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Q: Bank transfers from Canada to China have changed?
I used to send $2000CDN from RBC in Canada.... to Bank of China (China) every month......I received $2000CDN (i.e. no extra fees or exchanges ) ....paid RBC $13.50. Now it seems there is an intermediary transaction going. The intermediary Is Bank of China(Canada) where they are taking, I think 2.5%, ($50), and they are only accepting US dollars. ..... so now, my Canadian $'s are being converted to USD and deposited in China.
I have asked both my banks (RBC Canada and BOC China) to explain....who made/requested/demanded the change?
This happened in January (first of 2014), then didn't in February, but now in March it has happened again.
Any ideas for getting Canadian money from Canada, to Bank of China(China) at a reasonable fee would be appreciated. the $13.50 was/is reasonable, but $63 I think is ridiculous and outrageous thievery.
I had to go to BOC(China) for hours (little English where I am) to find the routing of the transfer and who got the free money, it was BOC(Canada). These are supposedly 2 totally separate entities.
10 years 4 weeks ago in Money & Banking - China
You must change Bank to find better transfer!
I'm touting China Merchants Bank, as my best bank in China for Rmb conversion.
You must find out yourself, how CMB transfer funds from abroad.
I opened CMB Gold account with Visa/Mc logo ATM card with 1000 Rmb deposit. CMB charge 50 Rmb per month, if balance on the account is lower than 50 000 Rmb.
CMB has different banking rules in each Province. Every CMB I was in has at least one banker with passable English.
Firstly, yes, banks in different countries are different legal entities! So, not surprising that it's bit, and then sending to the local BoC and they charge their bit, as 2 separate companies. (yes, even though it'll be owned by the same people...rich corrupt bastard officials).
UnionPay apparently doesn't charge fees for international ATM withdrawals, so at least we know there are banks out there that will do similar - so I think it may be best to find one of those banks in Canada, and just use the ATM to withdraw, rather than transferring to a local bank.
my point here is..... be careful... things change ,,,Bank of China (I think) has changed a policy about international remittances...I think... I am working on it...... and yes Union pay may be the way to go....cost me $5 for a withdrawal but not sure how much I can get at one time........even then, to get to a $65 fee it would have to take me 13 withdrawals or 155rmb each..... pretty confident can get 3-5000 at once ....anybody know? can I get 10000rmb at once from an ATM, with my Canadian debit card?
more silly thinking... yes the ATM sounds simple and better!!!
thanks S_brow for expanding my thoughts.
