Sending money from Singapore to China: the payments stack
Sending SGD 260 from Singapore to China cost 5.14% of the amount on average in Q3 2025, across 14 services in the World Bank's Remittance Prices Worldwide survey. Payouts in China typically run over IBPS (Internet Banking Payment System), HVPS (High-Value Payment System); between now and the end of 2027 there are 8 weekdays when banks in Singapore are closed but China keeps paying out, so the payout balance has to be funded before them.
| Average cost to send | 5.14% of SGD 260 (Q3 2025, World Bank RPW) source |
| Money transfer operators | 5.84% across 10 services |
| Banks | 3.39% across 4 services |
| Collect in Singapore | FAST, PayNow, MEPS+, Interbank GIRO, PayNow cross-border linkages (PromptPay, UPI, DuitNow) |
| Pay out in China | IBPS (Internet Banking Payment System), HVPS (High-Value Payment System), CIPS (Cross-border Interbank Payment System) |
What it costs to send SGD 260
The World Bank surveyed 14 services sending from Singapore to China from 19 August 2025 to 25 August 2025. The average total cost, fees plus the FX margin, was 5.14% of the amount sent; money transfer operators averaged 5.84% and banks 3.39%. source
Bank and operator averages are worked out from the survey's provider types.
The send side: Singapore
- Cross-border money transfer service (Activity C under the Payment Services Act) means providing inbound or outbound remittance service in Singapore, and also facilitating remittance between entities in different countries even if monies are not accepted or received in Singapore. source
- There are three licence types: a money-changing licence, a Standard Payment Institution (SPI) licence for services below the thresholds in section 6(5) of the Act, and a Major Payment Institution (MPI) licence without those limits. The thresholds are S$3 million of monthly transactions for any one activity, S$6 million for two or more activities and S$5 million of daily outstanding e-money. source
- Base capital is S$100,000 for an SPI and S$250,000 for an MPI. Before starting business an MPI must also lodge security with MAS, as a cash deposit or bank guarantee, of S$100,000 if its monthly payment transactions average no more than S$6 million for any one payment service, or S$200,000 in all other cases. source
Licences, sponsor banks, collections, ramps and KYC providers: sending from Singapore.
The payout side: China
| Payout partner | What it does in China | Source |
|---|---|---|
| Alipay cross-border remittance | Alipay's inbound remittance page lists partner senders including AlipayHK, Alipay (Macau), Western Union, Panda Remit, Remitly, Wise, GME, WireBarley, Hanpass and OrbitRemit, paying into Alipay accounts in China. | source |
| Tenpay Global (Weixin Pay) | Tencent's cross-border payment platform supports remittances from 60+ countries and regions to the Chinese mainland, received into the Weixin Wallet balance or bank cards linked to Weixin, working with banks to safeguard funds; it says funds can be sent and received in as little as one minute. | source |
| Thunes · our guide | Sends payments to Weixin users in China and, through a direct connection to UnionPay launched in January 2026, to UnionPay debit cards at 79 Chinese banks, credited in real time or within 12 hours. | source |
| Nium · our guide | Lists CNY payouts by local bank transfer, wallet, local wire, Visa Direct and UnionPay; B2B bank payouts require order details such as order number, amount and commodity. | source |
| TerraPay · our guide | Its network page lists China for wallet, bank and card payouts in CNY and USD, with USD available only for banks. | source |
| Wise | Personal customers can send from 25 currencies to Alipay, credited to the recipient's Alipay wallet or linked bank account, up to CNY 50,000 per transfer; recipients must be Chinese citizens registered with a Mainland Resident ID card. | source |
Licensing, local banks, stablecoin ramps, FX and KYC in China: launching payments in China.
Payout rails in China
| Rail | Operator | What matters for payouts | Source |
|---|---|---|---|
| IBPS (Internet Banking Payment System) | PBOC China National Clearing Center (CNCC) | Retail interbank system that operated on all 365 days of 2025, averaging 46.69 million transactions a day. | source |
| HVPS (High-Value Payment System) | PBOC China National Clearing Center (CNCC) | From 19 October 2026 HVPS accepts business on statutory working days from 19:00 the previous day to 17:15, with a 17:15 to 17:30 clearing window; at weekends and on public holidays it handles only specific business and takes no transfers initiated by the public or companies. | source |
| CIPS (Cross-border Interbank Payment System) | CIPS Co., Ltd., approved by the PBOC | Runs 5x24 hours plus 4 hours: a day session from 8:30 to 17:30 and a night session from 17:00 to 8:30 the next day on business days, with the day session starting at 4:30 on the first business day after a public holiday; it also supports services during domestic holidays as announced. | source |
Holiday gaps to plan for, to December 2027
Weekdays when one side of the corridor is closed. On the 8 dates when Singapore is closed and China is open, the payout balance has to already hold enough to cover them. On the 11 dates when China is closed, instant rails may still pay out.
