Choose the right immigration remittance method, immigrating to the US is easy and simple!

As a major immigration destination, the US attracts countless people every year to pursue better life and work opportunities. Understanding the cost and remittance methods of US immigration is crucial for planning the immigration process. This article will explore the cost of immigrating to the US and compare different remittance methods to help immigrants choose the most suitable and economical method.

US immigration costs

Visa fees

The US offers various types of visas, each with a different fee structure. For example, the cost of a non-immigrant visa is generally $160, while the cost of an immigrant visa is higher, usually between $200 and $345. Specific visas, such as work or investor visas, may also require additional processing fees and proof of financial ability.

Investment immigration fees

For individuals who wish to immigrate through the investment pathway, the US EB-5 Immigrant Investor Program requires investors to invest at least $900,000 to $1.80 million in eligible projects, depending on the economic situation in the investment region. In addition, legal and administrative fees may be required, including attorney fees, application fees, and additional administrative fees.

Housing costs

The cost of living varies significantly across regions in the US. For example, the cost of living in big cities like New York and San Francisco is much higher than in small inland cities and rural areas. On average, a family’s basic cost of living in the US (including accommodation, food, transportation, and basic necessities) is about $2,000 to $3,000 per month.

Education and healthcare costs

Education and healthcare costs in the US are equally high. Public schools are free for residents, but tuition fees for private schools can range from thousands to tens of thousands of dollars. Health insurance is a necessity for most families, and the cost varies depending on the plan, with monthly insurance premiums ranging from hundreds to thousands of dollars.

Initial resettlement costs

The initial resettlement of new immigrants in the US may require considerable expenses, including initial rent and deposit, furniture purchase, and daily necessities. This part of the cost may require an additional few thousand dollars.

US Immigration Remittance Methods

Traditional bank transfer

Traditional bank transfer is a common way of remittance, especially suitable for large transactions. Cross-border remittance services provided by major US banks such as Citigroup, JPMorgan Chase, and US Bank usually come with high handling fees and possible intermediary bank fees, but they provide high security and are widely regarded as reliable. The remittance time varies from instant to several working days, depending on the destination and specific service.

Online payment platform

With the development of technology, digital payment platforms such as PayPal and Wise (formerly TransferWise) have become popular remittance options, especially for small and medium-sized remittances. These platforms usually offer lower fees and more favorable exchange rates than traditional banks, as well as faster transfer speeds. Users only need one account to easily conduct cross-border remittances, and often can track the flow of funds in real time.

Digital currency

This emerging remittance method has unique advantages. Both parties need to have certain technical knowledge and understand how to securely manage and trade cryptocurrency. Here we focus on introducing BiyaPay, a multi-asset transaction wallet. It supports real-time exchange rate inquiry and exchange of more than 20 legal currencies and more than 200 digital currencies. The digital exchange method is more convenient, not limited by national borders, suitable for anywhere in the world, with low transaction fees, instant payment, and unlimited credit limit.

International money transfer companies

Traditional remittance companies such as Western Union and MoneyGram are still very useful in certain situations, especially in areas where recipients cannot access bank accounts or digital payment platforms. These services usually provide the ability to reach all parts of the world, including remote areas, but the handling fees may be higher in comparison.

How to choose a more suitable and cost-effective option?

Choosing a suitable and cost-effective remittance method is the key to ensuring the safety, efficiency, and low cost of funds. The following are comprehensive suggestions for selecting remittance methods based on the actual situation in the US.

Choose according to the amount

• Small remittance: For small remittances, commonly used online payment platforms in the US such as PayPal provide fast and low-cost services. These services are suitable for daily small transfers, with simple operations and instant arrival.
• Large remittance: For large remittances, choosing traditional bank telegraphic transfer is a safer choice. Large banks in the US such as Citigroup, JPMorgan Chase, and US Bank provide international telegraphic transfer services. Although the handling fee is high, it is highly secure and suitable for international transfers of large funds.

Choose according to time requirements

• Emergency remittance: If an emergency remittance is needed, international remittance companies such as Western Union or MoneyGram can provide fast services, usually completing the transfer within a few minutes. Online payment platforms are also a fast choice, and BiyaPay also supports fast arrival services.
• Non-emergency remittance: If time permits, using bank telegraphic transfer can save some handling fees, especially when the remittance amount is large. Bank telegraphic transfer usually takes several working days to process.

Choose based on cost

• The fees and exchange rates for various remittance methods vary, so it is necessary to compare various platforms to find a more favorable option.

Choose based on convenience

• Online payment platforms such as PayPal are easy to operate, support fast transfers and instant transfers, and are very suitable for daily use.

The above is the relevant introduction of US immigrant remittance. By comprehensively considering the above factors, immigrants and their families can choose the most suitable US remittance method for their own needs, which can find the best balance point in terms of cost, speed, and security.