Need to send money to Macau, China? We’ll guide you through your international transfer.
Background information about Macau
The Chinese territory of Macau has seen booming GDP growth of Macanese pataca (MOP) in the past few years. The US treats Macao as an autonomous territory and continues to support trade in the region. It is one of the world’s richest or countries and has some of the highest spent per capita in the world. This is in huge parts due to its gambling culture, as one of the gambling capitals of the world.
Compare money transfer services to Macau
How to compare money transfer companies when you need to send money internationally
Kan has a business opportunity in Macau purchasing specialty watches for his jewelry shop in the US. While meeting with representatives in Macau, Kan wants to transfer $10,000 for a large purchase. He compared the different money transfer services that will send money from the US to to the merchant in Macau.
What variables will Kan look at to do an effective comparison study to send money to Macau?
- Exchange rates. Nearly all providers make a profit from exchange rates. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
- Pickup methods. Cash can be picked up at an agent location or home address. An electronic transfer can be made received to a bank account.
- Fees. Fees can be fairly simple to compare, but because of the location of Macau, you could run into higher fees. Make sure you research the company you want to use and be sure the fees are clearly stated.
- Bank to bank benefits. There aren’t any notable banks that have branches in US and Macau for bank to bank benefits, but Citibank supports MOP. It is advised that you visit a Citibank branch to confirm whether you qualify for this feature.
- Turnaround time. The expected turnaround time for using a money transfer service or your local bank is usually a couple of minutes or two to four working days.
- Transfer methods. If you are planning on making regular payments, create an online account with a money transfer company is a wise move. The available services offer online, phone and branch methods to initiate the payment.
- Transfer options. The transfer options include single payments, regular payments and forwarded contracts.
- Minimum or maximum transfer amounts. Minimum transfer amounts range from $1 to $10, and maximums up to $10,000. When comparing, look out for limits on how much per day or week.
- Customer service. The transfer services should offer customer support by phone, email or online chat. Be leery of services that don’t offer support.
How can you send and receive money between Macau and US?
- Money transfer service
Due to Macau’s geographical situation, most companies do business with China and surrounding countries. Moneygram and Western Union will send money to Macau, but only Western Union sends it in the supported MOP currency.
Citibank supports the MOP currency and will allow you to send money to Macau SAR, but will require you to visit a local branch to determine costs and rates. HSBC operates in the Hong Kong area and have branches in Macau. Visit a branch to see whether a money transfer is possible.
Foreign exchange rates explainedThe exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. For example, in January 2018 the US dollar was worth approximately 8.06 Macanese patacas.
However, most countries’ exchange rates are flexible, which means they can fluctuate with the market. Factors that influence the exchange rate include interest rates, economic stability and inflation.
See today’s US dollar to MOP exchange rate
What you need to know about emergency cash transfers to Macao SAR
Emergency cash transfers can be sent to Macau using Moneygram or Western Union. Both are reputable companies that transfer money within a couple of minutes.
Tips for picking up cash in Macau
The Macau is located on the Eastern coast of China. Though it is classified as a relatively safe country for Americans, use caution when picking up cash from an agent location. Don’t advertise the fact that you have a wallet full of cash, and head to your bank as soon as possible to deposit the funds.
Find a money transfer location near you
What steps will you need to follow to send money to Macau?
|To send money to a bank account in Macau, you will need to provide the following beneficiary details:|
|When you’re sending a cash pick up money to a recipient:|
|What you need to pick up a transfer when you are at a Moneygram or Western Union branch in Macau.|
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- HSBC International Money Transfers Comparison
- Repatriation of Funds