{"id":3882,"date":"2019-01-12T08:10:38","date_gmt":"2019-01-12T08:10:38","guid":{"rendered":"https:\/\/www.studymartialarts.org\/blog\/?p=3882"},"modified":"2019-01-12T08:17:47","modified_gmt":"2019-01-12T08:17:47","slug":"sending-money-to-china","status":"publish","type":"post","link":"https:\/\/www.studymartialarts.org\/blog\/sending-money-to-china","title":{"rendered":"Sending Money to China"},"content":{"rendered":"

When you book your Martial Arts adventure travel<\/a> and training through StudyMartialArts.Org\u00a0you may wish to send money to China to pay your selected Kung fu School<\/a>, Course or Programme. Using the traditional means through a bank to bank transfer\u00a0may incur transfer fees or\u00a0commissions, and take more than 5 working days.<\/p>\n

This is our guide to sending money to China, cheaply and easily using TransferWise!\u00a0<\/a><\/strong><\/p>\n

What service is best for sending money to China?<\/h3>\n

I have now been living in China for over a decade now. Transferring money<\/a> has been a common practice for me whether privately or when assisting my martial arts clients to pay for their training expenses.<\/p>\n

I’ve been using\u00a0TransferWise<\/a>, for a number of years – its convenient and the savings are big overtime.\u00a0 I’ve used to to send money not just to China but to friends, family and businesses all over the world. One of the biggest benefits of the service is that you only pay a percentage of the amount your send. This is often much more reasonable than currency transfer rates.<\/p>\n

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When transferring say Euros to CNY (Chinese Yuan), TransferWise\u2019s commission is 1.5%. So if you send 1.000 Euro, Transferwise will\u00a0charge a\u00a0commission of about 15 Euro. Banks normally have fees and additionally offer unfavourable exchange rates.<\/p>\n

Transferwise on the other had offers the REAL exchange rates between Euro and CNY, USD and CNY and UK Pounds and CNY.\u00a0<\/strong>Generally you can expect to save 300 CNY\/ 40 Euro for every 1,000 Euro in comparison to a typical international bank wire transfer. More money in your pocket means more money for you to spend on pampering yourself after a hard weeks training. If you intend to pay for 3, 6, or even a full year to study martial arts in China<\/a> then the savings are significant. If you wish to pay your full fees using transferwise 5,000 USD is the maximum amount you can send for each transaction. This means you many have to split your school fee payment.<\/p>\n

Typically how long would a transfer take?<\/h3>\n

Another advantage of using Transferwise, is that your transfer happens much more quickly than traditional banking channels. Most transfers happen the same day. Where as with traditional banking it takes 3-7 working days to complete an international payment.<\/p>\n

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Are there any drawbacks\u00a0(when sending money to China)?<\/h3>\n

In China money transfers are very\u00a0bureaucratic, and take time. Assets are very controlled so there are limitations when sending money<\/a> to China that don’t exist for other countries.<\/p>\n

Here are the most important ones:<\/p>\n