How To Transfer Money Home From China?

Sending money out of China to your home country is one of the most frustrating experiences you probably have here that’s why Western Union have come up with some other method to transfer decent sums of cash internationally. Please be noted that foreigners can exchange maximum $500 USD per day due to capital outflow controls.

Here are our suggestions on doing this:

  • If you want it reliable, quick and cost effective, use Western Union.
  • If you want to transfer online conveniently, use Paypal.
  • If you have a close Chinese friend can be trusted, we recommend Alipay, the most convenient and reliable.
In-Person Transfer

Western Union

Transfer Time: Available immediately

Fees:

$15 for principal under $5,000

$20 for principal above $5,000

For Internationally recognized and respected, we recommend Shanghai Pudong Development Bank (SPD Bank) because they’ve been working closely and they understand the process better than other banks. Other banks it is also an effortless process but SPD makes it even easier.

Online Transfer

Alipay

If you have a close friend with a Chinese ID that you can trust, this is the easiest way because this is only availible for Chinese residents.

Transfer Time: 0-72 hours, to arrive your bank account

Fees: Up to the country and the amount you transfer.

PayPal

For smaller amounts and transactions Paypal is ideal, but it is much pricier for larger transactions. Setting up a Paypal account connected to your affiliated bank accounts (Union Pay and your account in your home country) makes transfers simple to complete.

Transfer Time:Transfer to PayPal account is immediate, but withdrawing to your bank account need 3-5 working days.

Fees: 5% cross border fee in processing multi-currency transfers, includes service charge, transfer fee, and currency conversion fee

Of cause you can also use bank transfers, the bank listed below are recommended.

Transfer Time:Expect for it to take about a week to arrive to the recipient’s account

Fees:Differ with the corresponding bank, but usually for each $500 USD you are charged for 300 RMB, inclusive of service charge + commission charge

And,you can also send a UnionPay bank card home 
Send a Bank Card Home

For using this way you have to open a second account and send the card home, there are a few things you have to keep in mind for transfering this way..

  • Confirm that there’s some UnionPay ATM not far from your home in your country, you can check them on their website.
  • Confirm the card you are about to send works out of China in the ATM near your home in your country.
  • Please be noted that bank card can’t be mailed in China so you have to entrust some one to get it done or figure out your own other way.

If none of the above is an issue, then this way is ideal. Chinese banks have low rates for international withdraws and FX rates are comparable to exchanges rates online.

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