My OperaCash for gold Sending Money to China: Best Practices When Transferring Cash to China
Tuesday, August 17, 2010 6:40:33 AM
If you have ever tried to send money to China, have you ever stopped to wonder whether your money would arrive in U.S. dollars or in Chinese Yuan? Most people never do.
Stop to consider that even though you might send dollars|, the recipient will receive the money in Yuan. Some businesses offer to convert to the correct currency for you, but it comes at a price.
Most often, the exchange rate is determined by the business itself, so it is challenging to find a fair rate. You may use a bank wire transfer service, but other issues will surely arise.
To wire funds to China through a financial institution, it is imperative both parties have an account with that bank. This makes it easier for the government to track money and ensure no illegal activity is going on.
If the banks are easily accessible, then there's no problem. But if recipient is on vacation, does not have an account, or lives a distance from that particular bank; then the money transfer will be more difficult than planned.
If a bank-to-bank transfer is not an option, there are other ways. The first is an old-fashioned telegram-style transfer where you send it, and your recipient picks it up. The exchange rates aren't always great, always fair] but it's still a viable option.
One other option is an internet-style transfer, but a huge problem remains that it takes too much time for the funds to become available.
Despite the road blocks, the days of fast and easy money transferring are close, with the aid of pre-paid credit cards. Someday a person will be able to go online to add money to a card. All the recipient is required to do is take their card to the bank and collect the money. Although this method still has some kinks to work out, it may soon be the easiest way to transfer money.
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