Since most Chinese schools offer foreign teachers generous salaries, you’re likely to have some RMB leftover when your contract ends. It can be difficult to get hold of money from a Chinese account once abroad, so it’s best to your hard-earned Yuan to a foreign account before you leave. Fortunately, the growing number of apps and online services, it’s easier than you might think to send money home from China.
Here are our top 3 ways to send money home from China:
#1 PayPal
This global online payment giant offers a safe and convenient international transfer service for up to $10,000 per transaction. To use this service, you must create a PayPal account in both China and the country of your recipient account and link your respective bank cards to them. You can then add money to your PayPal wallet and simply send it using the recipient’s email and phone number. Alternatively, you can make a direct transfer using the credit/debit card associated with your account. You can expect PayPal transfers to reach the destination account within 3-5 working days.
Though quick, safe and convenient way to send money home from China, PayPal’s cross-border transfer fees make it quite costly. That said, if you’re willing to pay the 0.5-7.4% charge for the independence and security it offers, it’s a good choice!
#2 Alipay
Alipay is without a doubt one of the most convenient and cost-effective ways to send money home from China. The Alipay app allows users to send large amounts of money for impressively low fees that reach the destination account in less than 5 working days. The catch is that this service is only available to Chinese nationals or green card holders. So, if you wish to use Alipay to send money home, you’ll need to find a trusted friend to help. To make the transfer, your friend will need to use their Chinese bank account. Therefore, we advise either transferring the money directly to their account at your bank, or giving them the cash.
Your friend will first need to make sure the app’s international payment function is enabled on their account. If it isn’t already, they must simply complete a few details and should be approved within a few days. Once that’s done, you will need to enter the following details, along with the amount you wish to transfer:
· Recipient’s full name as printed on passport/ID
· Recipient country
· Recipient’s address
· Name and address of their bank
· Recipient’s IBAN and SWIFT codes
Once you’ve entered these details, Alipay will calculate the transfer fee. The charge will be no more than stated, even once it reaches the foreign account! This makes Alipay one of the cheapest and quickest ways to send money home from China. The only real disadvantage is that as a foreigner you are unable to do it alone.
#3 The Bank
Anyone looking to go down the old-fashioned route, practice their Chinese or simply avoid online transfer services will be pleased to know it’s possible to transfer in person at the bank. It’s possible staff at local branches will be unfamiliar with international transfers, so it’s best to visit the main branch. Much like any visit to a Chinese bank, this is unlikely to be quick. Therefore, if you’re on a tight schedule this probably isn’t the option for you.
To make the transfer, you will need to provide the same information as above, as well as your passport details. It’s important to note that due to currency restrictions in China, there are fairly low daily transfer limits for foreigners. Non-Chinese citizens can transfer a maximum of 500 USD per day. Chinese citizens can however transfer up to 50,000 USD per year. If you plan to send large sums at minimal cost, again it’s advisable to ask a Chinese friend to use their account.
Money sent directly from the bank can take between 1-5 working days to arrive. It’s also likely that both your Chinese and recipient banks will charge a cross-border transfer fee. Though fees differ depending on who you bank with, this remains one of the most expensive options.
To Sum Up
Though by no means an exhaustive list, these methods have been used by several of our teachers over the years and provide a good variety of ways to send money home from China. When it comes to deciding which is best, we recommend considering how much you wish to transfer, the fee you’ll incur and whether you wish to do it independently.
Whichever you choose, be sure to provide your name as is on your ID and double check your bank IBAN and SWIFT codes. If using an online method, do so only on a private WIFI network for safety purposes!
FAQs
Methods to transfer money out of China
- Via bank to bank transfer.
- Through Western Union or Moneygram.
- PayPal and other payment options.
- Use Alipay international transfer.
The most common methods of moving money out of China include:
- International wire transfer to a banking institution abroad using a bank which falls under Chinese banking regulations.
- Taking physical cash upon departure.
