How to Send Money to China
Opportunities for Chinese emigrants grow as China's economy grows. Sixty percent of overseas Chinese professionals live in the U.S.
Chinese emigrants account for the largest amounts of remittance money sent back to their native country from the U.S. This is because they are able to send money back home in greater quantity and more frequently than ever before.
There are several ways to transfer money from to China from the U.S. Seventy-five percent of the remittance market is captured by formal service providers, mainly China Post, the commercial banks and rural credit cooperatives, and the remaining 25% is carried home or sent through other channels.
One way in which to transfer money back to relatives in China is through an ATM or debit card. If the recipient is someone trusted it could be a good idea for them to have a bank card linked to your checking or savings account. If you are comfortable with the cardholder having access to money at all times, they would be able to withdraw money from an ATM machine.
For situations where you do not want the recipient to have unlimited access to the money, a pre-paid debit card is another way to go. It works just like an ATM card except that it is loaded with a specific amount of money. The cardholder will have no access to funds until you have refilled the pre-paid debit card. At this time you could notify the recipient via phone that money has been added to the card.
Another way to send money to China is through wire transfer with any U.S. Bank or Credit Union. US banks will charge a transaction fee for this service which can take up to several weeks to process.
Some people prefer to use an online service, such as ATM Cash, when sending money to China. This is often the fastest way to transfer money and allows you to do so from your own computer twenty four hours a day seven days a week.
Sending money to China has become easier thanks to an expansion of networks that deal with international transfers. These, in addition to multinational banks that have developed direct online money transfers, help Chinese abroad provide funds to family back home.
There are increased fears of money laundering and illegal activities associated with international money transfers. The U.S. government has stipulated that money sent to China cannot exceed USD 3,000 per capita/ per day and that checks are limited to below 10,000 US dollars.
Chinese emigrants account for the largest amounts of remittance money sent back to their native country from the U.S. This is because they are able to send money back home in greater quantity and more frequently than ever before.
There are several ways to transfer money from to China from the U.S. Seventy-five percent of the remittance market is captured by formal service providers, mainly China Post, the commercial banks and rural credit cooperatives, and the remaining 25% is carried home or sent through other channels.
One way in which to transfer money back to relatives in China is through an ATM or debit card. If the recipient is someone trusted it could be a good idea for them to have a bank card linked to your checking or savings account. If you are comfortable with the cardholder having access to money at all times, they would be able to withdraw money from an ATM machine.
For situations where you do not want the recipient to have unlimited access to the money, a pre-paid debit card is another way to go. It works just like an ATM card except that it is loaded with a specific amount of money. The cardholder will have no access to funds until you have refilled the pre-paid debit card. At this time you could notify the recipient via phone that money has been added to the card.
Another way to send money to China is through wire transfer with any U.S. Bank or Credit Union. US banks will charge a transaction fee for this service which can take up to several weeks to process.
Some people prefer to use an online service, such as ATM Cash, when sending money to China. This is often the fastest way to transfer money and allows you to do so from your own computer twenty four hours a day seven days a week.
Sending money to China has become easier thanks to an expansion of networks that deal with international transfers. These, in addition to multinational banks that have developed direct online money transfers, help Chinese abroad provide funds to family back home.
There are increased fears of money laundering and illegal activities associated with international money transfers. The U.S. government has stipulated that money sent to China cannot exceed USD 3,000 per capita/ per day and that checks are limited to below 10,000 US dollars.
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