18 Sep 2023
Despite being one of the world’s largest economies, rather suffice it to say that China is vying to become the lead global economy shortly; its people travel to other countries for better economic prospects.
It is apparently against how expatriation works. The people of developing countries expatriate to developed countries for job opportunities. But exceptions to every rule exist, after all.
A UNESCO report, sourcing its data from the International Organization for Migration (IOM), said that over 10.7 million Chinese expatriates live in the world. The number will cross 60 million if their descendants are included.
These Chinese migrants work abroad to earn a living and send money to China to offer financial aid to their families back home.
According to a report by the World Bank, Chinese migrants sent in $22.48 billion in inward remittances to the country in 2021.
For Chinese expatriates, like many others, who work abroad to earn a living and wish to send money online, there is confusion when it comes to choosing the right service provider for their money transfers back home.
Given the mushroom growth of online money transfer services worldwide, it becomes difficult for you to make the right decision because the matter involves or rather is based on, your hard-earned money.
And your confusion is justified in the wake of several online money transfer scams.
But, this blog will allay your confusion in this particular context once and for all by guiding you about which service provider to choose for your remittance transfers to China.
Because now one of the world’s leading online money transfer companies, ACE Money Transfer has established its service footprint in China. Therefore, you, as a Chinese migrant, can now send money to China online from overseas through ACE Money Transfer at the lowest transfer fees with speed, safety, live and competitive currency exchange rates, and much more.
Keep reading to learn the fascinating details.
But before learning the details to get the best deals for your money transfers to China, let’s first take a quick look at some of the reasons for travelling abroad from China.
A country’s economic strength never holds you back from migrating to another country to earn a living there. If it were the only factor, global migrants, totalling 281 million or 3.60% of the total global population in 2020, according to an IOM UN Migration report, would have consisted of people from developing countries alone.
But this is never the case, and China, of course, is no exception.
There are, therefore, several other reasons, which in the Chinese context are discussed briefly below.
In the economic context, it is essential to take a look at quick facts about the Chinese economy.
Despite such a robust economy, the people of China become expatriates for the following reasons: to earn a living and then try to find a reputable service provider for a money transfer to China, preferably at low costs.
Click Here to learn about getting optimal benefits in your money transfers back home.
The fast-growing nationalism in China is pretty suffocating for the people. Although a majority of the population love their country and owe allegiance to their government, for some, the feeling is overwhelming, and on finding a chance, they travel abroad.
China has terrible air quality. Some of its cities have made it to the list of most polluted cities worldwide. Even researchers said that between 2000 and 2016, over 30 million people died prematurely due to poor air quality.
The living cost in China has gone up, and living in Beijing or Shanghai is beyond the strength of many people. Many Chinese find it financially feasible to live abroad than in their native country.
In China, you cannot walk without being surrounded by people. You will essentially see people around you at any time of the day or at night. It is bad if you care and are sensitive about your privacy.
Social media platforms like Instagram, etc., are an easy and effective way to earn a living without loads of experience and formal education. But these platforms are banned in China.
These are some of the reasons why Chinese people travel abroad.
One of the most reputable online money transfer service providers, ACE Money Transfer, is facilitating the flow of remittances into China in the following few ways.
It takes only a few hours to deliver funds from anywhere to China through ACE Money Transfer’s mobile app, which is user-friendly and whose setting requires a few taps on your smartphone’s screen only.
You can add a country for sending or receiving money if you do not find it in the list on the app. So, the app does not restrict you to predetermined options.
The company affords you the rare opportunity to request a new payment option if you are not satisfied with the existing options on the app.
The app, on your request, sends you regular updates about the fluctuating exchange rates so that you initiate a transaction when you find the rates most favourable.
ACE Money Transfer enables you to make a fee-free first global money transfer to China from abroad when you sign up for the first time with the company. Allowing a zero-cost transfer is a welcoming gesture from ACE Money Transfer to its valued customers.
These features make remittance transfers to China with ACE Money Transfer convenient.
The Way Forward
Try your online money transfer to China with ACE Money Transfer now because it is a win-win deal for you. You can save a lot by not having to pay transfer fees and by getting live and competitive currency exchange rates, in addition to several other benefits the company proudly offers you.
FAQs
What is the ACE Money Transfer Mobile App?
The ACE Money Transfer Mobile App is a state-of-the-art application developed by ACE Money Transfer. It offers users the fastest and most secure platform to conduct money transactions from overseas to China, ensuring a hassle-free experience.
How does the ACE Money Transfer Mobile App ensure the security of my transactions?
ACE’s mobile app employs advanced encryption protocols and multi-factor authentication measures. Every transaction is rigorously monitored, and the company also provides real-time notifications for all activity to ensure that users have maximum control and visibility over their transfers.
Are there any fees associated with transferring money to China using this app?
While the ACE Money Transfer Mobile App prides itself on offering competitive rates, there may be minimal fees associated with certain transactions. Fees may vary depending on the amount, payment method, and other factors. Detailed fee structures can be found within the app or on ACE’s official website.
How long does it typically take for the recipient in China to receive the transferred funds?
The app is designed to provide the fastest transfer times in the industry. In most cases, recipients in China will receive the funds in real time or within a few hours. However, transfer times can vary depending on the recipient's bank or the chosen payout method.
Which countries are supported for sending money to China using the ACE Money Transfer Mobile App?
The ACE Money Transfer Mobile App allows for international transactions from a wide array of countries overseas to China. For a complete list of supported countries, please refer to the 'List of Countries' under the “Sending Countries” section in the app or visit the official website.
Resources
(The Overseas Chinese: A long history (unesco.org)
(Personal remittances, received (current US$) - China | Data (worldbank.org)
(Interactive World Migration Report 2022 (iom.int)
(GDP (current US$) - China | Data (worldbank.org)
(GDP per capita (current US$) - China | Data (worldbank.org)
