Many students in the U.S. have to find ways to transfer money back home to China. Financial institutions, checks, offline services and re-loadable ATM cards are all options with both perks and downsides.

1.A bank or credit union account in the U.S. can be opened to transfer money. Many students choose this method to wire to assist parents or other family members back home in China.

If you want to use either of the options, be sure to first research all the specific details and have them handy when youre ready for the actual transfer. You should first get the SWIFT (Society for Worldwide Interbank Financial Telecommunication) code of the specific city and bank where you would like the money sent. This can be obtained very easily. You will also need the name, phone number and address of the banks branch. You should also be sure to have handy the account number of each family member you will be sending money to.

For transfers to China through a bank or credit union, the wait for the money to arrive is usually one to two weeks. The cost ranges from $15 to $50, with most banks charging between $35 and $45, but usually you can only wire $2,000, unless you have an account with the bank. One other thing to keep in mind is that you most likely will not be permitted to pay with a credit card.

2.You can also use a personal check as a method of transferring. With this option you can avoid the fees charged through the SWIFT system, but you will encounter problems when it comes to the issue of speediness. If you simply try mailing a personal check to China, your family may not see that check clear and post up for up to a month. And even though Chinese banks still charge a fee, it is slight compared to others.

3. Choose an offline, kiosk-based company. At least one of the leading wire companies charge a flat 10% rate to complete the money transfer. With this option youll have to check with family in China to ensure there is a location based nearby so they could get the money.

4. Try a rechargeable ATM card, which after the first wire transfer, is second to the already speedy offline companies. The second and every time after that is surely the quickest way to get cash to China. With these cards you simply hop on one of the websites that allows you to purchase the ATM/debit card, and mail it to China. At least one of the websites allows you to not just buy, but also send the card through the reliable FedEx service. After receiving the card your family can then use it to make purchases or even to withdraw cash from an ATM.

One big advantage of this service is that once your family once your family gets the card, they are just minutes from accessing the money you plan to send. All you must do is use a phone or the internet to wire cash in a matter of minutes.

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This entry was posted on Wednesday, September 23rd, 2009 at 8:14 am and is filed under credit cards. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.