Send money from Canada to a Postal Savings Bank of China account in China

Postal Savings Bank of China, China

Postal Savings Bank of China Limited is a commercial retail bank headquartered in Beijing that was created in 2007. It specializes on providing basic financial services to small and medium-sized businesses, as well as rural and low-income customers. PSBC had 39,798 branches as of December 31, 2017, encompassing all of China.

In 2007, the State Post Bureau established PSBC with an initial capital of RMB20 billion. It now has RMB1.5 billion in deposits and, after the Agricultural Bank of China, the second-largest number of branches.

During the Global Financial Crisis, the government took a number of steps to ensure that its national economic stimulus package reached rural communities in particular. This includes utilizing the Postal Savings Bank's microfinance services as a vehicle for national development and poverty reduction. With its extensive reach, the bank also aids China's credit cooperatives with their microcredit programs.

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How to Send Money to Postal Savings Bank of China in China

You can transfer money to Postal Savings Bank of China accounts in just five simple steps:

  • Sign up for your free account with RemitBee. It comes with a secure and user-friendly digital wallet system called RemitBee Wallet.

  • To complete your profile, enter your full name, mailing address, and occupation. Check that your contact information, including your phone number and email address, is up to date.

  • Enter the recipient's contact information, such as their name and phone number. You will also be asked for the swift code and bank account number of the recipient.

  • Take a look at the CAD/CNY exchange rate. If everything appears to be in order, enter the amount you intend to send and select a payment method. After that, finish your transaction. Although exchange rates fluctuate frequently, the amounts set for each payment method remain.

  • Your email address will be used to notify you when the cash transfer is complete. The RemitBee app updates you on the status of your money transfer.

What are the benefits of sending directly to Postal Savings Bank of China?

There are many benefits to sending directly to Postal Savings Bank of China with Remitbee. Here’s a quick overview:

  • It’s more secure than doing in offline
  • It’s faster
  • You can do it from the comfort of your home
  • You can access your money as soon as the transfer goes through
What information you’ll need to complete the transfer

You'll need the following information to send a transfer with RemitBee:

  • Name of the person receiving the transfer as it appears on their bank statement

  • Mobile phone number and home address of the recipient

  • Swift code for Postal Savings Bank of China (PSBCCNBJXXX) and the Cnaps code of the receiving branch

  • The recipient’s account number

How Remitbee calculates the CAD to CNY Exchange Rate
We try to keep our fees as low as possible and assess rates daily to bring you the most competitive China Rupee exchange rates on the market. There are small fees when you choose to use bill, Interact or debit card payment methods, but you can also use the Remitbee Wallet without paying fees at any time. We are upfront about any fees, and you can see them in the application before you send money to China.
How international money transfers work
International wire transfers take place using the SWIFT network. Transfer instructions are sent from the sender’s bank to the recipient’s bank and any fees are assessed before the transfer is approved. One of the banks will calculate the exchange rate CAD to CNY, and the money is moved between accounts.

Send money to all major China Banks

Check our refer and earn program!

Get $20 for every successful referral while the referred person gets $10 towards their first transaction. Use your unique referral code to invite your friends and register with it. Once they send their first transfer of at least C$200 or exchange at least C$1,000, you’ll get C$20 credited to your RemitBee account. There is no limit on the number of referrals you can make so the earning potential is endless! So, keep referring and earning with RemitBee.
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Frequently Asked Questions
Yes, you can.
You can choose to pay using Interac e-Transfer, Interac Online, Bill payment, Electronic Funds Transfer or Visa or Mastercard Debit.
The transfers typically take between 1 and 2 days, but some transfers happen instantly.
If you verify your identity on our platform, you can send up to 9,000 CAD per day, with a maximum of 50,000 CAD per month.

Any transfer over 500 CAD is free. Transfers below 500 CAD are subject to the following fees:

  • Interac Online - $2.99
  • E-transfer - Free
  • Bill Payment - Free
  • Electronic funds Transfer - Free
  • Visa or Mastercard Debit - $2.99+
  • Postal Savings Bank of China NEFT charges
Yes! You can earn up to $50 for every three successful recommendations.

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