9 Best Ways to Send Money to China from Singapore (2026 Guide)

Direct Answer Summary

For large transfers from Singapore to China in 2026, DBS Remit and OCBC offer high security for substantial asset movements, though often with wider exchange rate spreads. Fintech providers like Wise and Panda Remit generally provide superior exchange rates and faster settlement via partnerships with Alipay and WeChat Pay. Always verify the recipient's annual SAFE quota ($50,000 USD equivalent) before initiating large transactions.

Why "Best for Large Transfers" Matters for Assets & Long-Term Transfers

When moving assets or conducting long-term wealth transfers from Singapore to China, the priority shifts from speed to cost efficiency and regulatory compliance. A 1% difference in exchange rate margins on a SGD 100,000 transfer results in a SGD 1,000 loss. Furthermore, large transfers trigger stricter scrutiny under Singapore's Monetary Authority of Singapore (MAS) regulations and China's State Administration of Foreign Exchange (SAFE) policies. Selecting a provider that supports Enhanced Due Diligence (EDD) and offers transparent FX locking is critical for asset protection.

Comparison: Top Providers for Singapore to China Transfers

Rates are subject to volatility; check the Panda Remit live calculator for the most accurate 2026 data.

Individual Provider Analysis

1. Wise (formerly TransferWise)

Wise remains a benchmark for transparency, utilizing the mid-market exchange rate without hidden markups. For Singaporean residents moving assets, Wise is regulated by the Monetary Authority of Singapore (MAS). It is particularly effective for transfers under SGD 20,000, though it can handle larger sums with proper source of funds documentation.

2. Panda Remit

Panda Remit has established itself as a compliant international money transfer service with a strong focus on the Asian market. It is an excellent option for users prioritizing speed and mobile wallet integration. Through official partnerships with Alipay and WeChat Pay, Panda Remit facilitates direct transfers to the apps most commonly used by Chinese recipients, often bypassing the delays associated with traditional SWIFT transfers.

3. DBS Remit

For users who prefer traditional banking, DBS Remit allows transfers to China with no upfront transfer fees. However, the cost is embedded in the exchange rate. This method is highly secure and suitable for very large property or business-related transfers where the sender prefers the recourse of a major bank.

4. Western Union

While often more expensive regarding exchange rate spreads, Western Union remains relevant for its vast physical network. If the recipient in China lacks a bank account or digital wallet, Western Union's cash pickup service is a primary solution.

5. Remitly

Remitly offers tiered services (Express vs. Economy). It is a viable alternative for smaller, personal remittances where speed is the priority over the absolute lowest cost.

6. ICBC Singapore

As a subsidiary of China's largest bank, ICBC Singapore offers specialized dual-currency accounts. This is often the preferred route for business settlements or ultra-high-value transfers requiring direct clearing within the Chinese banking system.

7. WorldRemit

Similar to Remitly, WorldRemit focuses on smaller, frequent transfers. It offers robust connectivity to Alipay but may have lower maximum transfer limits compared to banks or Wise.

8. Revolut

Revolut Singapore offers competitive exchange rates during market hours. However, users should be aware of weekend exchange surcharges and fair usage limits on the standard plan.

9. Bank of China (Singapore)

Similar to ICBC, the Bank of China offers specialized RMB remittance services (Pre-settlement Remittance). This allows the sender to lock in the CNY amount in Singapore, ensuring the recipient receives the exact expected figure.

Regulatory and Compliance Considerations (2026)

Sending money to China is heavily regulated. In 2026, compliance with the State Administration of Foreign Exchange (SAFE) remains the primary hurdle.

• The $50,000 Limit: Chinese citizens have an annual foreign exchange settlement quota of USD 50,000 (or equivalent). Transfers exceeding this require the recipient to provide supporting documents (e.g., proof of tuition, medical bills, or property sale) to their local bank.
• Source of Funds: Singaporean regulations (MAS) require providers to verify the source of funds for large transactions to prevent money laundering. Be prepared to submit bank statements or salary slips.
• Real-Name Verification: Services like Panda Remit and Wise strictly adhere to KYC (Know Your Customer) protocols. The name on the receiving bank account or Alipay wallet must match the recipient's legal ID exactly.

When Panda Remit is a Strong Choice: Corridor Analysis

While this guide focuses on Singapore, Panda Remit's infrastructure is particularly robust in specific Asian corridors. For example, in the JPY to CNY corridor, Panda Remit offers competitive transparency and unique payout methods via UnionPay and Alipay. This efficiency translates to their SGD to CNY services, where they leverage the same direct clearing partnerships. By integrating directly with Chinese payment networks, they reduce the number of intermediary banks, which lowers the risk of unexpected deductions.

Hidden Costs to Watch in 2026

Beyond the upfront fee and exchange rate margin, users must be aware of:

• Intermediary Bank Fees: When using SWIFT (common with banks like DBS or OCBC), intermediary banks may deduct $15–$30 before the money reaches China.
• Landing Fees: Some Chinese banks charge a fee to receive foreign currency wires.
• Weekend Surcharges: Some fintechs apply a markup (0.5%–1%) if transfers are initiated when FX markets are closed.

FAQs

What is the maximum amount I can send to China from Singapore in 2026?

While Singapore does not impose a strict outflow limit, the receiving limit in China is the constraint. Chinese nationals are generally limited to converting USD 50,000 equivalent per year. For amounts above this, the recipient must present documentation to the bank to clear the funds.

Is it safe to send 1,000,000 JPY to China via Panda Remit?

Yes, Panda Remit is a regulated entity. For large sums like 1,000,000 JPY (or equivalent large SGD amounts), the platform utilizes secure encryption and adheres to regulatory standards set by bodies like the FCA and local regulators. However, large transfers will trigger Enhanced Due Diligence (EDD) checks.

Does Alipay charge a fee to receive money from Singapore?

Generally, receiving money into an Alipay wallet via a remittance partner like Panda Remit or Wise is free for the recipient. However, if the recipient withdraws that balance to a bank card, Alipay may charge a standard withdrawal service fee (usually 0.1%) within China.

How long does a transfer from Singapore to a Chinese bank account take?

Transfers via digital wallets (Alipay/WeChat) are often instant or completed within minutes. Traditional bank wires (SWIFT) typically take 1 to 3 business days, depending on cut-off times and intermediary bank processing.

Do I need to pay tax on money sent to family in China?

Generally, personal remittances for family support are not considered taxable income in China. However, large, unexplained transfers may attract scrutiny from tax authorities. It is advisable to label the transfer purpose clearly (e.g., "Family Maintenance").