How to Send Money to China from Singapore: Complete China Remittance Guide

Key Takeaways

• Remittance to China from Singapore involves navigating fees, FX spreads, and regulatory differences between CNY and CNH currency transfers.
• Bank transfers via SWIFT are reliable for large transactions but often slower and more expensive due to intermediary and recipient bank fees.
• Money transfer operators provide faster, lower-cost options for personal remittance to China, though they may limit transfer amounts or currency types.
• Fintech payment platforms enable near-instant transfers using local Chinese payment rails, offering better FX rates and transparency for business users.
• CNY refers to onshore RMB used within China, while CNH is offshore RMB traded internationally with more flexible rates.
• Choosing between CNY and CNH depends on the recipient’s account requirements and the provider’s supported currencies.
• Accurate beneficiary details, including CNAPS and SWIFT codes, help prevent delays and ensure successful China remittance processing.
• Comparing FX rates, transfer fees, and processing speeds across banks, fintechs, and money transfer services ensures cost-effective remittance decisions.

Sending money to China has become almost a weekly routine for many people and businesses here. Whether it is to pay a supplier in Shenzhen, support family back home, clear tuition fees, invest in a new venture, or run cross border operations, demand for remittance to China has grown steadily in recent years.

Yet despite being one of our closest trade partners, transferring money across the SGD, CNY corridor is not always as straightforward as one might expect. Fees differ widely, delivery times can be unpredictable, and the choice of currency, CNY or CNH, affects how much the recipient eventually receives.

This guide breaks everything down clearly, step by step. It explains the main transfer methods, costs, processing times, currency considerations, compliance requirements, and best practices for faster and more cost effective money transfers in 2025.

Why Sending Money to China Can Be Challenging

Remitting money across borders is never just about clicking “send”. China has unique regulatory structures and currency controls, which means transfers do not behave the same way as transfers to the US or Europe. A few common challenges include:

1. Limited Transparency on Fees

Many traditional channels route funds through intermediary banks. Each intermediary may deduct its own fees, resulting in unpredictable amounts being received by the beneficiary.

2. CNY vs CNH

Recipients in China may need onshore CNY, while some international platforms only send offshore CNH. Rates for the two differ and fluctuate independently.

3. Slower Processing via Traditional Banks

SWIFT is secure, but slower. Multi layer routing and compliance checks often mean international transfers take 1 to 3 working days, sometimes longer during peak periods or public holidays.

4. Additional Verification

Certain payment purposes, such as investments, property related transfers, or large business payments, trigger additional documentation checks on both sides.

5. FX Rate Variability and Hidden Mark Ups

Even when a provider advertises “no fees”, you may still pay indirect costs through widened FX spreads.

All these factors make choosing the right method important, especially for businesses that pay overseas suppliers frequently.

Main Methods for Remittance to China

Several options exist today for remittance to China, each with its own pros and cons. Understanding these helps you match the right method to your needs.

1. Bank Transfers via SWIFT

This is the most traditional and widely used method, especially for business to business payments.

How it works

Funds are transferred from your bank account to the recipient’s Chinese bank via the SWIFT network. The transfer may pass through several intermediary banks before reaching the final account.

Advantages

• Familiar and trusted
• Suitable for large business transactions
• Receipts and bank statements offer clear documentation

Disadvantages

• Slower processing, usually 1 to 3 working days
• Higher total cost, transfer fees, intermediary bank charges, FX mark ups
• Limited transparency, you may not know the final amount the recipient will receive until the transfer arrives
• Potential delays if beneficiary details, especially CNAPS code, are incomplete

2. Money Transfer Providers

These are consumer friendly remittance operators that allow individuals to send small to medium amounts, often through mobile apps or physical outlets.

Advantages

• Accessible and convenient
• Lower fees than traditional banks
• Suitable for family support, overseas payments, and personal transfers

Disadvantages

• Delivery times vary by provider
• Limits on transfer amounts
• FX rates may still include substantial mark ups
• Some platforms only support CNH, not CNY

3. Fintech Payment Solutions

Fintech platforms have increasingly become the preferred method for businesses handling supplier payments or recurring cross border transfers.

