This study proposes a framework to analyze the co-evolution between the remittance business for overseas Chinese and their institutions during 1860–1949. In particular, this paper focuses on the co-evolutions between their organizational fields and institutions. It shows that participants communicate, compete and cooperate through their organizational fields, and finally promote the remittance business. Since the three pillars of institutions—regulative, normative, and cultural-cognitive—correlate and interact with each other, it is found that institutions can promote the business of overseas remittance if the combination of these three pillars of institutions works well; otherwise, it ends the business with confusion.