethink your approach. Airwallex offers a faster, more cost-effective alternative, with transparent international fees and mid-market FX rates that help you reduce costs on every transfer. There’s no minimum payment size, and most transactions settle within a day.

With Airwallex, you can open a Chinese yuan account with local bank details, convert SGD to RMB at competitive interbank rates, and send funds like a local. Every transaction is visible on your dashboard in real time, so you can track every step from conversion to delivery. 

Where other providers stop at transfers, Airwallex gives you a full financial platform. Batch payments, automated bill pay, payment links, and gateway integrations are all built in, so your finance teams spend less time switching between platforms and more time closing the books. 

Businesses that take control of their financial operations early gain a lasting advantage in speed and cost efficiency. With Airwallex, you’re not reacting to change – you’re staying ahead of it.

Frequently asked questions (FAQs) 

What is the difference between Yuan (CNY) and Renminbi (RMB)?

The Chinese yuan (CNY) and renminbi (RMB) are often used interchangeably, but they refer to different aspects of China’s currency. Renminbi is China’s official currency. CNY refers to yuan that can only be traded in mainland China under capital controls, while CNH (offshore yuan) trades freely in international markets.

It’s crucial to know the difference when sending money to China, as it affects your exchange rate and fees. Read our article on CNH vs CNY (the two types of RMB) to learn more about Chinese currency.

Is there a transaction limit when remitting money to China?

When sending RMB from a Singapore business account to a Chinese business account, there are typically no transfer limits. However, to comply with the Guidelines on Foreign Exchange Administration for Trade in Services, you may need to provide additional transaction proof and documentation for remittances over S$64,000 (US$50,000).

How can businesses track their remittance status in real time with Airwallex?

Track your China remittance status through the Airwallex WebApp or mobile app. 

Once logged in, follow these steps: 

• Navigate to the 'Transfers' section to view all your transactions with detailed status updates

• Receive automatic email notifications at key stages throughout the transfer process

• View transfer details, including recipient info, amounts, exchange rates, arrival times, and status updates

How does Airwallex ensure the safety of transfers to China?

We protect your transfers with robust security systems and active monitoring that safeguard your funds 24/7 and scan for potentially fraudulent transactions – ensuring every payment sent through Airwallex is protected from end to end.

The platform meets strict international security standards – including PCI DSS, SOC1, and SOC2 compliance – and follows all local regulatory requirements. As a licensed Major Payment Institution in Singapore (licence number PS20200541), we operate under Monetary Authority of Singapore (MAS) regulation, with your funds protected according to MAS requirements.

How do I make sure my money is safe when transferring to China?

Keep your money safe with these three simple steps:

1. Choose a licensed provider: Select a regulated remittance service like Airwallex, which is licensed by the Monetary Authority of Singapore to help protect your funds.

2. Verify recipient details: Check your recipient's name and bank account information before sending to make sure your payment goes through smoothly.

3. Track your transfers: Monitor transactions in real time through the Airwallex dashboard, where you can view amounts, dates, and recipient details whenever needed.

What support does Airwallex offer to businesses encountering issues with their remittance transactions to China?

Submit a support request to Airwallex online. If you’re a China-based business, call +86 4008663888 from 9.00am to 6.00pm CST.

Sources: 

1. https://remittanceprices.worldbank.org/sites/default/files/rpw_main_report_and_annex_q424_13.pdf

2. https://www.worldfirst.com/sg/

3. https://www.corpay.com/

4. https://convera.com/en-sg/

5. https://wise.com/sg/business/

6. https://aspireapp.com/

7. https://www.ofx.com/en-us/about-us/

8. https://www.dbs.com.sg/documents/276102/282855/pricing-guide.pdf/0773e2ea-4475-834e-d328-8aa396d0679b

9. https://www.worldfirst.com/sg/solution/pay-into-china/

10. https://www.ofx.com/en-sg/faqs/what-is-the-minimum-transfer-amount/

11. https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/pd/2024/mas-response-to-consult-paper-on-psn11.pdf

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.