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4 WAYS TO TRANSFER MONEY TO CHINA:

FEATURES, BENEFITS

With the development of Russian trade relations with China, it is increasingly necessary to transfer funds to this country, especially for entrepreneurs. The process is complicated by the fact that double conversion is required in conditions of economic instability and currency fluctuations.

Conversion is carried out more often through the US dollar (sometimes through Euro), so the banks take a small commission. The more often the amount is converted, the higher the fee for the transferred funds. You should carefully study different ways of transferring funds, to choose the most convenient and profitable one.

AVAILABLE METHODS OF MONEY TRANSFER

Legal entities may resort to the assistance of mediators or transfer funds to a specific account of the beneficiary company from their personal account. Belarusians have the right to transfer up to $5,000 per day. Bank transfers are available to them, they can send money to Visa cards, use payment systems (Western Union), Qiwi e-wallet, as well as cryptocurrency postal transactions.

  • BANK TRANSFER BY REQUISITES

    To transfer money, one needs to go to the bank, where there is the account, carefully fill out the receipt, pay the necessary amount with all the commissions by providing a passport. One is required to know the bank data of both the recipient and the sender to make the transfer in the amount above $5,000. The form can be filled through online banking. The transaction shall be received within 1–21 days. 2 commissions are paid, as each bank (sending and receiving) takes money for the service. The size of commissions should be recognized additionally, in each bank they are different.

  • TRANSACTION VIA ELECTRONIC SYSTEM

    In order to use the electronic transfer of a large amount of money, one has to pass the identification in the system. This will require scans of passport and TIN. After passing the identification, funds are transferred from Qiwi wallet to UnionPay or using Western Union. The recipient's data is entered, and the desired amount is specified. The transfer is made in US dollars, and the converted to Yuan. Terms of transfer are comfortable, money can be received instantly or within 3 days. The commission is 2% of the total amount sent plus 180 rubles.

  • TRANSACTION USING UNIONPAY

    UnionPay is a famous national payment system in China, established in 2002. The Chinese have taken care that foreigners would be comfortable to work with UnionPay: in many countries, there is a possibility to obtain a card and there are more than 1,000,000 ATMs around the world. It is easy to transfer money in any offices of the bank, as well as via internet banking. In Russia, cards have been used since 2013. They should be issued if there is a need to send transfers to China often.

    US dollars are transferred with a restriction: for 1 operation – $3,000, for 1 day – $5,000, for 1 year – $50,000. The transaction procedure is the same as for regular transactions (from one card to another). Money is sent to the recipient instantly or within 1 day. The commission is charged, and it is calculated as follows: 0.9% of the total amount of the transfer plus $1.5.

    Some banks offer customers a cost-effective way of transferring funds. One can reduce the cost of transfers when issuing 2 cards: main and additional, not forgetting to bind them to one account. The additional card is taken by a partner or relative from China, then one can reload the card without fees associated with the conversion.

  • TRANSACTION WITH THE HELP OF 4YOU GLOBAL

    The transfer with the help of the company-mediator is very convenient for the sender. 4YOU GLOBAL guarantees its clients:

    • Efficiency. The funds will be transferred to the place no later than 48 hours.
    • Easily filled receipts. Employees of the company will fill in all necessary documents for the transaction.
    • Transparency of relationships. The company will choose for the client the most advantageous method of the transfer without large commissions and long waiting periods.
    • Reasonable payment for the service provided, not exceeding the cost of other methods of transfer.
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