I have quite a bit of money in my Bank of China account. I want to transfer all of it to my permanent bank account in the US. What is the best way to do this resulting in the lowest fees? Do I just go to the local Bank of China branch and ask them to transfer all my money? Or use Paypal? Or a company like MoneyGram?
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Access to online banking has made transferring money between bank accounts easier than it ever has been. There are several ways to move money from one bank to another electronically; all have their pros and cons, but they get the job done. If both accounts are yours, a bank-to-bank transfer is a good option. You can set up the transfer with the sending or receiving bank, and the funds arrive at the destination after two or three business days. Many banks allow you to make free transfers between connected accounts, but it's a good idea to check with both banks just to be safe.