China Business Operation China
hotline at 86-755-82148419, or emailing to susiehu@citilinkia.com
1.Western Union--In-Person Transfer
Internationally recognized and respected, we recommend going through the Shanghai Pudong Development Bank (SPD Bank) because they've worked closely together and they understand the process better than other banks. With other banks it is still an effortless process, but SPD makes it even easier.
Transfer Time
Available immediately
Fees (applicable only in SPD banks in most countries)
$15 for principal under $5,000
$20 for principal over $5,000
Note: Due to capital outflow controls, foreigners can only exchange up to $500 USD per day. Daily transfer limits vary according to individual bank rules.
2.Alipay-Online Transfer
An easy way to transfer money, but this is only available for Chinese residents. In the case that you have a local friend that you trust, this is another available option to make a transfer back home.
Transfer Time
Takes 2-3 business days for the money to arrive to your bank account
Fees
Fees differ with the country and the amount of money that is sent
Note: Due to capital outflow controls, foreigners can only exchange $500 USD per day. The total transfer can be more, but exchanging currency is limited.
3.PayPal
Setting up a Paypal account connected to your affiliated bank accounts (Union Pay and your account in your home country) makes transfers simple to complete. For smaller amounts and transactions Paypal is ideal, but it is much pricier for larger transactions.
Transfer Time
Transfer to PayPal account is immediate, but withdrawing money to the bank account takes 3-5 business days
Fees
5% cross border fee in processing multi-currency transfers
Includes service charge, transfer fee, and currency conversion fee
Note: Access PayPal cross border fees here
4.Wire Money from Bank--Bank Transfer
We recommend heading over to the biggest branch nearby to make a transfer, also if language is a difficulty this might not be the best option. You also need to convert the currency to the country sent to, which elongates the process a bit.
Transfer Time
Expect for it to take about a week to arrive to the recipient's account
Fees
Fees differ with the corresponding bank, but usually for every $500 USD the average fee is 300 RMB
Fee is inclusive of service charge + commission charge
Note: Due to capital outflow controls, foreigners can only exchange $500 USD per day. To send more than $500 USD, the process would have to be repeated as needed.
5.Send a Bank Card Home
To make this happen, you would open up a second account and send the account home, but there are a few things to keep in mind for this method.
You would need to confirm the following:
Are there Union Pay ATM machines nearby your home?
Check the Union Pay website to confirm
Does the card work outside of China?
Some individuals have had issues with newer cards not working overseas
How will you send it home?
Bank cards can't be mailed, so you would have to either send it back with someone or another way
Note: If none above are an issue, then this method is ideal. Chinese banks have low rates for international withdraws and FX rates are comparable to exchanges rates online.
To Summarize
For reliable, quick, and cost-effective transfers try Western Union
For convenient and online transfers, try PayPal
If you have a local friend who can help, we recommend Alipay
Contact Us
If you have further inquires, please do not hesitate to contact us at anytime, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82148419, or emailing to susiehu@citilinkia.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.