subject: Use Bank Services Or A Prepaid Debit Card To Transfer Money To China [print this page] First, you should know that China's currency is called the renminbi, or RMB. The yuan is the main unit of money, and 1 U.S. dollar equals about 6.82632 Yuan. Remember that the exchange rate changes frequently, so check just before you transfer money to China. Also, be sure to budget for any fees you will be charged for this service so that your recipient can get the full amount of money that you intend to send.
The Bank of China is one of the first banks that comes to many people's minds, as there are locations both in the United States and China. If the one in New York is close to you, consider going to that location with cash and sending it. If you can only do it online, you can print out the form at their website, fill in the blanks, and send it to the Bank of China. This will take a bit longer than in person, since you will likely wait over a week for them to cash your check, and then a few more days to transfer funds electronically. Most transfers are $10 to $20; note that the more expensive price is for electronic transfers since it is faster.
If your intended recipients have a bank account at any Chinese bank, and you have one at an American bank, you can usually transfer money to China through that way. Some of the most popular banks include the Agricultural Bank of China, Bank of East Asia, China Merchants Bank, International Bank of Asia, Wing Lung Bank, and Bank of China. Banks that are also in the United States include Bank of America and Citibank Hong Kong. If you decide to transfer money to one of these or other banks, you would just need your friend or relative's bank account number and the SWIFT code for their bank. The fees depend on the banking institution. Wells Fargo charges $5 to send money to a bank account, while Citibank charges $12. Other banks, such as HSBC, typically charge around $30 for wires, so be sure to shop around first.
If you find that dealing with banks is too expensive or inconvenient for you, there are other options. Some people do not like having to go to the bank and then pay large fees every time they need to transfer money to China. If you can relate, consider using a prepaid debit card instead. It carries the same benefits as a bank debit card, except you can add funds to it whenever you need to. Once your relatives or friends receive the card in the mail, you can add as much money as you need to for $5 each time, no matter the amount you add. They can then use it as a debit card at most stores, or withdraw cash in yuan at ATMs throughout China.
In the end, you are the one sending money, so you should choose what is convenient for you. Additionally, the more money you save on fees, the more you can send to your friends or family in China. For this reason, be sure to compare bank services before you transfer money to China.
