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International Money Transfer Tools compare

A lot of foreigners who work in China have troubles on sending money out of China,to other countries or home.

Basically,if you want do overseas money transfers without underground market,to keep your money safe,there are 4 main ways to do the overseas money transfers in China.

1.Normal Banks
You can send money to many bank accounts in main countries.
The main advantage is safe,you do not need to worry about too much on the risk/the safe of your remittance.and honestly,they can provide a fair exchange rate.
The disadvantages are you need waiting in line,fill tons of forms,and sometime you even do not know which personal profiles need be provided----different banks seems has different rules,and you need fill forms every times...

In sum,it's safe,but too complicated and waste of time.

2.Western Union
The WU has cooperated with China Post Savings Bank,Agricultural Bank of China and China Everbright Bank.They support send money nearly all of the world.

Advantage:
1.You can choose sending cash to your recipient or deposit money to his/her bank account
2.They have a good exchange rate,sometimes even better than banks.If you need send a big amount,it's cool.
3.The teller can speak English:)

Disadvantage
1.Tons of forms,every time...
2.Still need waiting in line...

3.MoneyGram
They has partnership with many main banks in China,easy to find.
They are almost like WU except a little bit more cheaper than WU,like 8% or 10% or something.
So the good things and bad things is the same.

4.Online tools
In general,this kind of tools are much more convenient than banks,you can do transfers everywhere when accessed internet.
Advantage:
1.Do not waiting in line,save your time
2.Just fill personal information one time.The sever is much smarter than the bank:)

Disadvantage:
1.Few people knows these sites,so compare with banks or WU/MG,have some mistrust
2.To pay the remittance,you need a PayPal account,or open e-banking service of domestic bank account and foreign bank account.The problem is most of the e-banking service do not have English version,and need USB keys----It's a little bit hard to take the first step.

As in the age of internet,these site worth to check out:
iKobo,Moneybookers,xoom
they provided variety ways to do the overseas money transfers.
But, they can not help you send money out of China,although they providing good service on money transfer in other countries.

PingTen
This is the only website which I found ,that can send money from China to main countries.
You can exchange your currencies there(support about 10 major currencies),and directly deposit the money into your recipient bank accounts.
But if you want send money into China,it's not the first choice now(only from HK/New Zealand to China mainland).

So,in the end of the post,I recommend that:

If you just send money like about 2 or 3 times per year,I recommend you go to the bank.Safe,with fair exchange rate
If you send money more frequently,I think you'd better:
1.open the e-banking service of your domestic bank account
2.learn to use it
3.register on the website.

then just enjoy the comfort of your home or office when other guys are waiting in line and wasting hours.

Send money into China----choose iKobo/xoom/moneybookers,
Send money out of China,the pingten is the first choice.

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