Due to their advantages of high measurement accuracy and wide coverage, global navigation satellite systems (GNSSs) can carry out long-distance time transfers, among which the precise point positioning (PPP) method is widely used. However, the accuracy and stability of PPP real-time time transfer are restricted by the real-time satellite clock offset products. In addition, the receiver clock offset is usually estimated using the white noise model, which ignores the correlation of the clock offsets between adjacent epochs and the stability of the atomic clock itself. In order to obtain higher performance time transfer results, we propose an interstation undifferenced time transfer method with refined modeling of the receiver clock. This method takes the satellite clock offset as the parameter to be estimated, which can avoid the influence of external satellite clock offset products. In addition, the refined modeling of the receiver clock can improve the strength of the model and the accuracy of time transfer. Based on the ultrarapid satellite orbit products provided by the International GNSS Service (IGS), time transfer experiments are carried out using data from IGS observatories and self-collected data. The results show that sub-nanosecond accuracy can be achieved in real-time time transfer using this method. Compared with the traditional PPP model, the accuracies of the four time links are increased by 88.4%, 92.9%, 88.6%, and 74.5%, respectively, and the stability is increased by approximately 66.4% on average. Moreover, after applying the clock offset constraint model, frequency stability is further improved, in which the short-term stability is improved significantly, with a maximum of 86.9% and an average improvement of approximately 66.8%.