About USD and YUAN
Whenever we talk about the USD and the Chinese Yuan, the two most competitive states in the history of the world rings in our minds. In 2017, $16,141,000,000 was the total recorded remittance to China from USA. This was the second largest after Mexico. India superseded this chart but the margin was $5,000,000,000 large.
This is a clear depiction of how desperate people are to send money from US to China. But do they know how to? Are they using the best means the markets have to offer? Find out below and get ahead of the rest in the game.
The best way to send money from the USA to China
As already stated, there are many ways to send money from US to China. You cannot be limited to just how easy you can make this transaction. You have to be careful, however, when selecting a transfer service provider. This will make you not lose money to a bad deal. Here are some tips on which providers to use when sending money from US to China:
Instarem is the best online money transfer service to use when sending money from US to China. It not only offers excellent exchange rates, but also the quickest way to remit money in the bank account of China. Other online money transfer companies that do offer these services are XE Money, Pangea and TransferWise.
Check payments are also a reliable means of money transfer from US to China. However, they have a long process of sending your money and can take up to 15-28 days. The best alternative would be using bank transfers as they are faster. Many banks operate in China and enable international transfers to be made via them. Such include:
- Postal Savings bank of China
- Agricultural Bank of China
- Bank of Jilin
- Zhejiang ChouZhou Commercial Bank
- Longjiang Bank.
Cash pick-up services are the best resort to settle for if you want your money transferred at greater speeds. Western Union, MoneyGram and Transfast have multiple agents located in China where you can pick up your cash from. On the sender’s side, you can post your cash either via your bank account, your credit card or debit card.
Wire transfers are bank services whereby the recipient can get his/her money directly in their bank accounts. It takes about 2 to 3 days for the cash to be received.