How To Send Money To China From US (8 Tips)hongdaservice.com /blog/how-to-send-money-to-china-from-us

There comes a time for many expats in China when you need to send money from the West, forinstance the USA, to yourself in China.

But financial transfers aren't as simple as you may be used to, so are there any tips on how to sendmoney to China from US?

Keep reading as Hongda give you some advice that may help you solve your financial issues...

Why To Send Money To China From US

There could be any number of reasons why you may need to send money to China from the US.

You're an expat living in China and need a cash boost.

You need to pay Chinese university fees.

Your company in China requires money to cover operating costs (especially in the case of a repoffice)

You're travelling in China and run out of money

Whilst China will always welcome an influx of foreign money, the complex banking system and level ofbureaucracy will perhaps surprise you. This is why many expats choose to work with Hongda to open aChina business bank account quickly and easily.

Although dealing with banks can be hard, the good thing is that in China you're never too far from abank when in towns and cities at least. This means that you do have a source of money, so thequestion now is how to get it!

How To Send Money To China From US

Firstly it's important to note that foreigners in China may only transfer US$500 per day into CNY(around 3,000 CNY). So if you sent yourself US$1,000, it could take 2 days and 2 visits to remove itfrom the bank.

There are different ways to send money to China, and you also need to be prepared to pay a fee fortransfers, although transfer costs vary per method.

1. Bank Transfer

The obvious method of transferring money is to send it from your US bank into your Chinese account.

You'll need to:

Go to your US bank

Set up your Chinese account as a 'new wire recipient'

Make the transfer online (assuming you're in China)

It may take up to a week for the funds to arrive and fees could run at up to around US$40 or so pertransfer. Different banks do charge different rates, and so if the transfer rate is punitive you may wish toopen a different US and /or Chinese bank account with lower rates if you're planning on making wiretransfers a regular thing.

2. Write Yourself A Check

This is an old-school solution, but with prior planning could work well. Got a check book? Here's whatyou should do:

Write a check to your Chinese bank account from your US one

Give it to your Chinese bank's teller

That's it!

The Chinese bank will do the rest, and there is a much smaller fee for check transfers, perhaps as littleas around US$15!

The only problem is that this transfer can take 30 - 60 days!

So if you're not in a hurry and can plan ahead, using the check method is great. But if you need moneyquickly then it's definitely out.

3. Send The Money Via Paypal

To use Paypal you'll need both a US Paypal account, and an international one.

You'll probably need different email addresses to open both, and may need to use a VPN if doing thiswithin China.

Transfer money into your US Paypal account from your US bank account

Transfer the money from the US Paypal account to you international one

Transfer the money from your international Paypal account to your Chinese bank account

There will be Paypal fees of around 3.9% per transfer, and so the cost would depend on how muchyou're sending. This is done without recourse to the Chinese bank which may be slow and inefficient,and so as a DIY method this could answer the question of how to send money to China from US.

4. Use A 3rd Party Wire Transfer Agency

Instead of transferring to your bank account, these services transfer cash.

Go to the transfer service website or store

Add your cash and destination details (recipient name, ID number, password)

Go to the agent in China (this could be a bank, post office, or store)

Fill out a form and give them your password and ID in order to get the cash

They will give you foreign currency

Change the foreign currency into CNY

As you can see this process is somewhat involved, and requires a transfer fee (inexpensive) to be paidto the agent and a fee to the bank to change your money into local CNY, but it will get money to you inChina within about 24 hours as long as you can find a place where they offer the service.

5. Withdraw From An ATM

If you have an American bank account you can most likely use your debit card to withdraw money fromthe bank in CNY (although the limit will be around 3,000 CNY per day as mentioned earlier).

This will incur a withdrawal fee of up to around US$10 and the exchange rate will also eat into yourmoney too, and so it isn't ideal but is a good way to get fast cash.

6. Carry Cash Into China

This method is not advisable due to security concerns, as carrying cash puts you at risk of theft orlosing it.

It is possible to just bring USD across the border in your pocket, but is illegal not to declare amounts ofUS$5,000 and above, and so you must declare it to customs and get a stamped declaration form fromthem before entering China.

7. Use An International Credit Card

Credit cards will work fine in most hotels and large stores in China.

There may often be a charge for using foreign cards, but these days it is possible to get special cardsjust for use abroad which offer free usage and low interest rates.

If you know that you're going to be travelling in China or elsewhere abroad for ay amount of time, thenthis type of card may help you. Ask your bank for details.

8. Buy Travellers' Cheques

Travellers' cheques are very safe, but just take some time to exchange.

You'll need to go to a bank, probably on a week day, along with your passport. Most staff will speak alittle English in large towns and cities, and will understand what a traveller's cheque is and what youwant to do.

You may need to exchange the cash they give you into local CNY which will have an exchange rate, butoverall they're very safe, and can be replaced if lost or stolen.

Aside from the exchange rate, and the fact that you'll probably need to wait in line for a while, travellers'cheques are a cheap way of getting money in China.

Your Turn...

Are there any other methods of how to send money to China from US that you know of?

Which of the above do you use, and why?

Share your tips with our community by leaving your comment please!