Many students in the U.S. must come up with ways to transfer money back home to China. Financial institutions, checks, offline services and re-loadable ATM cards are all options with both perks and downsides.
1.An American bank or credit union account can be opened to transfer funds. Many students choose this method to wire to assist parents or other family members back home in China.
If you want to use either of the last options, be sure to first research all the specific details and have them handy when you’re ready send money to China. You should first get the SWIFT (Society for Worldwide Interbank Financial Telecommunication) code of the specific city and bank where you would like the money sent. This can be retrieved very easily. You will also need the name, phone number and address of the bank. Also be sure to have handy the account number of each family member you will wire money to.
For money transfers to China through a bank or credit union, the money usually arrives within one to two weeks. The cost ranges from $15 to $50, with most banks charging between $35 and $45, but usually you can only wire $2,000, unless you have an account with the bank. Something else to keep in mind is that you most likely will not be allowed to use a credit card.
2.You can also a personal check as a method of transfer. With this option you will avoid the fees charged through the SWIFT system, but you will encounter problems when it comes to the issue of speediness. If you simply use the postal mail to get a personal check to China, your family may not see that check clear and post up for up to a month. And even though Chinese banks still charge a fee, it is minimal compared to others.
3. Choose an offline service, like a kiosk-based company. At least one of the leading wire companies charge a flat 10% rate to transfer the funds. With this option you’ll have to check with family in China to ensure there is a location based nearby so they could pick up the money.
4. Try a rechargeable ATM card, which after the first time using it, is second to the already speedy offline companies. The second and every time after that is surely the quickest way to get cash to China. With these cards you simply hop on one of the websites that allows you to purchase the ATM/debit card, and mail it to China. At least one of the websites allows you to not just buy, but also send the card through the reliable FedEx service. After receiving the card your family can then use it to make purchases or even to withdraw money from an ATM.
One big advantage of this method is that once your family once your family gets the card, they are simply minutes from accessing the money you sent. All you are required to do is use a phone or the internet to transfer money in a matter of minutes.
