Need to send money to China? Considering a wire to transfer money to China? Before you go your bank to organise it, make sure you check the wire transfer fees. It might come as a shock as to how much the charges will be and depending on the amount of the transfer, it might be better to send the money by other means.
What makes more costly is in addition to your bank adding a fee for sending the funds to a place in China, the individual getting the transfer may also incur a fee from the bank where they have their account. A way to reduce the possibilty of this fee is to remit the international wire transfer in the currency of their bank account.
To process a wire transfer to China, you might require a SWIFT code. These are different codes for each financial institution and are based on a number of things including the bank and country.
SWIFT Country Code
Central Bank Name
People’s Bank of China