Many people have never been to Asia, but that shouldn’t stop anyone from finding out 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 choices before you send any money. After all, sending money that your recipient cannot use or choosing a dangerous or time-consuming method can harm your plans of helping them out. Just getting to know the typical forms of payment in the area can help you make the best decision.
The standard legal tender of China is the Renminbi Yuan, made up of 100 fen. $1 USD equals approximately 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 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 program you use.
If you both have an account at a bank that exists in both areas, or just both have access to the same account, you can easily transmit money to your family. If you have access to their account, it is free to transfer money to China through this method, but if you use separate banking institutions, the charge is typically anywhere from $10 to $45. You should find out from your financial institution what they charge for this service. If you are lucky, your bank could allow you to send the money for free to a particular bank in China, but you usually have to be using a certain type of account that a could cost money in itself.
Credit cards are not nearly as traditional in China as they are in the United States. However, most financial institutions 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 probably have decent access to ATM’s. Macau, Hong Kong, Beijing, and Shanghai are particularly well-known for their wealth of cash machines. Take advantage if they live in such large areas by mailing them a prepaid debit card. This permits them to withdraw funds from ATM’s for a charge of about 10 Yuan, or use it at retailers that accept debit cards. Of course, if your family members live in smaller towns, particularly those in rural areas, you should first make sure they have access to ATMs and nearby banks before taking these routes.
These are the standard ways that many people decide to transfer money to China. Trying to transfer funds before you find out the best way for your recipients could prove to be pointless. For example, mailing a prepaid debit card may be the cheapest option in many cases, but it is useless if your relatives have very little access to ATM’s or merchants that take debit cards, and thus, no way to use their money. A little knowledge about the city where they dwell can go a long way.
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