With a population of over a billion people, it’s no surprise that there’s a lot of demand for ways to send foreign currencies and Chinese yuan (CNY) to China. Discover how Azimo compares to Remitly and TransferWise, two other leading digital providers on the market. Find out which service comes out on top in terms of speed, price and additional features.
Speed and delivery methods
How long transfers take is a key factor to consider when sending money to China. The provider you choose could be the difference between your recipient getting their money instantly or having to wait a few hours, days or even longer.
With Azimo, your transfer to China is:
- Instant with Alipay.
- Instant for mobile top-ups.
- Usually delivered within 24 hours with SWIFT bank transfers.
If you opt for Remitly, you can choose from two Alipay options which are:
- Express.
- Economy.
Remitly’s Express option will deliver money instantly for a slightly higher fee, while their Economy option offers lower fees but comes with a two-hour delivery window.
When sending money to China with TransferWise, you can choose from three types of transfers:
- Low-cost transfers – sent from a UK bank account.
- Fast and easy transfers – sent from a debit or credit card.
- Advanced transfers – sent from a GBP account outside the UK.
TransferWise transfers to China can take between two to six hours to complete except for Advanced transfers, which are delivered on the next working day.
Prices, fees and exchange rates
To compare prices between Azimo, TransferWise and Remitly, let’s see how much your loved ones will receive when you send £100 to China after registration.
| Provider | Recipient gets |
| Remitly | 869 CNY |
| TransferWise | 860 CNY |
| Azimo | 881 CNY |
Prices are correct as of November 10th 2020. Some figures have been rounded up to the closest Chinese yuan (CNY)
With Azimo your first two transfers are fee-free, and your first transfer also benefits from an introductory special exchange rate of £1 = 8.80 CNY.
TransferWise’s cost includes:
- A fixed fee of £0.77p.
- A 1.07% fee on the £100.
- The mid-market or interbank exchange rate of £1 = 8.75 CNY.
When sending the money with Remitly, the first transfer is fee-free. However, they offer two different exchange rates:
- An ‘Economy rate’ of £1 = 8.77 CNY when you pay from a bank account.
- An ‘Express rate’ of £1 = 8.74 CNY if you pay with a debit or credit card.
Additional features
While speed and price are key, most providers offer you additional services that can be very useful, depending on your needs. For example, you may want a provider that offers more flexibility for sending and receiving currencies. The table below compares each provider’s features when sending money to China.
| Provider | Sending currency | Sending limit | Receiving currency & delivery | Payment options |
| Remitly | GBP | £5,000 per day | CNY to Chinese bank accounts via Alipay | Debit or credit card & bank transfer |
| TransferWise | GBP, EUR & USD | 31,000 CNY equivalent per transfer | CNY direct to Chinese bank account | Debit or credit card, bank transfer, SWIFT & PISP* |
| Azimo | 8 inc. GBP, CNY & EUR | 50,000 CNY per transfer | EUR, USD & CNY to Chinese bank accounts via Alipay | Debit or credit card, SWIFT & bank transfer |
PISP means ‘Payment Initiation Service Provider’ and works similarly to Direct Debits. With a PISP you can give instructions to your provider to make bank transfers directly from your bank account.
Discover a faster, cheaper way to send money to China. Download the Azimo app on iOS or Android and start transferring funds today. Get your first two transfers fee-free and at great exchange rates.
