How to transfer your money home from China
Send money internationally from China
English teachers in China make a great salary. Add in the low cost of living and even from working your main job you should be able to save 25-50% of your salary no problem. Since most teachers are able to stash away a nice nest egg, they are usually interested in transferring money back home.
Once you’ve experienced getting your visa and residency, you should be unsurprised to know that getting money out of China can be a little bit of a challenge.
Here are a few options available to foreigners to transferring money home, out of China.
Send money internationally using Alipay
Alipay is an online payment app along with many other functions. You’ll need this app to buy things on the famous TaoBao so you will already have it. Unfortunately foreigners are unable to use Alipay to send money overseas, but Chinese nationals can send up to $50,000 USD per year.
So you’ll need to find a local Chinese friend that you can trust to help you send money back home. Once you find a trusted friend its an easy process. More information and how to do it can be found below
Send money internationally using Swapsy
One of the next best ways to get your money out of China is using the new and popular app Swapsy. basically the app connects you with someone that has American or Canadian money and wants to trade it for Chinese RMB. You send the other person money and then they send you money in return to your paypal account or directly to your bank account if you have the necessary accounts.
More information about swapsy can be found below. Simply scan this QR code with your camera or wechat to sign up. Swapsy also guarantees all the swaps if you follow their instructions.
Send money internationally through your Chinese bank
This is probably the cheapest, but most time consuming way to get your money out of China. You can go to your bank with your passport, record of employment from your school and also documents from your local tax office showing you paid tax. Then you will go through a process of transferring the money. It usually takes hours and its best if you can bring a Chinese speaker with you.
We recommend doing this once or twice a year as you need all this information and to go through the same process each time you go in to transfer money.
Send money overseas using PayPal
If you have a Chinese friend with a Chinese paypal account they can also transfer the money to you via paypal. Of course this process is probably the most expensive as there are conversion fees as well as paypals transaction fees. Not recommended but it is an option.