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anonymous
Q: Has anyone sent money home this way?
It seems like people are always asking about the best ways to send money home from China.
I went to my local China Construction Bank today, and I was told that if I transfer my money from my China Construction Bank account to a Bank of America account, it is free and there are no transfer charges.
Is this true? Has anyone tried this before? I don't have a Bank of America account back home, but I can ask a family member to open an account and send it to theirs.
10 years 1 week ago in Money & Banking - China
Yes, I do it all the time. Bank of America and China Construction bank are somehow affiliated and have this practice. You also can use your BofA ATM card in China Construction bank ATMs and vice versa at no fee.
That being said, the first time there is a lot of paperwork to be done and you can not do this at most China Construction branches. Each time you want to transfer money you have to go to a main branch. You will need your passport, 3 months pay stub to prove the Chinese taxes have been paid on the money being transferred, your BofA account number and routing number, and patience as the first time it took 2+ hours.
Good Luck
Daveblax:
Is there a maximum amount people are allowed to wire transfer this way? Also, can this paperwork be avoided/reduced if a Chinese friend or wife does the transfer instead?
CharlieB:
You can get a Chinese friend or spouse to do it. Chinese can transfer up to 60,000 USD per year overseas. However, if a Chinese person does it you will have fees by both banks as it will no longer be a transfer from your account at China Construction Bank and your account at BofA. You will withdrawal the money, your friend will put it into their account, and then transfer it to your BofA account. Regardless, it can still only be done in a main branch and takes an hour.
I've done a transfer from my personal ICBC account to an account out of China, a non-Chinese bank. It went without any problem, but it took more than hour.
* Not every office allow this, I had to go to the main branch office
* There was forms to fill, passport and all
* It's simpler (less forms) if the transfer is made by a national Chinese. Your husband or wife, for instance.
* There's a cap on how much you can transfer in a month, forgot how much
Shining_brow:
And it costs money.
When I was doing it, costs were around 400RMB, and then there's the exchange rate variance.
Also, maximum is supposed to be $500US per day, for a non-Chinese.
DrMonkey:
Yes, transfer have to be close to the maximum allowed amount for maximal efficiency ^^ If the transfer is made with a Chinese citizen, then the cap is 50000 USD/months. TIC...
If anyone has more information on this topic please post (regarding transfers from Construction Bank of China to abroad)
