Comparison of Cost Assessment of Formal International Remittance to China

/ Sky | 苍穹の下
正规国际汇款到中国的成本评估对比

Remark

  • Note 1: Those who use SWIFT international wire transfers, especially traditional banks, are likely to have not only a sending fee, but also an intermediary bank (which may be charged, fixed or percentage). Banks in mainland China generally do not collect remittance fees, and modern electronic remittance platforms can generally reduce these costs.
  • Note 2: The base exchange rate uses the exchange rate that WISE remits from foreign currency. Only three foreign currencies such as USD, GBP and EUR are discussed, and the platform USD transaction is selected as the benchmark by default. In addition, the exchange rate fluctuates a lot during the statistical period, which is for reference only. (Bank of China’s spot foreign exchange buying price is about 0.2% lower than WISE)
  • Note 3: Remittances to Alipay and WeChat do not occupy foreign exchange quotas and are subject to risk control declarations. SWIFT requires manual foreign exchange settlement, accounting for quotas, and large-amount declarations, usually at the bank’s spot exchange purchase price. UnionPay Express automatically locks the foreign exchange settlement, accounts for the quota, and the exchange rate amount can be directly previewed, which is determined by the remittance platform. When remittance to Alipay, WeChat and UnionPay is rejected, refunded, etc., it is generally processed immediately without any handling fee, and the foreign currency is returned as it is. If it is Swift remittance, there may be various refund fees and exchange rate differences.
  • Note 4: The data is for reference only and may change at any time, and the rules of many platforms are unclear and difficult to measure. In addition, some platforms have discounts for new users to attract traffic, which actually kills the exchange rate thief.

Comparison summary

  1. Revolut SWIFT: USD/GBP/EUR are both 4USD (free for ten times a month)
  2. HSBC Premier SWIFT: General remittance is free, it is not ruled out that there are intermediary banks, and peers are fast (China, ICBC and other banks also have similar services)
  3. Ouitrust SWIFT: 20EUR+0.2%
  4. Ouitrust Wechatpay: The handling fee is 1% GBP, 0.857% EUR, and the exchange loss is about 0.31-0.34%.
  5. PayPal CN SWIFT: 35USD, you know Swift wire transfer, the transit bank problem is unknown.
  6. PayPal XOOM UnionPay: The foreign exchange loss is about 2.7%. In principle, some personal PPs in other areas must support PP balance payment. When the amount is less than US$1,000, the card payment fee is 8.8820U, the bank and PP balance payment fee is 4.99USD, and the payment fee is more than US$1,000. 30-60 for card payment, 0 for PP and bank payment, 0 for more than $2679
  7. PayPal XOOM Alipay: The foreign exchange loss is about 2.7%. In principle, some personal PP in the outer area must support PP balance payment. The handling fee is 0 when it is greater than 1,000 US dollars, and the fixed handling fee is 1.99 USD when it is less than 1,000 US dollars.
  8. Skrill CNY: Third-party public account payment, 3.99%+5.5EUR, no quota limit, no need to declare.
  9. Paypneer CNY: Shanghai Fuyou Pay online quick cash withdrawal, the Bank of China spot exchange purchase price, the default handling fee is 1.2% [generally 1-2%]. Partial deposit methods are not supported, commercial transaction funds are required, no declaration is required, and transaction materials are required for risk control.
  10. Wanlihui WorldFirst CNY: Alipay company settlement, only part of the deposit method (mainly PayPal and Stripe), RMB delivery needs to fill in the form to register transaction records (pure foreign currency is not required), may require certification. The handling fee is 0.3%, the purchase price of Bank of China’s spot exchange. Foreign currencies such as US dollars can also be withdrawn.
  11. WISE SWIFT: When remittance in the same currency, fill in an overseas account (for example, a Chinese bank) to select an international wire transfer. The handling fee is 4.27GBP, 3.83EUR, and 3.29USD (if the balance is used for payment), and sometimes the transfer bank will be previewed. cost issue. In addition, please note that after my test, a single remittance of more than 2,000 US dollars will be charged an extra fee of 11.1 USD (test date 20221031, target China Bank of China and Agricultural Bank of China) (Mainland China Bank basically does not charge remittance fees, but it cannot be ruled out that there are Intermediary bank charges) (Bank of China’s spot foreign exchange purchase price is about 0.2% lower than WISE, other banks have different levels, but they are almost the same)
  12. WISE UnionPay: The fee for USD is about 1%+0.6~1USD (some are fixed, refer to 4000 for 41.07, 1000 for 10.71, 100 for 1.6, minimum 0.6USD, the data here is taken from the US dollar balance of the UK business account) Others Currency is also available, the price is not much different.
  13. WISE Alipay: The fee for USD is about 0.76%+2.69~3.8USD (some fixed, 4000 charges 34.2, 1000 charges 10.59, 100 charges 3.45, the minimum 2.69USD, the data here is taken from the ACH withdrawal of the mainland personal account) Others Currency is also available, the price is not much different.
  14. Panda Express Alipay WeChat UnionPay: The exchange loss is about 0.47%, and the single limit is 100-2999 USD. The handling fee is 2.99 within 1K, 4.99 within 2K, and 6.99 within 3K, but the feedback is that the handling fee is often free at night. Charges are slow when paid with ACH, taking several days, but free. It is also possible to pay with a debit card, but with an extra 1% or so.
  15. Huibaoli Alipay WeChat: The exchange loss is about 0.69%, and the maximum single transaction is 2999USD. It supports debit card and USD ACH payment. The event is currently free of charge.
  16. Remitly Alipay WeChat UnionPay: This good reputation is not good, the official website shows that the fee below 1000U is 2.99u, and the fee above 1000u is free. Support credit card debit card ACH and other payment methods. It seems that KYC is a lot of shit. The preferential exchange rate for new users is 0.166% higher than the benchmark.
  17. Western Union Alipay: an old-fashioned leek harvester, with a single limit of 2500U. It seems that KYC is broken. Alipay App shows a fixed fee of 1.99 for debit cards, about 2.6-2.8% for credit cards, and ACH is free. The web version shows that Alipay’s fees are completely free, and I don’t know why. The exchange loss was about 1.58%.
  18. Western Union UnionPay: The web page shows that the handling fee is completely free. For some reason, it is recommended to refer to the handling fee above. The exchange loss was about 1.23%.

    Paysend Alipay WeChat: The handling fee is fixed at 2U, and you can pay by card. The exchange loss was 3.62%.

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