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Q: Easiest way to do an international bank transfer?
I'm with Shenzhen Development Bank. What's the best way to move funds to and from the US?
12 years 11 weeks ago in Money & Banking - China
There are a few ways to do it. You must keep in mind that what you have available here to transfer is Rmb, not dollars, so if use a bank you will be limited to a maximum exchange of the equivalent of $ 500 USD per day, unless you get a Chinese friend to go with you, he will have no limit. Depending on amount, You can have the bank do the wire transfer, but it will take about a week to 10 days to get there (slow here). Also again, depending on amount, you can use Western Union paying here in Rmb and getting dollars there. You will have to check the fees for the amount you wish to transfer to see which is more economical. Western Union offers two services. One, more expensive, money is there in 20 minutes, the other, cheaper, money is available in 24 hours.
HappyExPat:
Guilin, No, it does not, because you have the option to pay here on Rmb and the monmey given at the other end in either local currency or Rmb. Remember, thge limitation is not on sending money, it is on exchanging Rmb into foreign currency to be sent.
Depends... to a bank account, or do you want someone to collect?
I send back to Aus, and because I'm using my bank account back home, I do it through the bank (not WU). Took about 3 days to get the money back home.. but 3 hours to do at the bank (but, there were issues with my Chinese companion...).
Cost was about $60 (dollars, not RMB), but it was just taken as a fee. This was through ICBC. Bank of China does as well. I believe WU is more expensive.
You can also do it online which is cheaper, but if there's a problem, no-one will tell you! (I had a BIG BS situation about a problem, which only got fixed because I bitched!!! I didn't need to do ANYthing else - just to bitch, then magically, it appeared!)
to the usa open up 2 paypal accounts. 1 internationally the other us. link the international account to bank of china set up online banking. you'll have to go through a verification process with paypal. after that you can withdraw money from your boc account directly into your paypal account. you evade the limits. i sent 4000us this way and paypal charged me 200$ you can bring money into china this way, but it cost about 50$ bucks each time. and there is a 150$ minimum. best to set up a bank of america account, get a check card. and withdraw from china construction bank for free. only limit is the one you set with boa. i am not a gifted writer and i hate writing so i know there are a lot of missing peices. any questions pm me.
Western Union is fast and relatively cheap. Next time you're home find a chinese bank and open an account. I did, and now I can transfer from my Chinese account in China to the one in Canada via the internet.
From there, I transfer it to my Canadian account.,
