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Top 2 Money Transfer Providers for USA to China

Provider Amount Received Fee Exchange Rate Speed
Xoom CNY ¥1,373.66 $4.99 6.8683 more...
Wise Wise CNY ¥1,447.87 No Fee 7.2394 1-5 days more...
Daniel Webber

FX Expertise and Experience

Daniel Webber

Founder & CEO, FXCompared

Daniel is one of the world experts on the money transfer sector. He is widely quoted across the industry with over 20 years of experience in the international finance world focused on international payments, technology, and the property sectors. More about Daniel.

Send money from USA to China

How to Transfer Money from USA to China

USA to China Guide


Chinaand the US have strong political, trading and investment ties, with China thelargest supplier of imports into the US, and the US the third largest importerof goods and services to China. The countries are involved in a number of tradeand policy agreements that seek to enhance and promote business and investmentopportunities between them. Currently, there are many restrictions enforced bythe Chinese government that can complicate a money transfer into China. ForAmerican citizens who wish to transfer money from the US to China and convertUSD to CNY, using a foreign exchange broker that has expertise in Chinesefinancial transactions is advisable. The Chinese government regularly changesits policies in terms of accepting outside investment as well as investingoutside of China. Because of this, it is important to regularly keep up to datewith the current global economic policy of China before undertaking anybusiness there.

Top 2 Money Transfer Providers

Latest prices for transferring money from USA to China
Exchange Rates as of 25 July 2024, 02:51


Est. 2001

Online-only small transfers specialist

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Amount Received
CNY ¥1,373.66
USD $24.61
saved vs. banks


Est. 2010

Wise is an online only provider

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FXcompared Rating
Amount Received
CNY ¥1,447.87
USD $34.83
saved vs. banks

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Visas, work permits and residency

American citizens who already have a job contract from a Chinese firm can apply for a work visa, which is part of the process to eventually apply for a residence permit. Working in China is illegal without either a work visa (called the Z Visa) or a residence permit. For more information on acquiring a Chinese visa, please refer to the Chinese embassy website.

It is easier to already have a job contract from a Chinese employer, as this entitles the employee to apply for the Z Visa at their local Chinese embassy while still in the US. Once the work visa is approved, the holder can enter China legally and begin the application process for the residence permit. The work visa must be validated and approved within 30 days of entering China. Once the work visa is approved, the application for the residence permit can begin.

Buying property in China

Navigating the Chinese real estate market can be challenging, and it helps to keep a few things in mind when looking to purchase property as a foreigner. The Chinese government owns all land, selling it to real estate development companies for development. American citizens who wish to purchase property face several restrictions. They must have a work visa that is valid for at least one year; they are restricted to the purchase of one residence-use unit only; and they must sign a statement attesting that they do not own any other residential-use properties within China. Once they have met these requirements and have been approved, they can then arrange to transfer money from the US to China for their property purchase. This means that buying property in China for investment purposes is almost impossible.


Foreign citizens living and working in China are generally taxed at the same rates as residents. US citizens are also required to file a tax return with the US government and may owe taxes on earnings from work done in China. Currently, there is no tax agreement in place between China and the US. For American citizens who wish to transfer money from US to China to cover any taxes owed, there are restrictions currently in place that can limit money transfer options. As of 2018, new rules were put in place to attempt to limit the dangers of double taxation within China. Anyone who resides in China for 183 days or more will count as a resident for tax purposes and will be able to avoid some or all double taxation. It is currently not known if the five-year exemption that was previously in place for new residents will remain.

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with Xoom

American citizens studying in China

Today, China offers degrees in English at a number of universities throughout the country, providing an opportunity for foreign students who do not speak Chinese to study in China and obtain a degree.

For American students who plan to study in China for a period longer than six months, a student visa, known as the X Visa, is required. An X Visa application requires the student’s passport, which must be valid for at least six months after the date of the application, a completed application form, one passport-sized photo, and the completed foreign student visa application form. The student must also meet certain health requirements. For a study programme that is less than six months, an F Visa, also referred to as a Business Visa, is required for American citizens.


Americancitizens living abroad are eligible to vote by absentee ballot in US primary,general and presidential elections. They must first complete and return a voterregistration/absentee ballot to the elections office of the last state wherethey lived before moving abroad. Once approved, they will receive their ballotby mail for each election.


Americancitizens are covered under China’s healthcare and social insurance systems andcan receive services from them in the same way that Chinese nationals do. Allforeign workers in China are required to pay into the system, typically 8-11% oftheir salary, and this grants access to both systems. For Americans planning tovisit China, purchasing a travel insurance policy or a short-term healthinsurance policy is advised.

Importing from the US to China

The US and China have strong economic ties and a number of trade and investment policy agreements and initiatives between them. Two-way trade between the countries amounted to $562bn in 2013, with significant amounts of dollars to yuan traded. The US was the third largest importer of goods into China, with the total amount valued at $122.1bn, a 10.4% increase from the previous year. China also imported $25.9bn of agricultural products from the US, and private commercial services were valued at $30bn in 2012, a 10.9% increase from the previous year. US foreign direct investment and money transfers to China totalled $51.4bn in 2012, a decrease of 7.1% from the previous year. In 2018, the total goods and services exported to China increased to $179.3bn.

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with Xoom

Frequently Asked Questions

Are the money transfer companies shown above safe to use?

Yes, all the companies are safe and fully-regulated money transfer services. Each are authorised and regulated by the relevant authority such as the Financial Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.

How long does an international money transfer take?

The speed of delivery will depend on where the money is being from and to and how you are sending and receiving the money. Transfers sent using bank to bank transfers can depend take anywhere from minutes to days and you should check the time estimates from the relevant provider. Debit and credit card payments sometimes allow for faster transfers for smaller amounts.

How do I use FXcompared?

First review the comparison results (such as for a table above) for a given amount of money sending from USA to China. Then select a provider based on factors such as price, speed, their rating and click the green button to be taken to their website. From there, you can register and sign up for an account. Once you have done that and the provider has verified your identity to ensure the money can be send safely, you will be ready to transfer money.

What payments methods can I use to send money overseas?

The results shown above are typically for bank to bank transfers. It is possible via some providers to pay in your funds for the transfer via cash, debit or credit cards as well but this is usually reserved for smaller amounts. Some providers also give you different options for how the money will be received - to a bank account (most common), to a debit card, to cash or to a digital or mobile wallet.

What if the price shown above isn’t exactly what I am offered when I try to transfer money?

There can be a number of reasons why the final price you are offered may be different to that shown in the table above. Exchange rates between two currencies change all the time and is the most common reason. Additionally, some providers offer different pricing depending what method you are using to send funds or how the funds will be received. Others may offer you a premium service for faster payments. In some cases FXcompared has a special rate with a provider and this is reserved for first time customers who sign up to the provider starting from FXcompared’s website. As prices do change often, be sure to confirm the total cost with the provider before transferring money.
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with Xoom

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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared. is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.