What is the best way to transfer money out of China
Apart from monthly apartment rent and daily expenditure, you may save some money every month while working in Chengdu. As many international friends keep asking how to transfer money out of China and what is best way, we will introduce several methods of doing it today. Wish this post can ease your pain.
Option 1: Sending money via Alipay
This option needs a worthy Chinese friend’s favor, since Alipay only allows Chinese nations to send money abroad with the app. Transferring money via Alipay, you will need the receiver’s full name exactly the same as their identification document, the country they are in, their address in that country, the bank’s SWIFT code, and the bank account number. The yearly quota is within 50,000USD, twice transaction a day, and 18,000yuan (including 50yuan transaction fee inside China) each transaction. After finishing the transaction, it will take 3-5 working days to have the money on your overseas account. Transaction fee should be anywhere from 70yuan to 120yuan while transferring within 10,000yuan and 140yuan to 260yuan while transferring over 10,000yuan.
Option 2: Sending money via PayPal
This option requires one PayPal account with Chinese bank account and another with your overseas bank account. You can send money to your overseas PayPal from your Chinese PayPal, then withdraw the money to your overseas bank account. No limit on the amount. Transfer is almost immediate but the cost structure is very confusing and expensive.
Option 3: Sending money with two China Bank card
Apply for two China bank card and send one to your family back home, deposit money in Chengdu and let your family take it out on their side. No limit to how much you can transfer. This maybe the best and easiest way to send money abroad.
Option 4: Sending money directly via bank
Sending money from your Chinese bank account directly to overseas account is the most straightforward way. As long as you have proper documents for the money i.e pay slips, tax records and contracts, there will be no limit to how much you can send. But since many Chinese bank employees are not capable of assisting expats and not familiar with overseas transfer process, you would better go to the main branch of your bank in Chengdu. It will take about 1 to 5 days to for the money to show on your overseas bank account.
Have you ever tried any of these methods before? Which one do you think is the best? Let us know your experience. Or if you want to know more details about each option, feel free to contact us. We are happy to help!