Looking to transfer money to China but worried it might be complicated? Don’t worry—times have changed! There are now plenty of convenient options for international money transfers that you can choose based on your needs. Let’s explore the complete guide!
Before initiating a money transfer to China, there’s an essential detail you need to know: the SWIFT code for Chinese banks. Considering China’s complex banking system with major institutions like Bank of China, ICBC, and China Construction Bank, ensuring the correct SWIFT code is crucial for a smooth transaction.
Read also: Chinese RenMinBi – Difference Between China’s Yuan and Renminbi?
The Importance of SWIFT Codes for Money Transfers to China
A SWIFT code (Society for Worldwide Interbank Financial Telecommunication) or BIC is a standardized international code used to identify banks and financial institutions worldwide. This unique code, consisting of 8-11 characters, facilitates secure international bank-to-bank money transfers.
Unlike domestic transfers in China, which use the CNAPS code, international transfers require a SWIFT code. For example, the SWIFT code for Bank of China is BKCHCNBJ: BKCH represents the bank, CN is the country code for China, and BJ denotes the city (Beijing).
To find the correct SWIFT code for a Chinese bank, you can search online through platforms like Google, visit the bank’s official portal, or use the SWIFT/BIC Code Checker on the Transfez website. If unsure, you can also contact the recipient bank’s customer service for further confirmation.
Given the significant exchange rates between Rupiah and Yuan, using the correct SWIFT code is critical. Mistakes in the code can delay or even fail the transfer, so always double-check before sending money.
3 Ways to Transfer Money to China
Here are some methods you can use to send money to China:
1. PayPal
PayPal is a digital money transfer platform that allows instant money transfers to China. Both the sender and recipient must have PayPal accounts linked with their verified identity and an active email address.
Transfers between PayPal users are free of charge, but withdrawals to a bank account incur a 1.50% fee with a minimum charge of USD 0.25. PayPal-to-PayPal transfers are instant, while withdrawals to bank accounts take 3-5 business days.
2. MoneyGram
MoneyGram is another digital transfer service that supports sending money to China. It partners with various banks across China, enabling users to transfer funds via the MoneyGram website or mobile app.
MoneyGram offers options to transfer funds in multiple currencies, including Chinese Yuan (CNY), making it easier for recipients in China to access funds without additional currency conversion.
3. Bank
Bank transfers can be done through internet banking or by visiting the nearest branch with a valid ID. Make sure you have complete recipient details and the SWIFT code for the destination bank.
International transfers via banks typically take 1-7 business days and involve relatively higher administrative fees compared to other methods.
How to Transfer Money to China via Transfez
What makes Transfez the ideal solution for sending money abroad? One key advantage is that you can transfer money to over 70 countries in 33 currencies with the best exchange rates and low fees. Most importantly, your transactions are secure, as Transfez is officially registered and monitored by Bank Indonesia.
1. Download and sign up for the Transfez app for FREE;
2. Enter the amount to be sent;
3. Verify your identity;
4. Provide the recipient’s information in China;
5. Complete the payment;
6. Your money transfer is done!
Download the Transfez App
Simple, right? Transfez is the perfect choice for transferring money to China. With a flat fee of IDR 100,000 per transaction, regardless of the amount, your money will arrive in real-time on business days. Download the Transfez app now and enjoy seamless money transfers to China!
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