What is the best way to send money from China to the US?
If you’re interested in teaching in China, then you already know that it can be quite lucrative. To send any of that money home to pay bills, student loans, or to contribute to a savings account, it’s best to your hard-earned Yuan to a foreign account before you leave. Fortunately, the growing number of apps and online services, it’s easier than you might think to send money home from China.
Alipay is one of the most popular online payment platforms in China and in addition to its many financial services, you can also transfer CNY to USD. Alipay uses Citibank as the intermediary to transfer your money to your US bank account. The transaction fee is 50 CNY per transaction charged by Alipay and 8 USD charged by Citi bank.
It has transaction limit 18,000 CNY per transaction and only two transactions allowed per day. It also does not provide an accurate wait time. But normally the process should take 1-2 business days.
One should also use a Chinese credit/debit card for this transaction. Your school will help you to get a Chinese debit card, and it will most likely will be your salary account in China.
PayPal is an online company that offers customers the option to transfer fund to different PayPal accounts. Subsequently when the receiver gets the funds on their PayPal account they will need to transfer it to their Chinese Bank. Other information about fees and transfer times can be found here.
As long as you have your American bank linked and setup beforehand, you can get the money from your Chinese to American account in about 48 hours. Fees are a bit high, but it’s the most simple method: you can do it from your phone with two clicks!