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Q: How do you wire money from China to a US bank account?

Ive wired money from Canadiant US accounts before but that was direct.  I'm thinking of converting RMB to USD and then usin western union. Anyone done this before?

9 years 7 weeks ago in  Money & Banking - China

 
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Try with China Merchants Bank Gold account, and ATM with Visa/Mc logo. You can open Gold account with 1000 Rmb deposit.

Currency exchange is 'US$10000/year' with 'spot ex. rate apply', no fee.

I'm not sure, how is with the transferring money abroad, but it's possible to do it online, if I remember correct. You'll get CMB's USB port for online dealing, but their web site is in Chinese only. USB port works only with Windows OS. I usually visit nearest CMB, and bankers make online purchases on their computer for me.

If balance on the Gold account is lower than 50000 Rmb, there is 50 Rmb monthly fee.

Write 'laowai friendly bank' in search above for more info on CMB.

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9 years 7 weeks ago
 
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Banks wont sell you u.s dollars,  no joke.  Western union  only accepts us dollars so you have to  go to a money exchange place. alternatively, go to your bank branch and send money from there. Its easy. 

Hotwater:

Banks WILL sell USD but you need to fill in lots of paperwork & prove you earned the RMB legally!

9 years 7 weeks ago
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hi2u:

@fada: WRONG. I just exchanged rmb for usd yesterday, and there was no transaction fee, just a spot exchange. But I asked a Chinese friend to do it because they won't sell usd to foreigners, only to Chinese. 

9 years 7 weeks ago
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fada:

Banks that sell US dollars to foreigners are breaking the law. @hi2u....you have just repeated and confirmed what i have said, banks wont sell foreign currency to foreigners.

9 years 7 weeks ago
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9 years 7 weeks ago
 
Posts: 19790

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Try with China Merchants Bank Gold account, and ATM with Visa/Mc logo. You can open Gold account with 1000 Rmb deposit.

Currency exchange is 'US$10000/year' with 'spot ex. rate apply', no fee.

I'm not sure, how is with the transferring money abroad, but it's possible to do it online, if I remember correct. You'll get CMB's USB port for online dealing, but their web site is in Chinese only. USB port works only with Windows OS. I usually visit nearest CMB, and bankers make online purchases on their computer for me.

If balance on the Gold account is lower than 50000 Rmb, there is 50 Rmb monthly fee.

Write 'laowai friendly bank' in search above for more info on CMB.

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9 years 7 weeks ago
 
Posts: 548

Shifu

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I use Western Union. It is a bit more difficult. I found a Western Union near my parents home in the USA. And, I found a Western Union in my town in China. Many Postal Banks in China have Western Union. You can find the locations on the Western Union websites. I pay a small fee. But, it is nothing more than a bank fee. Once I transfer the fee, I email my parents with the acceptance code the bank gives me. My parents go to their Western Union locations, present their ID and the acceptance code, and they leave with the cash in hand. The first time you transfer, it will take about an hour for all the paperwork at the China WU locations to finish. But, after you have all the paperwork done, the next time should take less than 30 minutes. Just take all the papers fromt he first time with you so they can copy the information.

Oh, the WU office here will convert the RMB to dollars using the up-to-date currency conversion rate.

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9 years 6 weeks ago
 
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HUAXIA bank is known to have no fees to exchange money and charge little for wire transfers but unike Bank of China for exemple they ask for much more docs to send the wire like proof of income for the past year and some other thngs

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9 years 6 weeks ago
 
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