The worst thing about sending money back to the mainland is that you have to wait for a long time. Especially if you are in a hurry to pay for the goods, pay for your family's living expenses, or are in a hurry to buy a house, the bank says you have to wait two or three working days. There are many remittance methods on the market, which is the fastest way to send money to China ? As a money changer that has been in Tsim Sha Tsui for more than 10 years , we help customers handle urgent transfers every day. Today we will break down the actual speed of various channels and tell you how to transfer money quickly and efficiently.
Many customers think that bank transfer is the safest, but in fact, if they don't use the express service, ordinary wire transfers can take two or three days to arrive. Now d Alipay, WeChat remittance heard very fast, but limited limit and fee trap. We have tested several mainstream methods and found that the most underestimated method is using professional RMB remittance services, which can be delivered within 3 hours and fees are even lower than banks. How can it be so fast? Let's compare them one by one with you below.
Comparison of remittance speeds among various banks
There are three main types of traditional bank transfers to the mainland: ordinary wire transfers, express wire transfers, and cross-border instant payment systems. Ordinary wire transfers through the SWIFT network typically take 1 to 3 business days, including the time difference. If you choose express service from major banks such as Bank of China Hong Kong and HSBC, you can arrive at the fastest same day, but the fee can be HK$200 to HK$400 at any time. Some online platforms of China Merchants Bank claim "5 minutes to the account", which actually depends on whether the receiving bank participates in the real-time clearing system, and the amount limit is usually tens of thousands of dollars.
The following is a reference for the speed of transfers to the Mainland from several major banks in Hong Kong:
bankOrdinary remittanceExpress money transferTransaction fee (approximately)Bank of China (Hong Kong)1-2 dayssame dayHKD 200HSBC1-3 dayssame dayHKD 250Hang Seng2-3 daysThe next dayHKD 180China Merchants Wing Lung1-2 dayssame dayHKD 150
It should be noted that banks usually require you to fill out a form in person at a branch or pre-register the recipient through online banking, and the first remittance may still have to wait for approval. If you are a new customer, it will take the next day at the earliest. And bank exchange rates are generally not as beautiful as RMB exchange shops , because they increase the difference. Experience has shown us that banks are suitable for large, unhurried money transfers, but they are not the best option if you want to be quick.
Alipay International Remittance Test
Alipay can now send money directly from Hong Kong to the mainland using the "cross-border remittance" feature, which claims to arrive in as fast as 10 minutes. We actually helped our customers test it once: transfer HK$10,000 from Alipay in Hong Kong to a bank account in Mainland China, selected the instant payment option, and waited about 45 minutes to receive a notification. It’s fast indeed, but note the following:
- Fees : Generally charged HKD 50 to 80, if you pay by credit card, you will have to pay an additional fee.
- Exchange rate : Alipay’s exchange rate is usually more expensive than banks, in 2024, for example, for the same Hong Kong dollar to RMB, Alipay exchange rate is about 1.5% different from the mid-market price, while professional money changers are only 0.5% worse.
- Limit : Accounts that have not been authenticated can remit up to HK$20,000 per day. Even if the real name is real, the single transaction limit is usually HK$50,000 to HK$100,000.
Alipay is suitable for small, personal purposes, such as sending living expenses to family members. But if you are doing business, sending money or buying a house, the limit is not enough. And if the payee’s bank doesn’t support instant clearing, the arrival time may extend to a few hours. Overall, PayPal is fast, but not the fastest and most affordable option.
Same-day payment via third-party platform
In addition to banks and e-wallets, there are many third-party money transfer platforms such as Wise and Remitly. Such platforms typically use “intermediate exchange rates” for pricing, with transparent fees and fairly fast speeds. According to online testing, Wise remittances to mainland China usually arrive within 1 working day, and some receiving banks support instant payment. Remitly’s “Express” service claims to arrive in a few minutes, but it actually takes half a day. However, these platforms may not be licensed in Hong Kong, and legal liability and protection are questionable.
Comparison of remittance speeds :
- Wise: 1-2 days, transaction fee approximately 1%.
- Remitly: Same-day delivery (Express), fee approximately 1.5%.
- Currency Fair: 1-2 days, fee approximately 0.5%
The advantages of third-party platforms are convenient, mobile App done, but the disadvantages are: first, large remittances (more than 100,000 HKD) to wait for approval ; We have seen customers who let the platform hold the money, said to review the source of funds, waited for three days, did not meet the "fast" requirement.
Mobile payment for cross-border remittances is fast.
In recent years, Hong Kongers often use mobile phones to send money, such as using TransferWise (FPS) to connect to the mainland payment system. But FPS is actually just local instant payments in Hong Kong, cross-border remittances have to use other channels. Some bank apps themselves offer cross-border mobile remittances, such as BOC Hong Kong's "BoC Pay" and HSBC's "PayMe", but the functions are limited to pre-registered recipients, almost as fast as traditional wire transfers.
