Transferring money to China is often necessary for many reasons. One of the best excuses to remit to the area is to help out family in need. If you have researched the issue at all, you have probably found that many methods charge exorbitant fees simply to send money to China. Whether you are against large fees or need to find a convenient way to remit often with ease, you should consider the best reasons for using a prepaid debit card.
1). There are several ATMs and retailers that accept debit cards in China. Chances are good that you severely carry cash because you can use your debit card almost anywhere. It is often faster and just easier, which is why many retailers in the United States make it a point to accept cards. The same goes for most major Chinese cities. If your relative lives in a big city like Beijing, Shanghai, or Guangzhou, there should be no problem finding an ATM. If they live in a smaller area like Benxi, Lhasa, or Bengbu, you should ask your relative if the shops near them accept debit cards, or if there are many ATMs nearby.
2). Another benefit of choosing the prepaid debit card to send money to China is the fact that the fees for your recipient will be low. If they choose to get cash out of the ATM, it will cost less than 14 renminbi. To use the card at shops, it costs even less, with a fee of less than 7 renminbi each time the card is used, which is about equivalent to $ 1 USD. They will get the Chinese currency of renminbi from the ATM, not US dollars, so they do not have to deal with additional exchange rate fees when they get cash.
3). The fees for a prepaid debit card are also low for you. It costs $ 5 to add money to the card whenever you want, no matter how much you add at a time. You can add up to $ 1000 at one time, and the fee holds the same. Most banks charge a lot to send money to China, as do money transfer services. For example, Citibank charges $ 12 to send $ 100 to the Chinese branch, while HSBC charges about $ 45. Obviously, a $ 5 fee each time you send money is a bargain compared to other methods. This is especially convenient if you have to add money often, such as once per week. It is also useful if you have to send a lot at once, as some banks base their fees on a percentage of what you send.
There are other ways to send money to China, but a prepaid debit card is one of the most cost effective. Additionally, it is known as one of the easiest and fastest. Once your relatives receive the card in the mail, you can start adding funds right away. Most banks charge extra for an instant transfer, but it comes standard with a prepaid debit card.