Moving money the modern way

JISHOU, HUNAN — You work in China, and get paid in Chinese currency. So how do you send US dollars in your bank account back home quickly and cheaply? Short answer: PayPal. Longer answer: keep reading. Using myself as a real life example. here are the options, ranked from most expensive to least. Bank wire transfer: $15-30 in fees, 2-3 business days for final credit Western Union transfer: basically the same Withdraw cash from an American ATM, using Chinese bank debit card: $7-10 in fees, very quick, but requires physical presence in the USA at the time PayPal: 4% in fees, two websites, 1-2 business days for final credit Bitcoin: 1-2% in fees, three to four websites, 3-4 business days for final credit The hands-down winner in my case has been #4 for the last four years. Today I tried #5, to test one of the presumed advantages of Bitcoins and similar crypto-currencies — that they make moving money across national borders easy and cheap. It was a little cheaper than PayPal, and almost as fast. As for easier. not so much. Bank wire transfers My contract allows me to take 70% of my monthly pay out and send it ...
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