How can I transfer money overseas?

Q & A ForumHow can I transfer money overseas?
Skyler Staff asked 11 months ago
1 Answers
Sergio answered 11 months ago

There are a wide-range of services with varying degrees of fees.

Wiring through banks is a method. Foreigners have a limit on how much they can wire transfer money overseas per yer. Whereas a Chinese person can send something like 50k usd per year… So you could find a trustworthy Chinese friend to send you the money overseas.

However, if you are leaving China and have paid taxes on the money you earned here, then just provide the income tax receipts to the bank and they should help you send all your money overseas. At the end of the day, they take huge fees and surprise you with hidden fees. Your bank here and your bank overseas will each take fees at exchange your money at unfavorable rates.

There are shady services that operate in the gray area. Many expats “know a guy” who can do it for you at better rates than banks. You would direct deposit to their accounts in China and they have contacts overseas who would direct deposit into your bank overseas. Although I personally would not recommend using this kind of service, I know many who have used this service.

I have heard of TransferWise but never used them before… Anyone else reading this used it before? Plz share your experience!

There is another method that takes shorter time… many people are scared of it just because of the media and volatility of this currency but if you just follow a youtube video tutorial, you can send, transfer, and receive money within a few hours (as opposed to days through banks). Depends on the amount you’re transferring but it would cost you around 0.05 to 0.10% (exchange rate and commission included) to use this method as opposed to 1% to 5% through banks.
This method can be found in this wonderful article I just came across: https://www.thecurrencyshop.com.au/international-money-transfers/5-cheaper-ways-to-transfer-money-overseas
Youtube search: tutorial [method name] or how to send money through [method name]

Hope that’s useful!!

Btw, that’s a beautiful name, Skyler.

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