EUR to CNY

Why people send euros to China

You're probably here because you need to move money from Europe to China for a real reason. Maybe you're a student in Munich or Lyon sending savings home, or a parent in Italy covering your daughter's university fees and Shanghai rent. Hundreds do this every day. Others include expats working in Beijing or Shenzhen, arranging to send part of their European salary to a local account. Or perhaps you're a small business paying a supplier near Guangzhou after a test order. And there are plenty of families in Europe who support relatives in China month by month.

The sums involved? They go from a couple of hundred euros for everyday expenses to much higher figures for deposits or machinery. That's important, because the most cost-effective transfer method for small, repeating sums often isn’t the top choice for a substantial, one-off payment.

How the euro and yuan are managed

Let me clarify how these currencies are set. The euro’s value floats on the open market and policies come from the European Central Bank across the whole eurozone. In contrast, the yuan, formally called the renminbi, is controlled by the People's Bank of China. Each morning, they set a reference rate and only allow the yuan to trade within a narrow margin around it. So unlike EUR/USD for example, you'll notice EUR/CNY doesn’t swing as widely.

The pair tends to track two key things. One is what happens between the euro and the US dollar, since the dollar remains a big factor in how China steers the yuan. The other is direct policy decisions in Beijing. In the past year, EUR/CNY shifted -9.51% overall, ranging between 7.4180 and 8.3178. For a deeper look at the euro’s broader moves, see EUR → USD.

One last detail often confuses people: there are two types of yuan. CNY is the onshore version, which is used inside mainland China. CNH, meanwhile, is traded overseas. If the recipient's account is in mainland China, the onshore rate (CNY) applies.

How funds reach accounts in China

Most euro-to-yuan transfers arrive directly in a bank account on the mainland. These are routed with SWIFT, or sometimes through CIPS, China’s own system for cross-border payments. Some providers also send to Alipay or WeChat Pay wallets or even a UnionPay card, which is ideal if your recipient mostly spends by phone.

Entrusting these details to your provider needs careful attention, more than you'd need for a SEPA payment. The name on the account must exactly match what the bank has on record. The recipient’s bank often asks for its SWIFT code, and more often than not, you'll need to list a reason for the payment. One typo could mean the money is sent straight back, and both outward and return journeys come with their own fees. See our guide on payment purpose codes for advice.

And remember, China has capital controls. It’s usually straightforward to receive yuan from abroad, but sending funds the other direction is far more restricted. Always take this one-way limitation into account when planning how to move your money.

Comparing transfer costs

You might expect visible bank fees to show the real cost, but most banks put their margin in the exchange rate instead. So, make sure to compare what the recipient actually receives in China. For example, if you send 1,000 euros, the mid-market value would be 7,435.81 CNY. Right now, the cheapest provider ends up paying out 7,399.35 CNY. The difference between these two amounts: that’s what your transfer really costs.

Let’s take Wise as an example. They pay out 7,399.35 CNY after deducting a fee of 4.90 EUR, so your true cost with them is 0.49%. Don’t forget to compare this to your own bank’s quote. Our note on bank exchange rate markups explains the roots of this difference, and our article on choosing an FX provider covers extra considerations worth reading over.

Timing payments, holidays, and higher sums

Chinese holidays can affect how quickly funds arrive, especially during the Lunar New Year or Golden Week in early October. Banks close, transfers pause, and money could be in limbo for days if you send at the wrong moment. Best to avoid last-minute transfers around those dates, and check with your provider about their specific cut-off times. See details in our guide to value dates and cut-off times.

When moving a larger amount, like paying a supplier or university, be aware that exchange rates may change before your payment is due. You can set a preferred rate using a limit order (see FX limit orders) or lock in today’s rate in advance. Providers tend to ask more questions about source of funds or documentation when larger amounts are involved, so keep your invoice or agreement handy. If you ever need to send money the other way, check CNY → EUR, and to read more about the yuan itself refer to Chinese Yuan. For how we gather our figures, see How we compare.