Euro Transfers Back to China: Three Methods and Exchange Rate Comparison—Here’s How to Get a Better Deal!

Recently, the euro exchange rate has been consistently high, prompting many international students and overseas workers in Europe to plan transferring their euro funds back to China. Based on recent practical experience, the author has compared three commonly used methods for euro transfers, outlining their advantages, disadvantages, and suitable scenarios, hoping to provide a helpful reference.

1. Traditional Bank Cross-Border Transfers: Secure but Slightly Costly  

Transferring euros directly from a local European bank to a domestic Chinese bank account is the most traditional and secure method. For example, transferring from Commerzbank in Germany to Bank of China:  

- Handling fee: approximately €15 per transaction (varies by bank);  

- Processing time: about 2 business days;  

- Funds are received in euros and must be exchanged via mobile banking or at a counter;  

- The exchange rate is approximately 0.3 points lower than the real-time rate (e.g., if the real-time rate is 8.4, the exchange rate offered is around 8.38);  

- Subject to China’s annual individual foreign exchange quota (equivalent to $50,000 per person per year).  

Suitable for: Users transferring larger amounts (recommended above €1,000) who prioritize fund security.

2. Panda Remit: Convenient and Efficient, Often with No Fees  

A emerging cross-border remittance platform in recent years, it emphasizes "instant arrival" and "no handling fees." The actual experience is as follows:  

- Supports multiple receiving methods, including Alipay, WeChat, and bank cards;  

- Processing time is usually the next day (fastest within hours);  

- Frequently offers no-fee promotions, and even regular fees are low;  

- The effective exchange rate is approximately 8.34 (about 0.4 points lower than bank rates, but often more cost-effective when fees are waived);  

- No additional exchange quota restrictions (though using others’ quotas may involve compliance issues).  

Suitable for: Users making small, frequent transfers who value convenience and speed.

3. Revolut/Lemif: Flexible but with Less Favorable Exchange Rates  

- Smooth operation process, supports multiple currencies;  

- However, the euro-to-yuan exchange rate is generally lower than the previous two methods;  

- Some features require a premium subscription;  

- Processing time varies from 1 to 3 days.  

Summary and Recommendations  

- Large transfers (over €1,000): Traditional bank transfers are recommended. Although the handling fee is slightly higher, fund security is guaranteed, and the overall exchange rate loss may be smaller.  

- Small or frequent transfers: Emerging platforms like Panda Remit are more suitable, offering frequent no-fee promotions and fast processing times.  

A final reminder: Exchange rates fluctuate in real time, so it is advisable to compare real-time rates and fees across multiple platforms before transferring. Additionally, stay informed about domestic foreign exchange policies to ensure compliance.  

Hope this sharing helps those looking for ways to transfer euros back to China!