| Moving from China to the United States can be | | | | send money for $10 if it is an electronic transfer, and |
| difficult to get used to, no matter your reasons for | | | | $20 if it is not. However, if you do not have an |
| relocating. The move can be made even harder when | | | | account with the Bank of China or even have one |
| you have relatives back home that you need to | | | | near you, most other banks can perform the |
| support, requiring you to make a money transfer to | | | | transaction as well. HSBC can make a money transfer |
| China often. Fortunately, you have a few options | | | | to China for $30 if you send it to a branch of the |
| when it comes to sending remittance home to family | | | | same bank in China, or $45 to send it to another |
| from the United States. | | | | bank. Wells Fargo charges about $5, and Citibank |
| Each method of sending money takes a different | | | | charges $12. |
| amount of time. If you do not have a set day on | | | | Clearly, such fees can get costly if you need to send |
| which your family needs the money, you can simply | | | | money constantly to foreign countries. If you need |
| send a check in the mail. Family members can then | | | | to make a money transfer to China regularly, |
| head to the Bank of China to cash it. However, this | | | | consider using a prepaid debit card. You would select |
| method can take weeks to a month, so this is | | | | a company to go through, send a debit card to your |
| obviously not a good idea when your family needs | | | | family, and then put money on it whenever you need |
| money fast. Additionally, remember to calculate the | | | | to through the company's website. Adding money |
| exchange rate in China, as $1 equals 6.8 Renmibi | | | | does incur a fee, usually of about $5 no matter the |
| Yuan. | | | | amount, so putting a lot of money on it at one time |
| Another popular method of transferring money to | | | | is more cost-effective than adding small amounts. |
| China is through wire transfer. This involves going to | | | | There is also a tiny transaction fee each time your |
| your bank with your relative's bank name, account | | | | relative uses the card, usually less than a dollar per |
| number, and bank contact information. You will also | | | | purchase. However, the convenience of the card |
| need the SWIFT code for your family's bank, which | | | | usually counteracts small fees. |
| is how your bank will quickly identify a foreign bank. | | | | Perform some research before committing to a |
| A wire transfer is a fairly quick way to send money, | | | | particular method of sending money to China. The |
| as it typically takes only a few days for the transfer | | | | one that involves the least amount of fees and |
| to go through. However, there are fees each time | | | | difficulty is clearly the best. Both you and your family |
| you send money, and they differ depending on the | | | | will appreciate an inexpensive, convenient way to |
| bank. | | | | make a money transfer to China. |
| You can go to the Bank of China in New York and | | | | |