How to send money to China from Canada [new update in 2022]
TABLE OF CONTENT
There is a huge demand for sending money to China from Canada for personal or business purposes. This is due to the economic exchange needs and close tie between China and Canada.
Regardless of over 9,380 kilometers of the geographical distance between China and Canada, there are numerous ways to send money to China from Canada. This guide by DNBC’s experts will explain more!
China and Canada economic relationships
Canada and China have been long-standing relationships and dated from before the establishment of diplomatic relations in 1970.
How to send money to China from Canada [new update in 2022]
More than 1.8 million Canadian residents originated from China. Chinese is Canada’s 3rd most spoken language, and the immigrants born in China form one of the biggest communities among Canada’s immigrants. Fast-growing tourism demands and cultural exchanges enhance the bilateral linkages.
Canadians send remittances around the world, especially in China. In 2016, Canadians sent about 4 billion dollars to China, making it the most popular destination in the world for Canadians to send funds to. Investment and multinational enterprises have been considerably increasing between the 2 countries.
There are nearly 1,600,000 Chinese people living and working in Canada, who send or receive money from back home.
China is Canada’s 2nd most vital bilateral trade partner. Canada’s imports from and exports to China are diverse by products.
China was one of Canada's biggest trading partners in Asia for a few years. It was Canada's top export market and it was Canada's top import supplier in Asia.
For the past few years, the Yuan has been pegged from 4 to 5.5 per Canadian dollar. The CNY is devalued to make China more competitive in the global market.
China is one of the top 5 beneficiary countries for remittance inflows. A total of 53 billion dollars was sent from internationally to the mainland in 2021.
Most transactions were processed with overseas money transfer providers and alternatives.
How to send money to China from Canada?
Family support, property investment, and personal transactions are the most popular reasons to send money to China. But there are also business transactions, which are more complex and often come with additional fees.
Whatever reasons you have, you should know multiple options to send money to China. Here are some popular ways to send money to China from Canada.
Money transfer service providers
Those are payment service providers with overseas money transfers , including sending money from Canada to China. Most international money transaction services are available online, sending funds to China is just in a few clicks.
Money transfer providers require you to register and verify an account before sending money to China. Once doing that, you can use the simple transaction form to do a transfer. It involves providing the sender and receiver's details.
Service providers will offer an obvious overview of fees and the favorable exchange rates. If you agree with the details, initiate the transaction. Depending on the chosen method, the money can be sent to the beneficiary in minutes.
DNBC Financial Group offers personal and business accounts. They apply SWIFT and SEPA transfers to more than 170 countries, offering the customers with transfer alternatives at the best possible rate.
The beneficiary can get the remitted money from one-three days. Especially in some cases, the recipient will get their money in minutes.
Also, the security factor consists of encrypted transactions and a protected system where your personal and financial information is stored. Strong data protection, security, and a good reputation is compulsory for money transfer providers to build trust with customers.
Bank account transfers
It’s a bank-to-bank transfer from your account to the beneficiary bank account in China. In general, it’s secure and convenient. However, this often comes with high fees and unfavorable exchange rates.
Banks can charge a lot for processing the transfer that can take a few days for the funds to arrive.
PayPal is present in China, but it's not a common e-payment service. However, the firm has a long history, making it a trustworthy choice for sending money from Canada to China.
However, the fees can be high, especially for the sender. Money transfer service providers are usually cheaper and faster.
What do you need to send money to China?
For a money transaction from Canada to China, you'll need some documents as follows:
A valid photo ID: It's required to confirm your identity. You need a valid phone number to register an account with an online money provider.
The sending amount: You should plan the sum you transfer in the desired payment method, such as your bank account or credit card.
Beneficiary information: It includes: name, address, bank account number and other details, such as SWIFT, bank branch…
Proof of money origin: Most services require some documents of money origin, especially for large sums, as a compulsory part of the anti-money laundering regulation. The document can be a property sale contract, salary statement…
There's no limitation on how much you can send to China. However, the receiver has a restriction of not converting or purchasing a foreign currency more than 50,000 dollars annually. So, it is best to send money in Yuan currency.
As a sender, you don’t need to pay any taxes when sending money to China. However, you might need to report a large amount of money to local authorities.
More about DNBC Financial Group
DNBC Financial Group is a reputable startup in Fintech. It offers money transaction solutions anywhere in the world.
By setting a high standard for innovation in the money transfer platform since 2017, DNBC Financial Group has given full solutions to collecting payments, transferring and managing funds.
Currently, DNBC Financial Group has a considerable number of customers all around the world, consisting of many customers transferring money from Canada to China online.
Ria Money Transfer has been revolutionizing the financial services industry with its innovative money transfer solutions, serving customers across the globe. With the company's dedication to providing exceptional customer services, Ria Money Transfer customer service has become synonymous with reliability and top-notch support. In this in-depth guide, we will discuss how the Ria Money Transfer customer service, customer service number, and customer service hours elevate your experience and offer unparalleled support
Sending money internationally has become a necessity for many individuals and businesses. WorldRemit money transfer has emerged as a leading player in this space, providing users with a secure and efficient platform to send money across borders.
Cash App has gained popularity as a convenient and user-friendly mobile payment platform. However, like any financial service, it is essential to understand the associated Cash App fees to make informed decisions