subject: Know the Trends and Options Before You Send Money Online to China [print this page] Know the Trends and Options Before You Send Money Online to China
According to recent studies, China is among the top three recipients of money from the United States. Its amount of about $35 billion during 2008 is second only to India, according to World Bank's records. In fact, at a time when remittances have generally decreased, many parts of Asia have experienced higher numbers than usual in recent years.
The reasons for sending money back to China are many. The top reasons include helping to pay for family's daily expenses, paying for education, helping out with healthcare costs, and purchasing or repairing the family dwelling. Many immigrants in the U.S. plan to send money once they find a job in the United States, and these are the ones who send recurring payments either weekly or monthly. Others only send money online to China for family emergencies, or just when they have extra funds available.
Sending money to China has become easier than ever with the increased demand for remittance services. The services are not only available in the United States, however. In fact many Chinese residents choose to work in countries other than the U.S., such as Taiwan.
The development of a two-way postal remittance in early 2009 for sending money between China and Taiwan is one sign that new money transfer options are needed. Though it might not be technologically-advanced, it is the first time the two countries have featured an official system to remit money back and forth. The price is a reasonable 8 percent of the amount to send 200 Chinese Yuan from China to Taiwan, and about 400 Taiwan dollars to send money from Taiwan to China. Considering the flat rate equals about 12 USD, this method is affordable.
Another sensible method for sending money to China is the prepaid debit card. When immigrants need to transfer funds often, the easiest way to do so is to send money online to China using a debit card that is first sent to the recipient, and then loaded with money through the Internet. This method is cheaper than going through a bank to wire funds. Citibank charges $12 to remit $100 to China, though both parties involved must have a bank account with this company. Some banks, such as HSBC, charge up to $45 per transfer, which makes the prepaid debit card fee of about $5 to $8 very reasonable.
No matter what the reason for transferring money to China is, you have a right to know the most popular options and general statistics. An informed decision is the best kind. Know that when you send money online to China, you are not alone, and you do not have to break the bank to do so.
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