Finance Agreements

Transferring cash to China is often vital for myriad reasons. One of the best excuses to send money to the country is to help out relatives in need. If you have considered the issue at all, you have likely discovered that many options charge exorbitant costs just to send money to China. Whether you are against large charges or need to find a convenient way to remit often with simplicity, you should consider the best reasons for using a prepaid debit card.

1). There are many ATMs and merchants that accept debit cards in China. Chances are good that you hardly keep cash because you can use your debit card nearly anywhere. It is usually faster and just easier, which is why many retailers in the United States make it a point to accept cards. The same goes for most large Chinese municipalities. If your family member resides in a big city like Beijing, Shanghai, or Guangzhou, there should be no issue locating an ATM. If they reside in a smaller area like Benxi, Lhasa, or Bengbu, you should ask your family member if the shops near them accept debit cards, or if there are many ATMs nearby.

2). An additional benefit of picking the prepaid debit card to send money to China is the fact that the charges for your recipient will be few. If they decide to get cash out of the ATM, it will cost less than 14 renminbi. To use the card at stores, it costs even less, with a charge of less than 7 renminbi each time the card is used, which is approximately equal to $1 USD. They will get the Chinese currency of renminbi from the ATM, not US dollars, so they do not have to deal with extra exchange rate fees when they get money.

3). The fees for a prepaid debit card are also small for you. It costs $5 to send money to the card whenever you want, no matter how much you add at a time. You can add up to $1000 at one time, and the charge stays the same. Most banks request a lot to send money to China, as do money transfer services.

For example, Citibank demands $12 to transfer $100 to the Chinese branch, while HSBC charges about $45. Obviously, a $5 fee every time you remit funds is a bargain compared to other methods. This is particularly convenient if you have to send money a lot, such as once each week. It is also useful if you have to remit a lot at once, as some banks base their fees on a percentage of what you remit.

There are additional methods to send money to China, but a prepaid debit card is one of the most cost effective. Additionally, it is known as one of the easiest and fastest. Once your relatives get the card in the mail, you can start adding money right away. Most banks charge extra for an immediate transfer, but it comes automatically with a prepaid debit card.

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The majority of people do not think anything of it when they hand over a debit card to purchase something, but not those that have been burned by debit cards, debit cards that can be used like credit cards. Last summer, a native of San Jose, California utilized his debit card to book a rental car that he aimed to drive from Memphis Tennessee to Saint Louis while he took a vacation.

The car supposedly would have cost him about two hundred and forty dollars. When he went to buy something in Memphis, he found out that his bank account had been frozen. What had happened was that the rental car agency had put a five hundred dollar hold on his account, an amount that was high enough to trigger a fraud alert at his bank. The man got his account reactivated immediately, but the five hundred dollar hold remained. Not even until he turned in the car, but for two days afterward.

This unknowing victim might have gotten off significantly easier than others in similar situations. Three years ago, an identity thief stole a woman’s debit card number and racked up six hundred dollars worth of fraudulent purchases. Going back and forth between her bank and the merchants took up a lot of time and caused a lot of pain.

She eventually got some of the charges taken back, but wasn’t able to recover almost one hundred and sixty dollars worth of the charges. The victim believes that because her loss was so small, it really did not receive any attention from the police. Unluckily, what is not a big deal for law enforcement obviously has a big impact on someone that is struggling to pay their bills.

Another Michigan resident had an experience that was similar a few years ago. To Be Continued In Parts Two And Three.

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