- Taking physical goods such a precious metals upon departure.
- Taking cash out using an ATM abroad.
The methods include China's underground banks, transfers using Hong Kong money changers, carrying cash over borders and pooling the quotas of family and friends — a practice known as “smurfing.” The transfers exist in a gray area of cross-border legality: What's perfectly legitimate in another country can contravene ...
Does China use cash App? ›
Cash App is one of the most famous US fintech companies that allows users to send and receive money instantly and for free. Unfortunately, Cash App doesn't work internationally – it only works in the US and the UK. This means that if you're not a US or UK resident and want to open a Cash App account, you cannot do so.
How do I get my money back from a scammer in China? ›
If a Chinese supplier commits any default or fraud, there are four measures you can take to get your money back: (1) negotiation, (2) complaint, (3) debt collection, and (4) litigation or arbitration.
How much money can you transfer from China to US tax? ›
How much money can you wire without being reported? Financial institutions and money transfer providers are obligated to report international transfers that exceed $10,000.
Where can I exchange Chinese money for American money? ›
Head to your bank or credit union before you leave to avoid paying ATM transaction costs. You may even receive a better exchange rate. Credit unions and banks will exchange your dollars into a foreign currency before and after your trip when you have a checking or savings account with them.
Can US companies take money out of China? ›
In China, companies, banks, and individuals must comply with a “closed” capital account policy. This means that money cannot be freely moved into or out of the country unless it abides by strict foreign exchange rules.
Can China use PayPal? ›
PayPal has passed China's regulations and is one of the few digital payment platforms to be allowed in China.
Can someone send money from China to USA? ›
Sending money from China to United States is a breeze with CurrencyTransfer.com. Whether you need to buy property abroad, repatriate funds, compensate overseas employees, or even pay overseas suppliers you can safely send large sums of money without the hassle or the fees.
Send payments securely.
Now you can send international payments from anywhere you happen to be, at home or on the go. All you need is the recipient's email address or mobile number and the money will go to their account. If they're new to PayPal, they can create an account quickly for free.
Does Western Union work in China? ›
Western Union Money Transfer services have been available in the Chinese market since the early 1990s. Our Service Providers in China provide over 28,0001 Service Provider locations across 31 municipalities, autonomous regions and provinces.
Does China use Zelle? ›
No, Zelle® can only be used to send funds to someone who has a bank account in the United States.
Does China use venmo? ›
Venmo cannot be used to send money overseas. It is only available for domestic money transfers or payments in US dollars within the United States.
What apps can I use to send money from China? ›
Some of them are mentioned below.
- UnionPay App. The UnionPay mobile app is the unified mobile payment portal for the Chinese banking industry. ...
- Tenpay. Tenpay was developed by Tencent company – the Chinese social media and messaging tech giant in the year 2005. ...
- BestPay. ...
- JD Wallet. ...
- Baidu Wallet. ...
- 1qianbao. ...
- Huawei Pay. ...
- PayPal.
Contact your bank immediately to let them know what's happened and ask if you can get a refund. Most banks should reimburse you if you've transferred money to someone because of a scam.
Can I claim money back if I've been scammed? ›
Credit card payments
of the Consumer Credit Act states that in most cases, if the goods or services you paid for don't materialise or are not as promised, you can get your money back from your card provider if you can't get it back from the 'seller' – in the case of a scam, the seller will usually disappear.
How to get a scammer to return money? ›
Contact the company or bank that issued the credit card or debit card. Tell them it was a fraudulent charge. Ask them to reverse the transaction and give you your money back.
How much money can I transfer without being flagged? ›
A person may voluntarily file Form 8300 to report a suspicious transaction below $10,000. In this situation, the person doesn't let the customer know about the report. The law prohibits a person from informing a payer that it marked the suspicious transaction box on the Form 8300.
