How to Send Money From Canada to China (4 Easy Steps)

If you are a Canadian customer, there are several options available for sending money to China.

However, selecting a money transfer service is usually not an easy task.

There are several considerations involved in this process to ensure that you are balancing both efficiency and cost-effectiveness.

In recent times, we have seen the launch of several online transfer platforms such as Wise, Remitly, and XE that each offer their own unique set of benefits.

Depending on what you value (cheapest cost, fastest speed, etc.), each of these providers may be a worthwhile option for you.

1. Select a Money Transfer Service

The first step to being able to send money is to select the money transfer service that offers you the benefits you are looking for.

When looking to send money to China, you have the option of using various online platforms such as Wise (previously known as Transferwise), Remitly, WorldRemit and XE.

Alternatively, you can also use your banking provider (such as RBC, CIBC, BMO, Scotiabank, TD, etc.) to complete a wire transfer directly to your recipient’s bank account.

2. Create an Account

Assuming you are using an online transfer service, your next step would be to create an account with the requisite provider.

To do this, you would first need to download their mobile app or navigate to their website.

Once there, you can create an account by providing your personal identification details, bank account details, and other relevant information that the provider requests.

3. Enter Your Recipient’s Details

Next, you also need to enter your recipient’s details.

In most cases, you will be asked basic personal information about the recipient as well as their online banking details to ensure that the money is sent to the right account.

4. Select How Much Money to Send and Pay for Your Transfer

The last step is to select the amount of money that you want to send to your recipient, and then execute the transfer.

At this stage, you will be able to view the exact fee structure including any administrative fees, currency conversion fees, etc.

Once you have reviewed and accepted the details, the transfer will be initiated and the recipient will receive the funds in a few business days.

Most online services offer different methods of paying for your transfer.

You can often choose between two or more of: (i) direct debit, (ii) bank transfer, (iii) debit card, and (iv) credit card.

However, you will likely find that each method has different fees and processing times associated with it.

Key Considerations When Sending Money from Canada to China

Below is a list of items you should keep in mind before transferring money from one country to another:

CAD/CNY Exchange rate:

1 CAD = 5.21334 CNY at 10:42 PM UTC on Sunday December 04, 2022.

If you are converting between Canadian Dollars and the Chinese Yuan, you should monitor the exchange rate that the provider offers and compare it to the market rate to see the differential.

While some providers may offer lower administrative fees, they may take a higher cut of the foreign exchange (FX) conversion.

It is important to know this beforehand to make the best decision for yourself.

Fees:

Most online transfer platforms will charge a fee for their service.

This fee may vary based on the provider, the amount of money being sent, currency, etc.

As such, it is crucial to assess the net amount that the recipient will receive in hand to understand the total fees charged by the provider.

Speed:

The total turnaround time that it takes for your recipient to receive the money from the time you send it.

Service:

While this may not be a primary consideration in the way that costs and processing time would be, it is still important to know what type of customer support you can expect if there is a processing error or other barrier preventing your money from being transferred correctly.

Sending money from Canada to another country

What Currency Does China Use?

China uses the Chinese Yuan as their official currency.

The CNY is regulated by the People’s Bank of China which holds accountability for monetary policy, currency supply and regulation of financial institutions.

As of 2021, the Yuan was one of the world’s most-traded currencies.

Frequently Asked Questions

  • Can I send an e-transfer from Canada to China?
  • No, you cannot send a standard e-transfer (i.e. one where you just need the recipient’s email and/or phone number) internationally outside of Canada.

  • Can Western Union be used in China?
  • Yes, you can use Western Union to send money to and from China using either the web app, mobile app or visiting a branch in person.

  • How long does it take to send money from Canada to China?
  • Depending on which provider you use and your method type (credit/debit card, bank transfer, etc.), you can typically expect a processing time that ranges between 1 to 5 business days.

  • Can I send money from Canada to China for free?
  • The short answer is no. Even if someone advertises ‘zero fees’ in their marketing materials, you usually will have to pay an exchange rate that is unfavourable compared to other providers.


Harshil Dhanky is a financial services professional based out of Toronto, Ontario with extensive experience in the Canadian banking industry across Toronto, Calgary, and Vancouver in the capital markets, asset management, and lending sectors.

In the past, Harshil has worked with a range of consumer lending websites, personal finance advisors, investment managers, insurance companies, and other financial institutions to write and edit whitepapers, articles, blog posts, and other collateral read by consumer audiences to help them make better financial decisions.

His work spans a wide range of Canadian personal finance topics including savings and retirement programs, debt management tips, mortgages and personal loans, and other key financial issues for Canadian consumers at each stage of their life.