Paypal seems to support China, but they say that paypal.cn only operates in RMB. Suppose an employer in America or Australia wants to make a small payment to remote employee in China every several days (that is, wiring money is too expensive/hard). What would be the optimal electronic currency way to do this? E.g. should the foreign employer open QQ account and somehow buy QQ currency? Or open paypal.cn account from overseas? Or can Chinese employee open and use paypal.com account? Or is it possible to pay from paypal.com account to paypal.cn with the currency being converted along the way? How are such things done nowadays?
My first thought was of the video game virtual currency sales organizations that are based in China and use Paypal as their preferred method of payment, however for all I know they may simply pay into American bank accounts and then wire the money back home.
This link will (hopefully) take you to “PayPal’s fully localized China site”.
I don’t know what sort of cut they take for international payees, but in the US Paypal typically keeps 3% of any payment made through their system (subtracted from what the recipient receives).
I make no claims whatsoever to the legality of any of this! If you want to keep things on the up-and-up, be sure to look into any relevant regulations on sending payments to foreign countries, taxes, etc.
I’ve had a lot of trouble using Paypal in China. They wanted me to do some elaborate things to prove that I wasn’t committing fraud, and eventually locked my account anyway.
Bank of America works together with China Construction Bank. Maybe there is some way to make that work.
Paypal is really bad about China in my experience. If you have a Bank of America ATM or Debit card, you can get money from a China Construction Bank ATM without paying a withdrawal fee, but I think that is too much work for what you want.
Western Union is very helpful. There is a flat fee of I think 4 dollars (with an online coupon code, that is freely available) and you can send substantial amounts of money that are just waiting to be picked up at Western Union places that are in a bunch of different banks in most Chinese cities. All the Chinese contact needs to bring is their ID card, I think, along with the confirmation code that you get when you send the money online from your credit card or bank account.