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How to Send Money to Bank Accounts in China

How to Send Money to Bank Accounts in China

February 12th, 2020

A densely populated nation, China sees a considerable number of its citizens emigrate each year in search of higher education and a better life. As of 2019, China became one of the world’s largest emigrating nations, with a diaspora of 10.7 million. Over the years, remittance inflows from people living abroad became a critical economic asset for this developing nation.

Importance of remittances

China, as an economy, has been struggling to overcome an export crisis that caused a slump in its GDP growth. China’s GDP growth fell from 6.4% in the first quarter of 2019 to 6.2% in the second quarter, the lowest in almost three decades.  During an economic slowdown, the country’s 1.4 billion-strong population is partially dependent on expats who  send money to China. During national holidays and festivals like the Chinese New Year, remittance inflows play a pivotal part in increasing household spending for families dependent on remittances.

Increasing remittance inflows to China

As per World Bank records, China ranked second to India, among the list of highest remittance-receiving nations. The country recorded an inflow of USD67.4 billion in 2018 and is expected to receive USD70.3 billion in 2019. Considering this growing number, international money transfer organisations like Xpress Money continue to provide convenient, safe and secure channels; thereby supporting expats. In this article, we share an overview of how to send money to a bank account in China.

Driving our commitment towards providing trusted remittance services in China, we have partnered with leading industry players like Alipay to provide seamless money transfers. Our business expansion strategy in China facilitates cross-border remittance channels for Chinese expats who wish to make instant  bank transfers to China.

Given a market worth trillions of dollars, JP Morgan’s Global Payment Trends Report for 2019 determines China’s bank account penetration to be around 80.2%. The predominance of open banking initiatives has largely eliminated middlemen. This has enabled Chinese expats to link their phones with their bank accounts and make transfers directly to accounts in the home country.

How to send money to bank accounts in China
Remittance inflow is crucial not just for the remittance industry but also for the economic growth of the receiving nation. It is in respect of this benefit that the UN’s Sustainable Development Goals aim to mitigate remittance fees from an average of 7% to an affordable 3% by 2030.

The emerging market of China follows a stringent regulation policy for money flowing into the country. If you are an expat reading this, there are plenty of ways to  send money to China, and finding a convenient and reliable option is crucial. Backed by our partnership with trusted players in China, we have harnessed the power of digital technology to make international bank transfers more convenient and affordable. Chinese expats across the globe can send money home through our instant account credit service. Your loved ones can receive the funds in their bank account through an Alipay wallet on a real-time basis.

The system provides round-the-clock real-time bank account transfers, and the recipient can withdraw the funds from their local bank account. For expats working hard to send money to their families, getting competitive exchange rates is an equally important aspect of remittances. The less they lose during the exchange, the more their loved ones back home get to withdraw!

Last words
Improving the remittance experience is a crucial driver for the future of the remittance industry. Xpress Money’s omnichannel capabilities and global partnerships with financial service providers cement our position in helping the Chinese diaspora get the most of their money transfers.

In collaboration with Alipay, we enable Chinese expats to exercise their discretion of how, where, and when they choose to  send money to China, by setting a robust cross-border system in place. Backed by our commitment and fuelled by the collective strength of our meaningful partnerships, we aim to make  sending money to China  an effortless experience.

Also read: Onwards and Eastwards to China