Is it possible to transfer money from another country to the U.S.? I came from China and am a international student in U.S.. My family would like to transfer some money to me for my tuition and living expenses.

Transferring via banks incurs fees, and loss of money value due to the difference between change rates from RMB to U.S. dollars and the other way around.

Can bitcoin be used for transferring money with less cost? I am totally new to Bitcoin, and will appreciate your advice.

Thanks!
You can certainly transfer fees internationally with Bitcoin, and in many cases this is a great way to do so.

Keep some things in mind, however. For one, you will have to pay conversion fees when you convert from currency, to Bitcoin, and then back into currency. 

Also, with some exchanges and traders it can take awhile to convert your Bitcoins into money. The Bitcoin system is growing, but it's not as efficient as a bank or wire transfer, at least not yet.

In the meantime, as you are trying to conduct your transfer, Bitcoin prices can swing up and down. If Bitcoin prices go up, good for you, you'll make extra money. If Bitcoin prices drop, however, you could end up losing more money than if you just went with a bank.

If you are new to Bitcoin, I'd wait another semester before using this method. You should familiarize yourself with the whole system first before conducting such transactions.