Guide for Chinese Citizens on Sending Money Overseas

Introduction

Many Chinese citizens who work or study abroad need to send money back to China at some point. Whether you need to pay off debts, support family members, or save for the future, transferring funds internationally can be complicated.

In this guide, we'll cover everything you need to know about 转钱回国 (sending money back to China).

Choosing the Best Transfer Method

There are many options for sending money internationally including banks, money transfer services, crypto platforms, and more. We'll compare the pros and cons of each method so you can decide what works best for your situation.

Bank Wire Transfers

Description of bank wire transfer services, fees, transfer times, security, convenience, etc.

Money Transfer Services

Overview of money transfer companies like Western Union, PayPal, Remitly, TransferWise, etc. Detail fees, exchange rates, speed, pickup options in China, etc.

Cryptocurrency Transfers

Explanation of using crypto like Bitcoin, Ethereum, USDT to send money back to China. Cover volatility risk, Chinese policy towards crypto, required crypto knowledge, etc.

Avoiding Fraud and Scams

Tips for spotting and avoiding common financial scams targeting Chinese international money transfers...

FAQs

What are the fees for sending money back to China?

Fees vary depending on which transfer method you use. Bank wire transfers typically charge $10-$50 per transaction. Money transfer services charge anywhere from 3-10% in fees. Cryptocurrency transfers usually have very low fees but you may have to pay a premium on currency exchange rates.

How long does an international money transfer to China take?

Transfer times range from 1-5 business days on average. Bank wires are usually the slowest at 3-5 days. Money transfer services can be as fast as 1 day. Cryptocurrency transfers are instant but there may be extra time needed for exchanging to RMB.

What are the main methods for sending money to China?

The top three options are bank wire transfers, dedicated international money transfer services like Western Union or PayPal, and cryptocurrency platforms. Each has its own pros and cons.

Is it safe to send large amounts of money to China?

Taking proper precautions, all mainstream transfer methods are generally safe for sending large transfers. However, extra steps may be needed for ensuring funds' security and meeting regulations.

How can I avoid financial scams when sending money?

Only use reputable providers. Watch for any requests asking you to pay extra fees or taxes ahead of time. Verify all recipient bank details directly before finalizing the transfer.