Are wire transfers over $10000 reported to the IRS? ›
What is the law regarding wire transfers and the IRS? Under the Bank Secrecy Act (BSA) of 1970, financial institutions are required to report certain transactions to the IRS. This includes wire transfers over $10,000, which are subject to reporting under the Currency and Foreign Transactions Reporting Act (31 U.S.C.
Best for sending $10,000 or more within the U.S.: Bank wire transfer. Cheapest for international bank-to-bank transfers: MoneyGram. Fastest for international transfers: Xoom.
How much is $100 of Chinese money in the United States? ›
How much is $100 US in Chinese? ›
How much is $1 US in China today? ›
1 USD = 6.9125 CNY May 08, 2023 23:54 UTC
Check the currency rates against all the world currencies here. The currency converter below is easy to use and the currency rates are updated frequently. This is very much needed given the extreme volatility in global currencies lately. Sending money abroad is as easy as ever.
How can I send large sums of money internationally? ›
Both Western Union and PayPal are popular choices for sending large sums of money overseas. However, they can be expensive compared to other service providers. This is because both charge fairly high fees and don't guarantee the best exchange rates.
Can bank of China transfer money overseas? ›
Introduction. You can transfer funds to your friends / relatives overseas via your deposit account with BOCM. We provide global remittance services by either telegraphic transfer (T/T) or demand draft (D/D). You can transfer funds to most parts of the world in a safer and quicker manner.
What is the US foreign policy with China? ›
U.S.-CHINA RELATIONS
We will advance our economic interests, counter Beijing's aggressive and coercive actions, sustain key military advantages and vital security partnerships, re-engage robustly in the UN system, and stand up to Beijing when PRC authorities are violating human rights and fundamental freedoms.
Can I use Wise to receive money from China? ›
Only Weixin users who are Chinese citizens with a National ID card can receive an international payment with Wise.
What is the Chinese version of PayPal? ›
Alipay
| Native name | 支付宝 |
|---|
| Romanized name | Zhīfùbǎo |
| Industry | Financial services Payment processor |
| Founded | February 2004 in Hangzhou, Zhejiang, China |
| Founder | Jack Ma |
7 more rowsPayment by Popular Apps: WeChat and Alipay. The two app payment giants in China are Tencent's WeChat and Alibaba's Alipay. So, basically, two companies (WeChat and Alipay) are the mainstay of e-payment in Chinese mainland.
Send money from China with Western Union. Western Union makes it easy for you to stay connected with your family and friends, despite the distance. You can send money from China to your loved ones almost anywhere in the world in just minutes1.
Does MoneyGram work in China? ›
With MoneyGram Online the fee for sending online to a bank account in China starts from $1.99* for send amounts which are less than or equal to $100 and $2.99* for send amounts which are greater than $100.
Which bank in China has Western Union? ›
Which Western Union partner banks can I visit to receive money in person?
- China Everbright Bank (CEB)
- Shanghai Pudong Development Bank (SPDB)
- Postal Savings Bank of China (PSBC)
- Bank of China (BOC)
- China Construction Bank (CCB)
- Jilin Bank.
- Fujian Haixia Bank.
- Zhejiang Chouzhou Commercial Bank.
Use the Wise debit card to spend in China without rip-off fees. Withdraw money, pay for meals in restaurants or spend in shops in Chinese yuan, all at the real exchange rate with the Wise debit card.
Can I use Alipay in USA? ›
Other international retailers, including those in the U.S. and the U.K., have also started to accept Alipay, which simplifies the checkout process by reducing language and payment barriers. If you want to send money to Alipay, Remitly makes mobile payments simple and secure.
Is Remitly safe to send money? ›
Is Remitly Secure? Remitly is considered a very secure and trustworthy online money transfer provider. The company is a registered Money Services Business with the United States Department of the Treasury and is a licensed money transmitter.
What is the Western Union limit for China? ›
You can send up to $7,000 USD online to bank accounts in China with Western Union. However, individual send limits may vary based on transfer history and products selected. Log in to your profile and check your current limit for sending money to China. How do I send money online to China?
