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Thursday, January 29, 2009

Tips on Sending Money to China

By Chloe Banks

Opportunities for Chinese emigrants grow as China's economy grows. Sixty percent of overseas Chinese professionals live in the U.S.

Chinese immigrants to the United States are able to send money to China more frequently and in greater quantity than they have been able to in the past. This group of recent emigrants sending money to China account for the largest amounts of remittance money sent from the US back to their native country.

There are several ways to transfer money from to China from the U.S. Seventy-five percent of the remittance market is captured by formal service providers, mainly China Post, the commercial banks and rural credit cooperatives, and the remaining 25% is carried home or sent through other channels.

If you are sending money back to a trusted relative in China, one way to do so would be through acquiring an ATM or debit card for them that is linked back to your checking or savings account.

If you do not want the recipient to have access to unlimited funds, then you may want to look into a pre-paid debit card, which works just like an ATM card except that it is loaded with a specific amount of money which you refill when necessary.

Another option when sending money home to China is through a wire transfer with any U.S. Bank. This can often take several weeks to process, as well as cost more than some other options.

Another way to send money to China that is fast and easy is through an online service such as ATM Cash. This allows you to send money at any time from the convenience of your own computer.

Many of the facilities that deal with international funds transfers to China are based on networks that have expanded, thus making it easier and more efficient to send money to both urban and rural areas in China.

There are however increased fears of money laundering and criminal activities with some money transfers. Because of this the U.S. government has tried to control the banking business more closely. Money sent to china cannot exceed USD 3,000 per day. Also, when sending money by check, you cannot exceed 10,000 US dollars.

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