How to transfer money from Singapore to China fast and conveniently?
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If you’re wondering how to transfer money from Singapore to China, this article is for you. You will know how to transfer money from Singapore to China and find out the best way to transfer money from Singapore to China.
Before jumping into different ways of transferring money to China from Singapore, it’s time to learn some information about China-Singapore relations.
China - Singapore relations
China - Singapore relations officially started in October 1990, based on trading and close ties from other ASEAN countries to China.
In recent years, the bilateral trade between Singapore and China has rapidly developed and Singapore has kept the first position among ASEAN countries in their trade with China. Singapore is China's 9th biggest trading partner, while China is Singapore's 3rd biggest trading partner.
How to transfer money from Singapore to China fast and conveniently?
Singapore has kept its position as an active supporter for China's engagement and development. In another way, Singapore vowed to support and promote China's position in ASEAN, while managing the differences between the Chinese state and the organization.
In the 21st century, China's alteration into a key economic industry led to an increase in foreign investments in a network of overseas Chinese businesses present in Southeast Asia.
In 1998, the trade volume reached 8.154 billion dollars. In 1999, the trade value came to 8.56 billion dollars. In 2000, the total amount reached 10.821 billion dollars.
China remains Singapore's largest trading partner. Singapore's export and import in 2020 reached 969.1 billion Singapore dollars down 5.2% from 2019.
China ranks 3rd after the US and UK as the world's most-popular study destination, in which more than 4000 Singapore students are studying in China.
The Singapore Dollar (SGD) is the legal tender of Singapore. The Chinese Yuan (CNY) is the official currency of China.
As you can see, there is a high demand for transferring money from Singapore to China. If you are a business owner, a traveler or just parents wanting to send money to relatives/students in China… Here are 2 suggestions for you.
Best way to transfer money from Singapore to China
There are different factors influencing your decision, such as: speed, cost, and transparency of the process and ease of transaction.
Send money from Singapore to China via a bank transfer
At present, there are more than 150 banks and deposit-taking institutions, and 45 banks with representative offices in Singapore.
Bank transfers are the most popular ways of sending money to China because they are secure, reliable and convenient.
If you send a large amount of money to China at once, It’s more economical instead of sending a small amount many times. You’re just charged once for all.
However, they often involve slow delivery times in case delivery speed matters to you.
In addition, banks often charge high fees and give unfavorable exchange rates if compared to online money providers. This can make your transfer costly.
Technically, there is no limit to the amount of money transferred to a beneficiary in China. However, Chinese citizens must mee with a maximum sending limit of $50,000 USD (about 318,755.00 CNY) for foreign currency sent overseas each year.
The amount of CNY you can get from Singapore will mainly depend on the money transfer service provider you are picking.
Don’t worry! You will have an alternative option. There are many providers specializing in international remittance payments , and providers specializing in secure and convenient transfers.
Send money via an online money transfer provider
As the Fintech industry has been updated and developed, the choices for sending money from Singapore to China become more and more abundant.
You don’t need to stand in a queue at a money transfer counter, you can send money via online banking from even your phone or laptop safely and easily.
It’s easier than in the past to transfer money via local banks. The online service offers overseas coverage, multiple payments and fast delivery which are convenient and cost-effective.
The possibility to transfer money to China via online money transfer has added convenience to many people from Singapore.
It’s recommended to consider this typical list of online money transfer providers as your choice to transfer money from Singapore to China: DNBC Financial Group, CurrencyFair, Western Union, WorldRemit, XE, TransferGo, Remitly, OFX, TransferWise…
DNBC Financial Group is an outstanding provider to send money from Singapore to China. DNBC Financial Group offers personal and international business accounts in 173 countries. They provide their customers with alternative transfers at the most preferable possible rate.
The beneficiary will receive the money in one-three days. Especially in some situations, the beneficiary money will reach in a few minutes. It’s necessary if there is any emergency, and you have to get the money without waiting for your international transactions too long.
Alternatively, you can think of other ways to suit your demand for transferring money from Singapore to China such as CurrencyFair, Remitly, Wise, Western Union, TransferGo or WorldRemit.
You can easily send money between accounts online. It's more convenient and economical than heading to a bank directly.
More about DNBC Financial Group
DNBC Financial Group is an outstanding startup in the Fintech industry, providing money transaction solutions all around the world (including from Singapore to China).
By setting a high standard for innovation in the money transfer platform since 2017, DNBC Financial Group has offered optimal ways for international transfer with ease and convenience.
DNBC Financial Group currently has an increasing number of users globally and become one of the reputable providers in the world.
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