If you have ever tried to send money to China, have you ever stopped to wonder whether your money would arrive in U.S. dollars or in Chinese Yuan? Most people never do.

Keep in mind that even though you begin with dollars|, the recipient will receive the money in Yuan. Some businesses offer to convert the money for you, but it is at a price.

Most often, the exchange rate is decided by the business itself, so it is difficult to find a fair rate. You may use a bank wire transfer service, but this only opens the door for other issues.

To wire funds to China through a financial institution, it is imperative both parties have an account with that bank. This makes it easier for the government to track money and ensure no illegal activity is going on.

If the banks are close by, then there’s no problem. But say the recipient is away on vacation, does not have an account, or lives a distance from that particular bank; then the money transfer harder than you may have anticipated.

If a bank-to-bank transfer is not an option, there are other ways. The first is an old-fashioned telegram-style transfer where you send it, and your recipient picks it up. The exchange rates aren’t always great, always fair] but it’s still a viable option.

One other option is an internet-style transfer, but a huge problem remains that it takes too much time for the funds to become available.

Regardless, the days of fast and easy money transferring are near, with the backing of pre-paid credit cards. Someday a person will be able to go online to add money to a card. All the recipient has to do is take their card to the bank and collect the money. Although this method still has some kinks to work out, it may soon be the preferred way to transfer money.

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