Bank Drafts and Overseas Wire Transfers:
Bank drafts are one of the more familiar methods and are the least expensive of these five options. When immigrating to the United States, you can carry a bank draft with you and cash it at a bank branch abroad; no receiving account is required. However, the collection time required for cashing is relatively long. In contrast, overseas wire transfers are faster, but the handling fees are relatively higher.
Traveler's Checks:
If you find bank drafts and wire transfers troublesome, you can choose traveler's checks. The advantages of traveler's checks are their smaller denominations and ease of use. They can be used directly for purchases at overseas hotels, shopping malls, taxis, etc., or exchanged for local cash at local banks or exchange agencies, but the handling fees are higher. When purchasing them at a domestic bank, you generally have to pay a 1% handling fee, with no upper limit. In addition, according to Worldway immigration experts, an additional 0.75% handling fee is charged when cashing them abroad.
International Credit Cards:
Currently, there are two main ways to send money from China to abroad: one is by credit card, and the other is by remittance. When using a credit card, you should deposit money into the card in advance. However, if you overdraw your credit card while consuming abroad, it will involve a repayment issue, which is very inconvenient for the applicant's friends. Therefore, Worldway immigration experts still recommend using remittance methods, including wire transfers, bank drafts, and MoneyGram.
International Remittance Services:
If you have an urgent matter, you can choose channels such as MoneyGram or Western Union. The major advantage of international remittance channels is their speed; the entire process can generally be completed in 30 minutes to 1 hour. However, the costs are higher.
According to the regulations of the State Administration of Foreign Exchange, the limit for an individual carrying foreign currency cash out of the country is the equivalent of 5,000 US dollars. If it exceeds 5,000 US dollars, you need to go to a bank to obtain a Foreign Currency Carrying Permit. For safety reasons, Worldway immigration experts advise friends who are immigrating to the United States not to carry too much cash abroad.