| Date | Singapore | China | What it means |
|---|---|---|---|
| Mon 9 Nov 2026 | Deepavali (Monday holiday) | Open | Prefund China the day before: no funding from Singapore, payouts continue |
| Fri 25 Dec 2026 | Christmas Day | Open | Prefund China the day before: no funding from Singapore, payouts continue |
| Fri 1 Jan 2027 | New Year's Day | New Year's Day | Both closed |
| Fri 5 Feb 2027 | Open | Spring Festival (Lunar New Year's Eve) | China banks closed: only always-on rails pay out |
| Mon 8 Feb 2027 | Chinese New Year (Monday holiday) | Spring Festival (third day) | Both closed |
| Tue 9 Feb 2027 | Open | Spring Festival make-up day off | China banks closed: only always-on rails pay out |
| Wed 10 Feb 2027 | Open | Spring Festival make-up day off | China banks closed: only always-on rails pay out |
| Wed 10 Mar 2027 | Hari Raya Puasa | Open | Prefund China the day before: no funding from Singapore, payouts continue |
| Fri 26 Mar 2027 | Good Friday | Open | Prefund China the day before: no funding from Singapore, payouts continue |
| Mon 5 Apr 2027 | Open | Qingming Festival | China banks closed: only always-on rails pay out |
| Mon 3 May 2027 | Open | Labour Day make-up day off | China banks closed: only always-on rails pay out |
| Tue 4 May 2027 | Open | Labour Day make-up day off | China banks closed: only always-on rails pay out |
| Mon 17 May 2027 | Hari Raya Haji | Open | Prefund China the day before: no funding from Singapore, payouts continue |
| Thu 20 May 2027 | Vesak Day | Open | Prefund China the day before: no funding from Singapore, payouts continue |
| Wed 9 Jun 2027 | Open | Dragon Boat Festival | China banks closed: only always-on rails pay out |
| Mon 9 Aug 2027 | National Day | Open | Prefund China the day before: no funding from Singapore, payouts continue |
| Wed 15 Sep 2027 | Open | Mid-Autumn Festival | China banks closed: only always-on rails pay out |
| Fri 1 Oct 2027 | Open | National Day | China banks closed: only always-on rails pay out |
| Mon 4 Oct 2027 | Open | National Day make-up day off | China banks closed: only always-on rails pay out |
| Tue 5 Oct 2027 | Open | National Day make-up day off | China banks closed: only always-on rails pay out |
| Thu 28 Oct 2027 | Deepavali | Open | Prefund China the day before: no funding from Singapore, payouts continue |
Full calendars: Singapore and China. Size the buffer with the corridor runway calculator.
Funding the corridor
- FAST runs 24x7 at most participants, but some banks give a FAST transaction the next business day as value date if it is made after a cut-off time or on a non-business day. source
- A single FAST transfer is capped at S$200,000, so larger SGD movements go through MEPS+, which settles only on business days (Monday to Friday, excluding public and bank holidays). source
- The interbank FX market is closed for CNY on weekends and on 19 weekday holidays in 2026, including 16 to 20 and 23 February and 1, 2, 5, 6 and 7 October; CFETS publishes separate holiday lists for USD and other traded currencies. source
- Mainland public holidays move working days onto weekends: in 2026 the State Council made 4 January and 20 September (Sundays) and 14 February, 28 February, 9 May and 10 October (Saturdays) working days. source
- HVPS takes no public or corporate transfers at weekends and on public holidays, so high-value RMB funding has to land by the 17:15 cut-off on the last working day before a break, while IBPS runs every day. source
Running the corridor
Polynopsis shows every balance on both sides of this corridor in one live position: the collection accounts in Singapore, the payout partners and banks in China and any stablecoin in between. It warns before the China balance runs dry, holidays included. See how it works.
Frequently asked questions
How much does it cost to send money from Singapore to China?
The World Bank's survey put the average total cost of sending SGD 260 at 5.14% in Q3 2025, across 14 services. Money transfer operators averaged 5.84%.
Which rails pay out in China?
Local payouts run over IBPS (Internet Banking Payment System), HVPS (High-Value Payment System), CIPS (Cross-border Interbank Payment System).
When do I need to prefund China payouts ahead of holidays?
Between now and December 2027 there are 8 weekdays when Singapore is closed and China is open, the first on Mon 9 Nov 2026. The payout balance has to cover those days before they start.
Related corridors
Sources
- World Bank, Remittance Prices Worldwide dataset · World Bank
- Public Holidays for 2027 (press release, 18 June 2026) · Ministry of Manpower
- Public holidays (2026 and 2027) · Ministry of Manpower
- State Council Decree No. 795: Decision on amending the National Holidays Measures · Central People's Government of the PRC
- Notice of the General Office of the State Council on the 2026 holiday arrangements (Guo Ban Fa Ming Dian [2025] No. 7) · Central People's Government of the PRC
Know where all your money is.
Polynopsis gives cross-border payment teams one live position across every bank, payout partner, exchange and wallet, including money in flight, and warns before a corridor runs dry.
About Polynopsis
Polynopsis is liquidity management software for cross-border payment companies. The name joins poly, many, and synopsis, a seeing together: one live view of money spread across many banks, payout partners, exchanges and stablecoin wallets, including money in flight, with a warning before any corridor runs dry.
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