For the noob expat it can be a struggle knowing how to transfer money out of China. Figuring and calculating the steps on how to get money out of China. You can't just grab all your money, put it in a duffle bag and take it to an airport without being questioned and asked for proof of where the money came from. Especially If we're talking about money that equals into the greater thousands $$$. You won't be able to take it all out at once because of bank exchange limits, withdrawal limits and pesky wait times for wire transferring. Due to all this, you have to consider other methods or find multiple ways getting your money out of China. Some clever maneuvering will stop you from last minute scrambles at the bank, or making numerous trips back and forth.
These methods of moving around your money is for expats that work in China and will eventually have too much funds to carry around in cash or too much to withdraw due to daily limits at banks.
What are your options for doing quicker exchanges and money transfers in half the time with minimized fees or 0% charge?
Western Union >>> This method is the world most trusted money wiring service, however the problem with using this service in China is the amount you can send out of China daily. From my experience, they would often limit me to sending 500 dollars a day. This is quite a strong limit for a person who might have been working in China and earned well over $30,000 dollars over a course of time from monthly salary being sent to his/her Chinese bank account.
Paypal >>> Creating a PayPal CN account at the same time you create a Chinese bank account will come in handy in the long run. The PayPal Cn account allows you to add any Chinese bank account or any Unionpay card. For example if you register a Paypal account with a U.S. residence. You won't be able to add a Chinese Bank account or Chinese Union pay card. However by creating a Pay Pay with a Chinese residence, you can add you Chinese bank account info after verification then proceed to send tranfer money to your Paypal with your home country address. A small fee is added to the transaction. To make a CN Paypal is quite simple. To register an account as normal but you put your country of residence as China and include other info such as your passport, Chinese mobile phone number, and etc.
Cryptocurrency >>> The new age option for depositing money and being able to withdraw it from anywhere. Regardless of which Crypto you choose to exchange your USD or CNY (reminbi), you can find Crypto-currency sellers online and local sellers in China. Although BTC is acclaimed to be banned in China. The exchange for BTC and other cryptocurrencies are still exchanged individual sellers who complete transactions through apps such as Wechat or Alipay. Friends and aquaintances in China can also exchange with you, if they are willing to sell and exchange.
Vpayfast >>> A service They are instant and reply fast witin business hours. They do not do exchanges without customer verification to ensure identity protection. This is a process even major credit card companies and Paypal haven't really in regards to verifying customer profiles. The only set back is they charge a pretty penny for their services.
WFOE >>> This option is only available to the small and big business owners in China who can use the company as a business entity that can move and distribute funds with more lee-way than an expat doing solely as a foreign individual.
For more details on this topic check out this Youtube video below from my Youtube channel.