The most cost-effective way to remit money from Australia to China.

There are multiple ways to exchange Australian dollars (AUD) into Chinese yuan (CNY), not limited to banks. It is advisable to familiarize yourself with the diversity of remittance methods to choose the most suitable one when needed. Below is an introduction to some ways of remitting from Australia to China

Using Australian banks to remit to Chinese banks:

If you have a bank account in Australia, the most formal way is to transfer funds directly from the bank to China. However, this method is also the most expensive and offers the least favorable exchange rates. Additionally, you can choose to remit from the four major Australian banks (Commonwealth Bank, ANZ, Westpac, and National Australia Bank) or other banks by transferring funds online to Chinese bank accounts.

There may be variations in fees between different banks, but the usual difference is around AUD 20 per transaction. Although you can also choose to remit at bank counters, the fees will be higher.

Overall, banks offer relatively lower rates, usually 3-5% lower than the best rates provided by non-bank financial service providers. However, non-bank financial service providers may offer more competitive exchange rates and lower fees, so you can consider these factors when choosing a remittance method.

Choosing non-financial institutions for remittance:

Wise (formerly TransferWise):

Wise is a global online remittance service and is not an Australian company. It was founded in 2010 and is headquartered in London. With Wise, you can remit through their online platform. However, since they do not have physical branches in Australia, you can only communicate with them through online customer service.

Official website: https://wise.com/

OFX:

OFX is an Australian company that provides remittance services. They charge a fee of AUD 15 per transaction. You can register and create an account on the OFX website, upload your identification documents in a secure system, and complete all the remittance processes.

Official website: https://www.ofx.com/

Western Union:

Western Union is a global remittance company with connections to many countries. However, its rates are not as competitive as the three companies mentioned earlier. A notable feature of Western Union is that you can receive funds at any counter in the target country without needing to open a bank account. Therefore, Western Union is often used for remittances to countries where there are no bank accounts or where banks do not accept overseas remittances.

Rongyi Hui App:

Rongyi Hui is owned by Rongqiao Financial Group, which has been serving the Australian Chinese community for fifteen years. It is a remittance app designed specifically for the Chinese community and students in Australia. With Rongyi Hui, you can conveniently convert Australian dollars to Chinese yuan without having to visit a bank or other financial institutions. The app has a user-friendly interface that helps you complete transactions within minutes. Compared to other remittance services, Rongyi Hui offers the advantages of low remittance fees and favorable exchange rates. By using Rongyi Hui for remittance, you can save a significant amount of money, such as enjoying the first remittance for free, receiving red envelopes for referring friends, and getting better exchange rates. Using Rongyi Hui is straightforward. You simply enter the remittance amount and recipient's information in the app, choose the payment method, and complete the transaction. The app supports various payment methods, including bank transfers, credit cards, and debit cards. The recipient options include commonly used WeChat, Alipay, and bank accounts in China. As an Australian local company, Rongyi Hui has 17 offline stores, and its rates are relatively affordable due to its 15 years service history.

Post Office:

In Australia, the Post Office has agents that provide Western Union remittance services. Although the Post Office's rates are more competitive than banks, they are slightly lower compared to the four non-bank companies mentioned earlier.

Official website link: https://auspost.com.au/money-insurance/money-transfer

PayPal:

PayPal is an online payment service, and both the sender and recipient need to have PayPal accounts to make remittances. For remittances under AUD 1000, using PayPal is more cost-effective compared to banks. However, PayPal's exchange rates are not the most favorable compared to banks.

Conclusion:

If you need to exchange Australian dollars into Chinese yuan, there are multiple options available, not limited to bank transfers. When choosing a remittance method, it is recommended to understand the advantages and disadvantages of various methods and compare them. While remitting from Australian banks to Chinese banks is fast, the rates are less favorable. In comparison, non-financial institutions such as OFX, Wise, and Western Union offer more competitive rates. Additionally, the Rongyi Hui App is designed specifically for the Australian Chinese community and students, providing low remittance fees and favorable exchange rates, making it a convenient and quick choice. Regardless of the method you choose, it is important to carefully understand the fees and exchange rates before the transaction and ensure the use of secure and reliable services.