Sending Money Home
Foreign currency exchange is China is very strict, and it can often be difficult to send or receive large amounts of money. For example, if you were buying a house in China from another country, you will need to send several different wire transfers as the amount of money being brought in to China is large.
Most of the time, you will need to present special papers to wire money in or out of the country. You may also seek help from locals that you can trust, as there are no foreign exchange limits for natives. You are strongly urged to be careful when asking someone for help with money transfers.
Sending money back to your home country is fairly easy and straight-forward. There are three different companies that can assist you: Paypal; Western Union; and Bank to Bank Transfer.
Paypal transfers are cheap and fast, though conversion rates play a very important role in this type of transfer. Western Union's rates depend on the amount that you will send. If you are sending $500 and below, you will be charged $15. If it is $500 and up, you will be charged $20. When using bank to bank tranfers, rates can range in between $30 up to $50 per transfer.
Personal banking in China is easy and convenient. It offers advantages, such as paying monthly bills all in one place. Unlike some other countries, where you need to pay your electric bill at the power company and your phone bill at the phone company, in China you can save time by paying all your bills and utilities in banks or post offices. This is a huge convenience and another great reason to open a bank account while teaching ESL in China.