As the Lunar New Year draws to a close, money transfer activities by Chinese immigrants in New York have also gained momentum. Banks and transfer agencies are doing double than usual business, especially on holidays and lunch breaks. Some people familiar with the market estimate that overseas Chinese will transfer $500 million back home from New York.

The Abacus Bank and China Bank in Chinatown East Broadway are the two banks most frequented by Chinese who want to transfer money back home. Since November, clients have been using both banks steadily.

Chi-Chen Sen, president of the Abacus Bank, said that business usually perks up 30 percent through November and December and will reach a 50 percent peak in January.

Sen said that the expansion of the money transfer, already a very big market, is contingent on the increase in the number of immigrants. He estimated that over $500 millions is sent back to China through New York. It is a very big market.

According to Sen, as long as Chinese in New York have relatives and friends in China, the market will exist.

Genbao Li, senior president of the Chinatown Branch of China Bank, said that the time around Lunar New Year always sees the most money transfer activity, with banks usually extending their hours just to service the extra clients. During the holidays and lunch breaks, business volume often doubles.

Li said that depending on where they were from, Chinese have different customs. Fujianese are regular clients but send more money before the New Year. Cantonese only do it once a year as a gift, but the amount of money is larger and they will choose a transfer method that is cheaper but takes longer.

Besides banks, agencies that specialize in money transfers, like the Western Union, have gained popularity in recent years among Chinese because they stay open later than most banks.

Brian, a manager at a business location on East Broadway, said that they have been doing brisk business for the past two months. Because Lunar New Year in China is a whole week’s holiday, explained Brian, most Chinese want to make sure their relatives get the money before the holiday and therefore send their remittances early.

Mr. Ton, a Fujianese immigrant sent $1000 home, said that since he could not go back, he at least wanted to send some money back. He hoped that the money would help family members have a happier New Year.

Mr. Zheng, who has been in the construction business for the past four years, said that his parents and several sisters are still in China. He always sends money home every two or three months. But he also sends some extra before the New Year.

There is another kind of “money transfer” that exists in the Fujianese community and is most used by undocumented immigrants. Instead of using legitimate banks, they simply entrust their money to friends or people from the same village who are going back. When large amounts of money are concerned, it is sent this way in order to avoid being monitored by the authorities. There are obvious risks involved in this method as there is no legal recourse should the money not reach the family.