Crassula ovata aka Jade plant. It needs a gritty free draining soil and the pot must have at least one hole, as should any other. Lots of info on jades if you type that into the search box above...there's enough info on jades here to fill several encyclopaedias!

'Not sure how to transfer it'...so this isn't the new pot I take it, if so please post a pic of the new pot as some can be problematic for other reasons too.

Gill

Is this the money tree? :D

Not in my case, I grow over twenty mixed varieties and I'm not a millionairess......yet!

Yes, it is known as the money plant, Chinese Jade, Good Luck plant etc etc. Best to use the latinised name of Crassula ovata as then there's no mistaking it for any other with one of the alternative names :-)

Gill

That is the new pot yes. Its ceramic and does not have a draining hole which I assume means it's not a good pot? It came in a plastic pot that is just placed inside of this one.

If the plastic pot has drainage holes in it, then it's OK. But I think it's sitting a little too low in the outer pot. Can you put something under it to raise it up more level with the edge of the outer pot? Don't plant it in that outer pot. When you water remove it from the decorative pot and let it drain completely before returning it . Water sparingly, only only when dry. Good luck. Pretty yellow pot. Oh and lots of light needed.

If you were to drill drainage holes, the decorative pot could be used.

But it may be simpler to raise the inside pot as socks suggested. Make sure you get rid of any water that may drain into it after watering...

Could I put something like pebbles or activated charcoal in the decorative pot at the bottom and keep the plant in the inner pot inside? That way the water will still drain out? Or is there still a risk of rot?

Ok I think I'm going to get some pebbles and put those in the bottom but I'm gonna take it out to water it and let it drain for a while. Thank you all for you help!

Not a good idea, it'll hold moisture to close to the roots & likely help rot the plant.

Jades being succulents do not like their roots to be kept moist -- this is trouble just waiting to happen.

Is there any way that I can use the pot or do I need to just exchange it?

Drill a hole in the bottom of it, or exchange it.

Lena, the pebbles are to raise the inner pot in the cache pot not to put in the bottom of plant.

I did mention that it looks like it is very tight fit...personally, I am not fan of cache pots - but that's just me :)

I too get that the pebbles are to raise the inner pot higher in the cache pot. But I think it's still likely those pebbles will catch the overflow when watering & make a problem. If the inner potted plant were removed before watering & allowed to drain elsewhere, I think that'd be OK.

I do that myself sometimes, prop the plant up in its pot inside another pot. I use the plastic inner ring from a package of scotch tape. Finish the tape & keep the plastic ring.

I even have a trio of those rings holding up a terra cotta pot of Sans in a saucer, so that I can feel free to water to overflow, yet the plant is well above the water. Works well.