Transferring Money From China To US

[mpart]

I will soon be relocating to China but will need to send money every month back to the United States.

Is PayPal a dependable tool for:

Currency exchange, deposit in PayPal, transer from PayPal to US account?

Thanks,

mpart

[sharpiemarker]

In theory, yes, but in practice may get problematic because PayPal is country specific. Sending money to yourself and logging into your US PayPal from China can get security flagged and you have to verify identity and your US cell phone number has to work. Basically you have to maintain a presence in the US as well as in China with your accounts.

Otherwise, open a PayPal account in China, then add your US Bank to your China PayPal account.  You can then send friends and family payments to users in the US or make purchases payments from your China account.

[mpart]

So if my wife opens a PayPay account in the US and I send her money to her account from my Paypal acount in China, that would be workable?

mpart

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@sharpiemarker wrote:

In theory, yes, but in practice may get problematic because PayPal is country specific. Sending money to yourself and logging into your US PayPal from China can get security flagged and you have to verify identity and your US cell phone number has to work. Basically you have to maintain a presence in the US as well as in China with your accounts.

Otherwise, open a PayPal account in China, then add your US Bank to your China PayPal account.  You can then send friends and family payments to users in the US or make purchases payments from your China account.

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[sharpiemarker]

Yes! That will be more doable than send it to your own PayPal account.  You will need to check the fee schedules for PayPal China  by looking at the User agreement.  Click Legal at the bottom of any page. Then select the 'China Worldwide' in english or Chinese language from in the drop menu.

[mpart]

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@sharpiemarker wrote:

Yes! That will be more doable than send it to your own PayPal account.  You will need to check the fee schedules for PayPal China  by looking at the User agreement.  Click Legal at the bottom of any page. Then select the 'China Worldwide' in english or Chinese language from in the drop menu.

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Many Thanks!

[Whac-A-Mole]

you may want to find a Chinese forum and ask,Chinese goverment has law each citizen,resident can only purchase like US 50k a year ,whther to remit to another country or stash it under the mattress.

Paypal would have to follow these rules,how ?I DONT KNOW

[sharpiemarker]

50K USD a year is a lot for purchases. I'm sure PayPal China accounts has amount limits.  OP has to read the relevant user agreement.

[Whac-A-Mole]

It is not just Paypal,it is the total $ for that indvidual for that year.

Chinese banking is different,foreign dealing go thru Central Bank of China,it is not like commercial BANK A deal direct with commercial Bank B.

if your employer is sending you to China,ask the payroll dept and find a site where American expatriates in China converse .

[Whac-A-Mole]

may be your employer's payroll dept can do something for you,send portion to your wife and remit the rest to you in China