Get to Know the Statistics Surrounding Remittances Before Making a Money Transfer to China
In fact, despite very recent reductions in remittances to other countries overall, the number of transfers to China increased immensely over the past two decades. Find out a bit more about the statistics before you make a money transfer to China.
Remittances to China have only been officially recorded for about 30 years, and have shown an interesting pattern. For example, in the late 1970s, about $500 million was sent to the country, which stayed about the same for nearly a decade. In the late 1980s, the number dropped to about $200 million, but began a steady rise in the following years. In 2000, the number of remittances increased to over $6 billion. In 2006, statistics show that people who made a money transfer to China sent a total of nearly $22.5 billion. Not surprisingly, the top recipient of remittances in 2007 was China.
Clearly, now you know that you will not be the only person making a money transfer to China. Of course, remittances have dropped in general in the last few years, but the reduction is not country-specific. Additionally, it is expected to once again rise in the next few years as the economy hopefully recovers. Thus, the many money transfer services available have not exactly closed up shop.
In fact, you have several options to make a money transfer to China. You may choose to use local banks that send funds to the country, or you could use another common method of a money transfer service. However, unless you can find a program specializing in cheap or free transfers to China, the costs of a money transfer to China can add up fast. They usually range from $12 to $45 per transfer, depending on the method you choose. Clearly, making regular remittances using these rates, such as once per week, could cost a lot of money.
The option that many people choose when making regular remittances to any country is a prepaid debit card. You can send one to your family members, and then add funds whenever you need to for a $5 fee. Obviously, you can save a lot of money this way, especially since you can send nearly any amount for the same low rate. As long as your relatives live near ATMs or merchants that accept cards, they can have access to their money easily. Most big cities in China have plenty of both, especially Beijing, Shanghai, Hong Kong, and many others.
Despite the decreased number of remittances in general, you should be able to easily find a way to make a money transfer to China. The amount of remittances to the country has decreased in the past, most notably in the late 1980s, but it has increased immensely in the years following. Most likely, the pattern will once again appear, and you just might have even more options to make a money transfer to China.
Questions and Answers
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