Really talking fast, I have to mention the method of "sending money to Alipay". If your recipient uses a PayPal account, you can send money directly to his or her PayPal balance, which usually arrives in minutes. But the problem is that the daily withdrawal limit for Alipay balances is RMB 10,000, and transfers between mainland bank accounts are subject to separate fees. In other words, the fastest is only "to Alipay", not "to a bank account". If you want to send money to a bank account in mainland China, the best way is to use the RMB remittance service. Professional money changers can help you do it directly to your bank account without any intermediate transfers.
The trap of exchange rates and transaction fees
Many customers only see the speed of the bill and ignore the exchange rate and fees, resulting in more money without knowing it. For example: you transfer HK$100,000 to the mainland, the bank claims "no fees", but the exchange rate is 0.88 (the actual middle price may be 0.92), which means you eventually received 88,000 yuan, a loss of 4,000 yuan from the market price! On the other hand, some professional money changers, although charging a small fee (for example, HKD 150), but the exchange rate is close to the middle price, you actually receive 91,000 yuan, a total of 3,000 yuan more. So “fast” is not the only indicator, it also depends on “cheap”.
Here’s a comprehensive cost comparison of the major channels:
- Banks : Medium processing time (1-3 days), exchange rate difference approximately 1-2%, transaction fee HKD 100-300
- Alipay : Fast (within 1 hour), exchange rate difference approximately 1.5%, transaction fee HKD 50-80
- Third-party platforms : Fast processing (1-2 days), exchange rate difference approximately 0.5-1%, transaction fee approximately 1%.
- Professional currency exchange : Fast processing (within 3 hours), exchange rate difference approximately 0.3-0.5%, service fee HKD 50-200.
Note that the above are approximate figures and will actually fluctuate with the market. It is recommended that you compare the real-time quotes from various companies before sending money, especially the foreign currency conversion price , and find the best price before you make a move.
Required documents to expedite review
Regardless of the method you use, speed is key, and all documents must be complete. Banks and money changers require you to comply with anti-money laundering regulations; incomplete documents can delay your review by half a day. Below are some commonly required documents:
- Identity document : Hong Kong identity card or passport (original)
- Proof of address : Utility bills or monthly bank statements for the last three months
- Proof of funds : For large remittances (e.g., > HKD 80,000), banks or money changers may require you to provide proof of income, tax returns, or sales contracts.
- Payee information : Bank account number, account holder's name (must match the ID card), bank name and SWIFT code.
Our experience is that many customers waste time due to a misspelling of a letter in the recipient's name, or a wrong bank code, and get a refund to re-transmit. Be sure to double check all information before sending money. Also, remember to photocopy your documents in advance so you don’t have to wait when you get to the counter.
3-hour arrival procedure
If you want the fastest way to send money to China, I recommend using the services of a professional money changer. In the case of our company, the steps to arrive at the account within 3 hours are simple:
- WhatsApp or in-person inquiries : Provide remittance amount and recipient information, we quote instantly.
- Confirm the exchange rate : If you think the price is right, confirm the transaction.
- Payment : You can pay with cash, bank transfer or cheque.
- Documents required : Proof of address matching your ID card (if this is your first remittance).
- Collection : We will process it immediately and inform you of the progress. The payee will receive the RMB within 3 hours at the earliest.
The whole process involves no queues, no complicated forms to fill out, and we monitor the entire process to ensure the payment arrives safely. If you work in Tsim Sha Tsui, you can walk here in a few minutes.
What to do if remittance is delayed?
Even if the fastest method is selected, delays are sometimes encountered. Common causes and solutions are as follows:
- Receiving banks are slow to process : Mainland banks sometimes randomly check the accounts, and if the amount is large, they may call the recipient to verify the information. It is recommended that you notify the payee in advance so that he or she keeps an eye on the call.
- Incorrect information : If the bank code or account number is incorrect, the remittance will be returned. You can request the remitter to correct it immediately.
- Compliance review : If the source of funding is not clear, it may be held. Providing clear proof of the source of funds solves the problem.
- Holiday delays : Bank holidays in mainland China differ from those in Hong Kong; clearing and settlement will be suspended on public holidays. It is best to check the holidays in both places before making a remittance.
If you wait longer than the promised time, contact the remitter customer service directly and ask them to pursue it. Generally professional money changers have real-time customer service follow-up. We at EarthRemit provide full monitoring. If you have any questions, you can WhatsApp us directly.
In summary, the fastest way to send money to China is not a single channel, it depends on your demand. If it is a small amount, urgent use, Alipay and third-party platforms can be considered ; Next, you can WhatsApp us directly to inquire about the real-time exchange rate, or come to our Tsim Sha Tsui branch in person and we will help you tailor the fastest solution. WhatsApp to inquire now
