1 Best Ways to Transfer Money to China in March 2024 (2024)

1. Cheapest: Wise
2. Best exchange rate: Wise
3. Fastest provider: Wise
4. The best rated: Wise

• Wise: 67.66 MYR

Wise, the cheapest option, has a Malaysian Ringgit/Chinese Yuan Renminbi exchange rate of 1.5343 and a fee of 67.66 MYR.

This would save you 0 MYR compared to Wise, who has a fee of 67.66 MYR.

You'll want to pay attention to both the upfront fee the provider shows you as well as the Malaysian Ringgit/Chinese Yuan Renminbi exchange rate.

Often providers will claim to be a cheap global money transfer provider, with low, or even no fees, but in reality they're hidden within the exchange rate. Right now, Malaysian Ringgit/Chinese Yuan Renminbi interbank rate is 1.53428. Whenever you compare fees for transferring money to China, it can pay off to look at the exchange rate they offer.

Finding alternative ways to send money to China shouldn't be hard, we've put together a list of cheap ways to send money to China to help you with your search.

For example, most traditional banks add a hidden markup to the exchange rate they offer you. If 1 MYR is 1.53428 CNY, your bank can add a 3% exchange rate markup and give you a rate of RM 1 = 1.58031 元

• Wise is the cheapest option, with a MYR/CNY exchange rate of 1.5343. Their fees to transfer money to China is 67.66 MYR

• Wise: Instant-2 Days

Typically transferring money to China will be much faster using a money transfer company compared to a bank that can take 3-5 working days. That’s because banks usually process international money transfers through the SWIFT network. This system involves passing a payment through several intermediaries, which slows the process down. Money transfer companies have often built their own networks to process payments faster - which can even mean your money is deposited instantly into your recipient’s account.

The fastest provider in our table to transfer money to China is Wise - Instant-2 Days.

Learn more about instant ways to transfer money overseas here.

Of the 1 providers we found for transferring money to China, here's how they stack up in terms of number of reviews and average score:

• Wise - Trustpilot rating: 4.2, Great

You've got a few key options if you need to send money to China:

Bank transfer to China - most banks will let you transfer money internationally online, by visiting a branch or by phone. Payments to CNY will be sent directly from your bank account to your recipient's local bank account in your chosen currency.

Walk into a branch - several specialist money transmitter services operate through large branch and agent networks, so you can visit a physical store and make your CNY payment in cash if you want to.

Send money online to China - if you'd rather make your MYR/CNY payment online or using your smartphone, you can choose your own bank's online banking service, or an international payment specialist. Specialist services can often offer better exchange rates and lower fees than banks.

Cash pickup - sending a payment for cash pickup can often be the fastest way to get your money into your recipient's hands. It's also usually one of the most expensive because it's being prioritized and can even be instant.

Transferring money to another bank account to China is often the most convenient option - both for you, and your recipient. Your recipient doesn't need to take any action to receive the money, it just lands in the nominated account in the currency you choose, and can be spent or withdrawn easily.

If you're sending money from a bank account in Malaysia to a bank account in China, choosing a specialist provider can be the cheapest and fastest way to make your payment. Different providers have their own processes for arranging payments - but the steps you'll take are usually roughly the same:

1. 1

   Create an account
   Register a new account with your preferred service, by entering your contact details and some basic information. You may even be able to do this using Facebook or Google for convenience.

2. 2

   Verify
   Depending on the type of payment you're making, you may need to verify your account by uploading an image of your ID documents. This step helps keep your money safe, and is often a legal requirement.

3. 3

   Top up
   Add money to your account in dollars, using a bank transfer or card payment.

4. 4

   Add recipient details and send
   Once you're ready to send a payment, add your recipient's personal and bank account details, check the exchange rate and fee applied to your payment, and confirm. That's it - your money will now be sent, and you can track its progress online or in your provider's app.

Wise offers online and in-app money transfer services to China and 80+ other destinations around the world. You'll get the mid-market exchange rate to convert your Malaysian Ringgit, with fast transfer times. In fact, 50% of Wise transfers are instant*, and 90% get there in under 24 hours.

Pros and cons

Go to siteRead the full review

While sending a high value payment works very similarly to sending any other transfer overseas, the provider may require additional information to verify the payment. You might be asked to prove the source of the funds, for example, to comply with local and international financial services legislation. If you’re sending a large amount of money you’ll also need to make sure the provider you’ve picked can support the amount, as maximum payment limits may apply.

Here’s how to send a large sum of money internationally with a specialist international money transfer service:

1. 1

   Create an account
   Register a new account with your preferred service

2. 2

   Verify
   Verify your account by uploading an image of your ID documents

3. 3

   Add the transfer information
   Including the value and currency

4. 4

   Add recipient details
   Add your recipient's personal and bank account details

5. 5

   Fund your payment
   Make a local bank transfer, use your card or pick another supported payment method. Your money will be on the move as soon as it's been received by the provider.

What is the best way to transfer money internationally?

There's no single best way to transfer money to China. It all depends on your priorities. Different providers offer a different balance of cost, speed and convenience. Using our comparison tool to check out a range of providers is a good way to find the best option for you.

How to send money from Malaysia to China?

You can send money from Malaysia to China using your bank, a specialist money transfer service, an e-wallet, or by visiting a physical money remittance store. Each option has different pros and cons, so the best for you will depend on your specific transfer and personal requirements.

Can I send international money transfers from Malaysia to China for free?

You can't send money to China from Malaysia for free. International transfers cost providers money to arrange, so there's always a fee somewhere to make sure that the business covers its costs and generates profit. However, many providers choose to make the fees you pay trickier to spot by adding them into the exchange rates used for transfers.

When is the best time to transfer money from Malaysia to China?

There is no official best time to send money from Malaysia to China and that depends on a variety of factors such as when you need to send money or when you want the funds to be received. It’s also going to depend on a variety of other factors such as, the time when you send money or the fees you are offered by providers or banks.

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

All of the providers on our site are financially regulated in the countries they operate and hold the necessary licences. They have the highest security measures in place for fraud prevention and identity protection. However, it’s still better to be safe than sorry.

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