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

by on Mar.30, 2011, under China

Many people have never been to Asia, but that shouldn’t prevent anyone from learning how to transfer money to China to kin in need. Even if you live thousands of miles away, you can get an idea of your options before you send any money. After all, remitting currency that your relative cannot use or selecting a dangerous or time-consuming method can ruin your plans of helping them out. Just getting to know the common 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 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 quite as standard 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 ATM’s. Macau, Hong Kong, Beijing, and Shanghai are especially well-known for their abundance of cash machines. Take advantage if they live in such major areas by mailing them a prepaid debit card. This allows them to withdraw funds from ATM’s for a charge of approximately 10 Yuan, or use it at merchants that accept 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 main ways that many people decide to transfer money to China. Trying to send funds before you find out the best way for your recipients 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 ATM’s or merchants that accept debit cards, and thus, no way to access their money. A little knowledge about the area where they dwell can go a long way.

Never before has transfer money to China been this quick and easy! Grab all the inside information while there’s still time at transfer money to China. Unique version for reprint here: Know Common Forms of Payment in the Region Before You Transfer Money to China.

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