{"id":17699,"date":"2019-06-19T01:30:52","date_gmt":"2019-06-19T00:30:52","guid":{"rendered":"https:\/\/www.saporedicina.com\/english\/?p=17699"},"modified":"2022-02-24T12:02:03","modified_gmt":"2022-02-24T11:02:03","slug":"sending-money-to-china","status":"publish","type":"post","link":"https:\/\/www.saporedicina.com\/english\/sending-money-to-china\/","title":{"rendered":"Sending Money to China: The Guide to Saving Money"},"content":{"rendered":"

\"Sending<\/p>\n

Do you have to send money to China, perhaps a travel agency, a Chinese school, or your supplier, but your bank asks for absurd commissions and tells you that it will take more than 5 working days?<\/p>\n

Keep reading this guide to understand how to save time and money by using Wise (formerly Transferwise)<\/a>!<\/strong><\/p>\n

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Sending Money to China – Index<\/h3>\n
    \n
  1. What service should I use to save money on bank commissions?<\/a><\/li>\n
  2. Will I also save time by using Wise?<\/a><\/li>\n
  3. Limitations of using Wise (when sending money to China)<\/a><\/li>\n
  4. Alternate options to Wise<\/a><\/li>\n
  5. Frequently asked questions<\/a><\/li>\n<\/ol>\n<\/div>\n

    <\/p>\n

    What service should I use to save money on bank commissions?<\/h2>\n

    At the moment we can’t help but recommend TranserWise<\/a>, since we’ve been using it for years – with savings we never thought possible, – both for our own private international expenses as well as for our business<\/a>.<\/p>\n

    In few words, Wise (formerly Transferwise) allows you to send money abroad (not just to China), using the official currency transfer rate and having you pay only a percentage (which is more than reasonable) of the amount sent<\/strong>. <\/strong><\/p>\n

    \"Transferwise\"<\/p>\n

    When transferring Euros to CNY (Chinese Yuan), Wise’s commission is 1.5%. So, as you can see in the photo (taken from the Wise site at the time of my writing), if you send 1.000 Euro, Wise will make you pay a commission of about 15 Euro. <\/p>\n

    Note that there are other banks with similar commissions (others instead have much “higher” prices). The problem is that the banks don’t make their money on commissions: the “real” earner for banks are in the exchange rates that they offer, which are really unfavorable for you<\/strong> (a little like the exchange rates at the airports, even if not to such extremes). <\/p>\n

    So, again referring to the photo above, while Wise offers the REAL exchange rate between Euro and CNY (1 Euro = 7,6696 CNY, at the time I took the photo), the banks offer a rate more favorable for them<\/strong> (in the example seen in the photo 1 Euro = 7,4771 CNY in the first instance and even 1 Euro = 7,3620 CNY in the second).<\/p>\n

    These means that, on 1.000 Euros, Wise will save you an average of about 300 CNY (or around 40 Euro), compared to what you’d pay by sending a typical international bank wire transfer. It may not seem to be much, but we’re talking about a percentage of savings (you’ll pay 1.5% instead of 4-5% that you’ll pay using a wire transfer). <\/p>\n

    If instead you had to send 10.000 Euro, you’d save about 400 Euro (note that the amount of savings depends on the bank that you use<\/a>). <\/p>\n

    Will I also save time by using Wise?<\/h2>\n

    Yes, another advantage of Transerwise, besides saving on commissions, is that your transfer will arrive in China (or whichever country you’re sending your money too) much more quickly than using traditional banking channels. <\/p>\n

    If you’d like to know in detail how all of that is possible, or how to enroll in Wise, you can read this article<\/a>, or watch the video below.<\/p>\n