You’re thinking about starting or expanding your business in China. Or maybe you have a friend or relative who wants to open a small business there but can’t speak the language, access local credit markets, or even afford an office space. Whatever the case, it’s more important for new expats to find ways to bring money into China for their businesses and not anyone else. Keeping in mind that China is one of the fastest-growing economies in the world, this article will show you how you can transfer money to China and have it deposited directly into your Chinese business’s bank account without any fees from a reputable online money transfer service.
Why Do You Need a Money Transfer to China from the UK?
There are many reasons why someone might choose to send money from their UK bank account to a Chinese business. Perhaps your Chinese friend in the expat community is looking to expand their business and needs some funds to do so. Perhaps you see opportunities in the Chinese market that aren’t present in your home country and want to be able to expand your operations there. Or maybe you have Chinese relatives who want to send money back home to their relatives as a gift.
Regardless of the reason, as a new expat to China, you should be able to bring money into the country for your business easily. China has been leading in Asia’s economic growth for many years, and the country is currently #1 in the world in terms of growth. The Chinese economy grew by 6.9% in 2016, 7.2% in 2017, 6.6% in 2018, and 6.7% in 2019.
With the country’s growth comes a growing need for foreign investment and trade. A lack of foreign investment has been a major issue in the country. More and more Chinese businesses are looking to foreign companies and individuals to help them expand their operations.
How to Transfer Money to China for Your Business
Let’s say you have a Chinese friend setting up a shop in your city. You’re also thinking about setting up a business in China, but you don’t speak Chinese and don’t know anyone there. You’re feeling a bit scared. There is no need to be. What you need to do is to send them the money they need to open their shop.
When you can’t afford to open a bank account in China, you can still afford to transfer money to your friend. This is how you can send money to China from UK for your business.
First, find a trustworthy money transfer service that offers low fees and convenient ways to transfer money. You don’t have to use a large international money transfer service. A smaller local one is probably fine.
Next, get an account number and open a bank account in the country you’d like to transfer your money. Then, go to your local branch and have them transfer money from your UK account to your Chinese friend’s account. Ensure you have all the information about the account number and account holder of the Chinese account. Your business in China should have a business credit card for convenient operations.
Benefits of online money transfer to China from the United Kingdom
- No intermediaries: If you want your money to reach China safely and quickly, you don’t have to worry about giving your money to a third country and have it go through many intermediaries of the financial system. Your money will go directly to your Chinese friend’s account.
- Low fees: If you’ve been transferring money between relatives and friends, you know how expensive it can get. Low-fee money transfer services help you save money.
- Convenience: Nothing more frustrating than going to the bank and standing in line to transfer money. With an online money transfer service, you can stay in your pajamas while transferring your money.
- Protection: If you’ve been sending money back and forth between relatives, you know how much risk there is in having that money go through the financial system. With an online transfer service, you can rest assured that your money will reach its destination safely.
- No need to get to know the recipient: If you’ve been sending money back and forth between relatives, you know how important it is to know the recipient. With an online transfer service, you can stay in the comfort of your home and know that your money will make it to its destination safely.
Money transfer can be a hassle, and it can get very expensive if you decide to send money by sending it through a large international money transfer service. It would help if you considered using a local money transfer service to send money at a low cost. There are many benefits of using a low-cost service when transferring money to China, including no hidden fees, quick transfers, and protection against fraud. In addition, many online money transfer services offer low fees and are easy to use.