Mar 06
Mike SternUncategorized Atm, cash, cash card, China, debit card, finance, Money, Money to China, money transfer, Money transfer to China, send money, send money to China, Transfer Money
If you have ever tried to transfer money to China, have you ever wondered whether your money would arrive in U.S. dollars or in Chinese Yuan? Most people do not.
Remember that even though you might send dollars|, the recipient will receive the money in Yuan. Some transfer services offer to convert to the correct currency for you, but it comes at a price.
Most often, the exchange rate is decided by the business itself, so it is difficult to find a fair rate. You may use a bank wire transfer service, but this only opens the door for other issues.
To wire funds to China through a financial institution, it is imperative both parties have an account with that bank. This makes it easier for the government to track money and ensure no illegal activity is going on.
If the banks are easily accessible, then there’s no problem. But if recipient is on vacation, does not have an account, or lives a distance from that particular bank; then the money transfer will be more difficult than planned.
If a bank-to-bank transfer is not an option, there are other ways. The first is an old-fashioned telegram-style transfer where you send it, and your recipient picks it up. The exchange rates aren’t always the best, always fair] but it’s still a viable option.
One other option is through using the web, but a massive problem remains that it takes too much time for the funds to become available.
Regardless, the days of fast and easy money transferring are near, with the backing of pre-paid credit cards. Someday a person will be able to go online to add money to a card. All the recipient has to do is take their card to the bank and collect the money. Although this method still has some kinks to work out, it may soon be the preferred way to transfer money.
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Mar 02
Lisa WagnerPhilippines Atm, cash, debit card, finance, Money, money to Philippines, money transfer, money transfer to Philippines, Philippines, send money, send money to Philippines, Transfer Money
My cousin and I came to America with his family in 2001. He came looking for a better life for his family while I came to create one. Both he and I would transfer money to the Philippines so that our families could live “high on the hog” as some say.
After arriving I took a job that helped sponsor me for a working Visa. My cousin lucked out even more, he quickly earned two promotions promotions after his first year working. Unfortunately he lacked the confidence to ask his job to help with a Visa. To no surprise he was caught and advised to plead for voluntary departure, which may or may not have been the best plan of action. One thing I do know is that my wallet is surely paying the price since I’m now the one sending over money to the Philippines on both of our parts.
Money coming into the Philippines from other countries is quite important to the economy since it receives more money from remittance than from foreign investment yearly. So it’s no wonder money sent from abroad has a massive effect on the strength of the economy.
Many people wonder where exactly that money comes from. I’ll tell you – it’s from Filipino workers who live outside the country. It is a little known fact that 8% of the Filipino population currently works abroad doing migrant work.
In July 2008, the population was estimated at 96 million, and it’s shocking that 45% of those people live on less than two US dollars a day! That’s why it’s no surprise that those of us wiring money into the country are such a huge factor on our family income. At one time the Philippines central bank expected remittance to reach $18.9 billion by the year 2009. However, this was before Wall Street’s collapse last year.
The Department of Labor and Employment estimates that 50,000 Filipinos living in the U.S. have either lost or are in the process of losing their job this year. Many of those are in the finance industry. But those who do keep their jobs make pretty good money and make up the population consistently wiring money to the Philippines several times a year, despite the effect on our paychecks. Usually, we focus on being thankful thankful for being here and with a job in the difficult recession we are in.
William Gois, regional director for the group Migrant Forum, estimates that money coming to the Philippines from the U.S. will slide by 50% this year. It is not an exact number but it’s still a shocking number. Regardless, I along with many others continue sending money to the Philippines using all possible methods – banks, wire services and re-usable debit cards.
Regardless of the state of the economy or my wallet, I continue to transfer to the Philippines monthly and am confident when I say I am hardly the only one.
Finally! The whole unbiased truth about sending money to the Philippines exposed. You owe it to yourself to visit send money to Philippines and get the facts today.
