How to Carry Money Abroad

Posted on:Dec 2, 2011

I. Cash:

According to China's regulations, to carry foreign currency $ 5,000 or less abroad you don't need to apply for a foreign currency carry permit. To carry $ 5,000 to $ 10,000 (including $5000 and $10000), you need to go to the foreign exchange bureau for a foreign currency carry permit, the customs will release the permit for you. To carry out more than $ 10,000, you need to carry a permit issued by the province's foreign currency exchange bureau.

II. Traveler's checks:

Traveler's checks are fixed denomination notes issued by a financial institution to facilitate travelers paying travel expenses during an international travel. The denominations of U.S. travel checks are $20, $50, $100, $500 and $1000. The fee of exchanging traveler's checks into cash is generally 3%. Otherwise, it has to do bank collection, and the wait time is generally at least 15 days.

III.Ticket exchange:

Ticket exchange is a foreign money transfer ticket issued by a bank using a person's bank account as the paying bank and making payment to the payee bank. The sender bring the ticket by himself to the receiving bank to receive payment. Ticket transfer fee is only one-thousandth of the amount of money, and it also has a fee limit. But the money takes a long time to credit into the payee's account. You can consider using a foreign bank in China to shorten the time.

IV. Wire Transfer:

Banks send foreign remittance to your designated beneficiary's bank account. For the wire transfer fee, except the same one-thousandth of the fee as charged in the ticket transfer(also having upper and lower limits), there is telecommunication charge, which is used for making a transfer. Wire transfer must have a payee account. The students who go to the United States must first wait until after opening a local bank account before their parents can wire transfer the money to his/her account.

V. Immediate Money Transfer:

Using Western Union or MoneyGram. The advantage of the Immediate transfer is faster, but its fee is higher than wire transfer.

6, Credit card:

The fee to get cash is high, and credit card spending is limited.