How they work

Instead of using SWIFT, these platforms rely on local Chinese payment rails, which allow funds to move locally in China while settling in Singapore through a parallel domestic network.

Advantages

• Faster, often under 24 hours
• Lower cost due to minimal intermediary fees
• Transparent pricing
• Better FX rates, especially for large amounts
• Designed for business transactions with detailed reporting tools

Disadvantages

• Availability varies by provider
• Some solutions require business registration

Mid Remittance Assistance From SingBusinessLoan

If you are sorting out overseas transfers while juggling other financial needs, managing cash flow can feel like an uphill climb. SingBusinessLoan offers flexible personal loans that can help you stay on track. Whether you are navigating unexpected costs or simply need extra liquidity, you can consider applying through SingBusinessLoan for a straightforward and quick loan process.

How to Send Money to China, Step by Step

Regardless of which platform you choose, the remittance process generally follows the same steps.

1. Choose Your Transfer Provider

Compare options based on:

• Total fees
• FX rates
• Processing speed
• Supported currencies
• Transfer limits
• Customer support availability

2. Confirm Whether the Recipient Needs CNY or CNH

Ask the beneficiary to specify:

• Whether their account accepts CNY or CNH
• Their bank’s preferred currency for incoming international payments

3. Prepare the Required Recipient Details

Information typically includes:

• Full name
• Bank name
• Branch name
• Bank account number
• CNAPS code
• SWIFT code
• Recipient’s mobile number

4. Enter the Transfer Amount and Review Total Costs

Most platforms display:

• Transfer fee
• FX rate
• Estimated amount received
• Estimated delivery time

5. Confirm and Initiate the Transfer

Payment methods may include:

• Bank transfer
• FAST
• Debit or credit card
• Wallet balance

6. Track the Payment

Track via app, email, or transaction reference.

Tips to Avoid Delays

• Provide accurate CNAPS or SWIFT codes
• Ensure exact name matching
• Avoid transfers near major public holidays
• Prepare documents for larger transactions
• Use correct purpose codes for business payments

Costs and Fees for China Remittance

Key cost components include:

1. Transfer Fees

Typically higher in banks.

2. FX Conversion Fees

Can be significant depending on the provider.

3. Intermediary Bank Charges

Common with SWIFT transfers, not always transparent.

4. Recipient Bank Fees

Sometimes charged by Chinese banks.

5. Hidden Mark Ups

Avoid providers that do not show the final received amount upfront.

Speed of Transfers from Singapore to China

Traditional Banks

1 to 3 working days

Money Transfer Operators

Same day to 2 days

Fintech Platforms

Often under 24 hours

Factors Affecting Speed

• Public holidays
• Incorrect details
• Compliance reviews
• Cut off times

CNY vs CNH, Which Should You Use

CNY

• Onshore RMB
• Used within China
• Controlled rate

CNH

• Offshore RMB
• Freely traded

Which to Choose

Regulatory Considerations When Sending Money to China

Large transfers may require:

• Identity verification
• Purpose of payment
• Supporting documents

Both jurisdictions enforce compliance.

Best Practices for Businesses

• Compare FX spreads
• Use transparent providers
• Choose platforms with local Chinese network access
• Keep proper records
• Prepare invoices and contracts
• Avoid peak holiday periods

Frequently Asked Questions

1. What is the cheapest way to send money to China?

Fintech platforms usually offer the lowest total cost.

2. How long does a transfer take?

Between hours and 3 working days depending on method.

3. Why is my transfer delayed?

Common causes include missing details, intermediary processing, or compliance checks.

4. What is the difference between CNY and CNH?

CNY is used onshore, CNH offshore, and they have different FX rates.

5. Are there limits on how much I can send?

Limits vary by provider and transaction purpose.

6. Can I send large business payments?

Yes, but documents may be required.

Closing Thoughts

Choosing the right remittance method can significantly affect speed, cost, and reliability. Whether you are supporting family, paying a supplier, or managing cross border business operations, understanding CNY vs CNH, cost structures, and fintech advantages helps you make informed decisions.

Apply For a Loan Through SingBusinessLoan

If you need extra support for personal expenses or to stabilise your finances while managing overseas payments, you can apply for a loan through SingBusinessLoan and access convenient personal financing options quickly.