What Western companies are in China? ›
China is one of the world's largest economies and numerous multinational companies operate there. Restaurant brands like KFC, McDonald's, and Starbucks have been expanding rapidly in China. Some companies, such as AT&T and GE, have been in China for 20 or 30 years.
Does China use union pay? ›
Over 25 million merchants in the Chinese Mainland support UnionPay QR Code payments.
What is the cheapest way to send money internationally? ›
The cheapest way to send money internationally is to transfer funds directly from your bank account to a recipient's bank account. Most transfer services charge additional fees for debit card or credit card payments and cash pickups.
yes! Transferwise (again, now it's called just Wise, but sometimes it can get confusing since the change is newer) works in China and allows you to send and receive money internationally.
Does Xoom work in China? ›
With Xoom, you can deposit money to your contact's UnionPay debit card in mainland China. The card is provided by most major banks, including Bank of China, Industrial and Commercial Bank of China, and China Construction Bank. Simply create a free Xoom account to start sending money.
How can I send money out of China? ›
The most common methods of moving money out of China include:
- International wire transfer to a banking institution abroad using a bank which falls under Chinese banking regulations.
- Taking physical cash upon departure.
- Taking physical goods such a precious metals upon departure.
- Taking cash out using an ATM abroad.
How do I send money from China?
- Apply for a debit card and online/mobile banking services at our partner banks.
- Log in to the bank's online or mobile banking.
- Fill out your money transfer details. ...
- Choose your payment method. ...
- Track your transfer. ...
- Inform your receiver.
Banking. The service allows users to send, receive, and store money within the United States and within the United Kingdom, but not internationally. Users can transfer money out of Cash App to a bank account in their country.
Can I send money from China to USA? ›
Sending money from China to United States is a breeze with CurrencyTransfer.com. Whether you need to buy property abroad, repatriate funds, compensate overseas employees, or even pay overseas suppliers you can safely send large sums of money without the hassle or the fees.
How do companies move money out of China? ›
So you've set up your Wholly Foreign Owned Enterprise (WFOE) in China, and now you want to transfer your money out. There are 3 ways for a WFOE to remit its profits out – through dividends, intercompany payments, or extending loans to a related foreign company.
Can I send Western Union from China? ›
Send money from China with Western Union. Western Union makes it easy for you to stay connected with your family and friends, despite the distance. You can send money from China to your loved ones almost anywhere in the world in just minutes1.
Does China accept Zelle? ›
No, Zelle® can only be used to send funds to someone who has a bank account in the United States.
Can someone in China send money through PayPal? ›
PayPal has passed China's regulations and is one of the few digital payment platforms to be allowed in China.
Introduction. You can transfer funds to your friends / relatives overseas via your deposit account with BOCM. We provide global remittance services by either telegraphic transfer (T/T) or demand draft (D/D). You can transfer funds to most parts of the world in a safer and quicker manner.
What would happen if China cashed in in U.S. debt? ›
The biggest effect of a broad scale dump of US Treasuries by China would be that China would actually export fewer goods to the United States. Overall, foreign countries each make up a relatively small proportion of U.S. debt-holders.
Can China use Venmo? ›
Venmo is currently only supported within the U.S. If you try to sign in while abroad, you'll likely get an error message.
What is the best payment method in China? ›
Payment by Popular Apps: WeChat and Alipay. The two app payment giants in China are Tencent's WeChat and Alibaba's Alipay. So, basically, two companies (WeChat and Alipay) are the mainstay of e-payment in Chinese mainland.
Does China use MoneyGram? ›
Fast and easy. Receive money in cash or directly to your bank accounts across China. With MoneyGram, your money gets where you need it, when you need it.
Can Wise be used in China? ›
Use the Wise debit card to spend in China without rip-off fees. Withdraw money, pay for meals in restaurants or spend in shops in Chinese yuan, all at the real exchange rate with the Wise debit card.
