Know Common Forms of Payment in the Region Before You Transfer Money to China

By Beth Williams

Many people have never been to Asia, but that shouldn’t thwart anyone from being aware of how to transfer money to China to family members in need. Even if you live thousands of miles away, you should get an idea of your choices before you remit any funds. After all, sending currency that your recipient cannot use or choosing a dangerous or time-consuming option can ruin your plans of helping them out. Simply getting to know the common forms of payment in the state can help you make the best choice.

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 typically only available in China, so most travelers and residents returning to China cannot usually find local legal tender before they enter the country. However, one of the greatest aspects about the ability to transfer money to China is that your U.S. money 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 regions, or perhaps both have access to the same account, you can easily transfer currency to your family. If you have access to their account, it is free to transfer money to China through this option, but if you use separate banking institutions, 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 financial institution could permit you to remit the money for free to a certain financial institution in China, but you usually have to be using a particular type of account that a may 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 offer debit cards, such as the Industrial and Commercial Bank of China, and most locations of the Bank of China. This means that your relatives likely have decent access to ATM’s. Macau, Hong Kong, Beijing, and Shanghai are particularly well-known for their abundance of cash machines. Take advantage if they reside in such large areas by sending them a prepaid debit card. This allows them to remove money from ATM’s for a charge of about 10 Yuan, or use it at merchants that take debit cards. Of course, if your family members live in smaller cities, particularly those in rural areas, you should first make sure they have access to ATMs and nearby financial institutions before taking these routes.

These are the standard methods that many people choose to transfer money to China. Trying to transfer funds before you find out the best way for your family members could prove to be pointless. For example, sending a prepaid debit card may be the cheapest route in many cases, but it is useless if your relatives have very little access to ATM’s or merchants that accept debit cards, and thus, no way to use their money. A little knowledge about the area where they dwell can go a long way.

What you just learned about send money to China is just the beginning. To get the full story and all the details, check us out at transfer money to China. Also published at Know Common Forms of Payment in the Region Before You Transfer Money to China.

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