Settling Down in and Moving Funds to China
Moving abroad is almost always a logistical headache at the best of times. The emotional and physical upheaval of uprooting yourself, and if you have one your family, is considered one of the most stressful experiences that a person ever has to go through. Ties to members of the wider family and friends, your local community, societies, clubs, social commitments, places of worship – all of these have to be severed or at least placed on a completely different footing. Everything that has been a source of familiarity and comfort to you is now to be left behind in search of a new life and a new beginning.
What Are the Difficulties Faced When Moving Abroad?
The emotional wrench is one thing. Much on that score depends upon why you are moving and whether it’s likely to be a temporary move, maybe for employment reasons, or permanent. But the physical demands of moving are quite another, especially when you’re traveling halfway across the world to somewhere as culturally different as China. Part of the difficulty is the physical effort required to set up your new home. Deciding precisely where to go and locating a suitable property, transporting any furniture, vehicles or property from your old home, arranging schooling, finding work if applicable, setting up utilities and services – all of this has to be considered. And then there’s money.
As this article in Quora points out China is a country where capital outflows and inflows are keenly regulated, and so a good understanding of what is and isn’t allowed in terms of money transfer is essential from the get-go. Money leaving the country is understandably the government’s biggest concern; Reuters recently reported that cash transactions over about $7,000 require official approval. And it’s not just the Chinese authorities that may need to be contacted. Domestic tax guidelines as reported by Finder suggest that the IRS may have an interest in the matter too.
Why a Money Transfer Company Can Prove Useful
Bank wire is the traditional method of transferring money into China, but the costs involved can be considerable and the process complex, involving a visit to a Chinese bank and possibly much negotiation. Plus, for individuals, the maximum limit is $50k per year. When transferring money to China for cheap an international money transfer may well be the best option, especially when bearing in mind that PayPal will claim anything up to a staggering 9.6% in fees when all charges are taken into consideration.
Although they do the same thing, not every international money transfer company is the same and it pays to shop around. Some are well-established, others less so – take your time and don’t risk your money with any operation which you are not satisfied is financially secure. Read reviews and customer testimonies, and if needs be give them a call and speak to somebody about what they can offer. Some companies specialize in handling larger sums, others perform better with smaller amounts. Factor in other considerations too, such as whether the company has a solid live operation in China and how long you can expect to wait before your funds are available to you. You really don’t want to be thousands of miles from home and waiting for your money.
Your Dedicated Dealer Can Save You Money – and Worry
Using a money transfer company in preference to bank wire or electronic payments systems is especially advantageous if you choose one with a dedicated dealer whose job it is to see your transaction through to a successful conclusion with the minimum of fuss. With all the headaches involved in relocating to a far off land this is hassle that you yourself can do without. The dealer is an expert and will have an intimate knowledge of Chinese banks and of the authorities inside the country which you will benefit from being able to draw upon. With the amount of regulation involved where China is concerned, getting a dealer is probably going to save you a whole lot of time and worry.
What is particularly useful about a dealer is that they have specialist knowledge based upon years of experience with currency movements. By providing you with the benefit of their expertise on when it is best to move your money you could end up with a good deal which you would have missed out on through using a bank transfer or PayPal. This alone makes using a money transfer company the wisest option for your China move.