Jan 25
Mike SternChina Atm, China, cirrus, debit card, Money to China, money transfer, pre paid card, Remit, send money, send money to China, Transfer Money, Transfer money to China
Numerous people have never been to Asia, but that shouldn’t prevent anyone from knowing how to transfer money to China to family members in need. Even if you live thousands of miles away, you should get an idea of your choices before you send any funds. After all, sending money that your recipient cannot use or selecting a dangerous or time-consuming option can harm your goal of helping them out. Simply getting to know the common forms of payment in the state can help you make the best choice.
The actual cash of China is the Renminbi Yuan, made up of 100 fen. $1 USD equals about 6.82 Yuan, though the rate changes daily. Currency exchange is typically only available in China, so most travelers and residents returning to China cannot usually find local legal tender before they enter the nation. However, one of the greatest parts about the ability to transfer money to China is that your U.S. dollars will be changed automatically to Chinese currency in most cases, depending on the service you use.
If you both have an account at a bank that exists in both regions, or perhaps both have access to the same account, you can easily transmit capital to your relatives. If you have access to their account, it is free to transfer money to China using this option, but if you use separate banking institutions, the charge is typically anywhere from $10 to $45. You should find out from your financial institution what they charge for this ability. If you are lucky, your financial institution could permit you to send the money for free to a certain financial institution in China, but you usually have to be using a particular type of account that a could cost money in itself.
Credit cards are not nearly as common in China as they are in the United States. However, most banks there do provide debit cards, such as the Industrial and Commercial Bank of China, and most locations of the Bank of China. This means that your relatives likely have decent access to ATM’s. Macau, Hong Kong, Beijing, and Shanghai are particularly well-known for their abundance of cash machines. Take advantage if they reside in such major cities by sending them a prepaid debit card. This allows them to remove funds from ATM’s for a charge of approximately 10 Yuan, or use it at retailers that accept debit cards. Of course, if your relatives live in smaller towns, especially those in rural areas, you should first make sure they have access to ATMs and nearby banks before taking these routes.
These are the main ways that many people decide to transfer money to China. Trying to send funds before you find out the best way for your family members could prove to be pointless. For example, sending a prepaid debit card might be the cheapest route in many cases, but it is useless if your family members have very little access to ATM’s or retailers that accept debit cards, and thus, no way to access their money. A little knowledge about the city where they live can go a long way.
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Jan 24
Mike SternIndia Atm, debit card, finance, India, Money, money transfer, Money Transfer To India, send money, send money to india, Transfer Money, transfer money to india, travel cash
Finding yourself needing to wire cash but you are unsure which online service to use? Well there are plenty of options, but you must do some research to avoid getting ripped off by high fees or unreliable companies. It is important to remember wiring money to India via the internet can sometimes be dangerous. On occasion it can be difficult to distinguish between reliable companies and those online companies falsely promising to get your money there safely.
Be sure to also read the fine print. Some companies refuse to offer refunds if you commit a “user error,” and will argue the money cannot be converted back from U.S. dollars to rupees after it had already been converted once. Although it doesn’t make much sense, it’s all the more reason why you should do some research before wiring funds to India.
Another reason to investigate is because the exchange rate is dependent on the service you decide on. This is just one reason why offline wire services and re-loadable debit cards have grown in popularity. Companies such as these decide the rate based on the official financial market rate for that day, unlike other companies which are left to make the decision on their own. You can imagine those that decide on their own rate will surely have it benefit the company as opposed to the customer.
Online transactions and postal mail are other ways to go, with the latter – also known as “snail mail” – taking up to five weeks to arrive. A quicker option is to buy a re-loadable debit card that simply requires web or telephone access in order to add money from a credit card or bank account. The card is then delivered by FedEx to your intended recipient at whatever location they desire. This method has proven to be quicker and safer than using the postal mail and recipients can avoid exchange rate battles with companies by simply withdrawing their money from an ATM in India.
As you can see, there are plenty of ways to transfer money to India, and as you can also see, it is important to research the methods before committing to any one.
Finding the best information about transferring money to India can be overwhelming at times. One of the best places we found online to get the straight facts is transfer money to India
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