Chinese family

How to send money to China from Australia

Chinese migrants have been a significant part of Australian society for decades. As a result, there are now millions of Australian-born Chinese people who call the land Down Under home. That also means there’s an ever-growing demand for remittance services to send money to loved ones back in China. Discover the cheapest way to send money from Australia to China and what you should know before you do.  

Currencies in China

When you send money to China, most transfers are delivered in the local currency. However, as China has two currencies, it can be confusing if you haven’t transferred money there before. The good news is that both currencies have the same value. The renminbi (RMB) is the official currency of China and means ‘the people’s money or currency’. 

The renminbi is internationally known as the Chinese yuan or yuan and is abbreviated as CNY (CNH in Hong Kong) or with the ¥ symbol. In many parts of mainland China, the yuan is represented with the 元 character. 

Top tip

If you’re confused by the different Chinese currency names and symbols, it’s probably easier to remember that they have the same value.

1,000 CNY  = 1,000 CNH = ¥ 1,000 = RMB 1,000 = 1,000 元

Pay the lowest fees when transferring money from Australia to China

When you send money to China, look for a provider that offers a single, transparent and honest transfer fee. That way, your loved ones will likely get more RMB when you transfer Australian dollars ($, A$ or AUD) to China. 

Many money transfer outlets and agents love to advertise great rates while failing to mention their hidden fees. If an exchange rate seems too good to be true, that’s because it usually is. 

Azimo charges one transparent fee on transfers from Australia to China that’s usually among the lowest on the market

Get the best exchange rates when sending money from Australia to China

Make sure you’re being offered a fair exchange rate by checking the mid-market exchange rates between currencies. A good exchange rate will match or be as close to the mid-market rate as possible. Knowing the exchange rate will also help you estimate how much your recipient should expect to receive at the other end. 

For more useful tips, have a look at our guides to getting the best exchange rates and what makes currencies fluctuate

Even in stable economies, exchange rates go up and down on an hourly basis. The difference might appear small at first, but it soon adds up when you’re sending hundreds or thousands of Australian dollars to China. 

Sign up for rate alerts

If you’re planning to send AUD to China, get ahead of the game by setting up a rate alert. By signing up to services like Monito, you’ll receive notifications when there’s a great exchange rate between Australian dollars and RMB

Rate alerts are especially helpful when you’re looking to send large sums and can afford to wait a little longer for a better exchange rate. 

Avoid using your bank when sending money from Australia to China 

There are a lot of reputable banking institutions in Australia, such as the National Australia Bank (NAB) and Westpac. While sending money with your bank might seem like a good idea, you should think again if you want to avoid costly transfers. 

Banks are well-versed in hiding charges and fees for sending money abroad. In fact, we’ve written a complete guide on why you should avoid using a bank to send money overseas

Use a dedicated money transfer provider

There’s a lot of choice in Australia when it comes to transferring money to China. In addition to money transfer outlets, parallel market operators and banks, there are now several fintech companies like Nium (formerly InstaRem) and Remitly.

Thanks to innovative technology, these providers usually offer a faster, cheaper and safer way to send money to places like Beijing, Shanghai, Wuhan and beyond. 

You can save a lot of money on your money transfers by using digital remittance services like Xendpay and TransferWise. Companies like these can offer competitive prices as they have no transaction or receiving fees and reasonable exchange rates. Usually, though, you’ll find the best deal with Azimo.

Send money to China from Australia with Azimo

Along with just one fair and transparent fee, Azimo often has the best exchange rates on the market. And with our instant delivery times to many locations, it’s no wonder why we’ve received more than 40,000 five-star reviews on Trustpilot

Enjoy multiple delivery options when you send money from Australia to China with Azimo. As well as transferring money to Chinese bank accounts via Alipay, you can also top-up a loved one’s mobile phone with a selection of amounts in yuan. We work with popular mobile networks in China that offer top-ups ranging from 20 CNY to 500 CNY.  

Azimo only works with the most trusted financial institutions such as the Bank of China, which means you can have peace of mind that your transfer is secure every step of the way. 

Finally, check the Azimo pricing page to see just how much you can save versus other money transfer providers when you send AUD to China.

Discover a faster, cheaper way to send money from Australia to family in China. Download the Azimo app on iOS or Android and start transferring funds. Register today and get your first two transfers fee-free and at exceptional exchange rates.