Know Common Forms of Payment in the Area Before You Transfer Money to China
Many people have never been to Asia, but that shouldn't stop anyone from knowing how to transfer money to China to relatives in need. Even if you live thousands of miles away, you can get an idea of your options before you send any funds. After all, sending currency that your family cannot use or choosing a dangerous or time-consuming method can ruin your plans of helping them out. Simply getting to know the typical forms of payment in the area can help you make the right decision.
The official currency of China is the Renminbi Yuan, made up of 100 fen. $1 USD equals about 6.82 Yuan, though the rate changes daily. Currency exchange is usually only available in China, so most travelers and residents returning to China cannot typically get local legal tender before they enter the country. However, one of the best parts about the ability to transfer money to China is that your U.S. dollars will be converted automatically to Chinese currency in most cases, depending on the service you use.
If you both have an account at a bank that exists in both countries, or perhaps both have access to the same account, you can easily transfer money to your relatives. If you have access to their account, it is free to transfer money to China using this method, but if you use separate banks, the fee is typically anywhere from $10 to $45. You should find out from your bank what they charge for this service. If you are lucky, your bank might allow you to send the money for free to a particular bank in China, but you often have to be using a certain type of account that could cost money in itself.
Credit cards are not nearly as popular in China as they are in the United States. However, most banks there do provide debit cards, such as the Industrial and Commercial Bank of China, and most branches of the Bank of China. This means that your relatives likely have decent access to ATMs. Macau, Hong Kong, Beijing, and Shanghai are particularly well-known for their abundance of cash machines. Take advantage if they live in such large cities by sending them a prepaid debit card. This allows them to withdraw money from ATMs for a fee of about 10 Yuan, or use it at retailers that accept debit cards. Of course, if your relatives live in smaller cities, especially those in rural areas, you should first make sure they have access to ATMs and nearby banks before taking these routes.
These are the main ways that many people choose to transfer money to China. Trying to send funds before you find out the best way for your recipient could prove to be pointless. For example, sending a prepaid debit card might be the cheapest route in many cases, but it is useless if your relatives have very little access to ATMs or retailers that take debit cards, and thus, no way to access their money. A little research about the area where they live can go a long way.
The official currency of China is the Renminbi Yuan, made up of 100 fen. $1 USD equals about 6.82 Yuan, though the rate changes daily. Currency exchange is usually only available in China, so most travelers and residents returning to China cannot typically get local legal tender before they enter the country. However, one of the best parts about the ability to transfer money to China is that your U.S. dollars will be converted automatically to Chinese currency in most cases, depending on the service you use.
If you both have an account at a bank that exists in both countries, or perhaps both have access to the same account, you can easily transfer money to your relatives. If you have access to their account, it is free to transfer money to China using this method, but if you use separate banks, the fee is typically anywhere from $10 to $45. You should find out from your bank what they charge for this service. If you are lucky, your bank might allow you to send the money for free to a particular bank in China, but you often have to be using a certain type of account that could cost money in itself.
Credit cards are not nearly as popular in China as they are in the United States. However, most banks there do provide debit cards, such as the Industrial and Commercial Bank of China, and most branches of the Bank of China. This means that your relatives likely have decent access to ATMs. Macau, Hong Kong, Beijing, and Shanghai are particularly well-known for their abundance of cash machines. Take advantage if they live in such large cities by sending them a prepaid debit card. This allows them to withdraw money from ATMs for a fee of about 10 Yuan, or use it at retailers that accept debit cards. Of course, if your relatives live in smaller cities, especially those in rural areas, you should first make sure they have access to ATMs and nearby banks before taking these routes.
These are the main ways that many people choose to transfer money to China. Trying to send funds before you find out the best way for your recipient could prove to be pointless. For example, sending a prepaid debit card might be the cheapest route in many cases, but it is useless if your relatives have very little access to ATMs or retailers that take debit cards, and thus, no way to access their money. A little research about the area where they live can go a long way.
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