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Q: Has anyone ever transfered money from Bank of China to an institution like E- Trade?
I am perplexed as to how to fill the f-ing form out. They have a box for “Correspondent of Beneficiary’s bank name and address, a blank for “Beneficiary’s bank name and address”, a space for “Beneficiary’s Name and Address” , “Bene’s Bank A/C No.” , “ Bene’s A/C No. and lastly one for Remittance information. – WTF?
It becomes a real issue because my account is a trading company’s bank account which isn’t an account of the actual bank. I live in a small city so the people at the bank have no clue. I am going to call the trading company, but without seeing the form it will be difficult for them to understand what I explaining.
I have sent money to a personal bank account and that kind of sucked, but this is really awful. I have called the actual bank that has the SWIFT number, but the man I talked to said he didn’t know.
10 years 2 weeks ago in Money & Banking - China
Not sure I know the answer but I'll try.
To send funds to an online broker, I first transferred to my US bank account. Like you (I think?) my bank is a small local bank, so no SWIFT code. They simply don't have a SWIFT code. Thus I used the US routing number to transfer from Bank of China to my local bank, then transferred from my local bank to the broker.
Bank of China said it might not work with the routing number and if not, I still owed the transfer fee. I said fine. Only costs around 200 RMB so I gambled. It worked.
I did use the 'Chinese friend' (girl from the office) option. You know, you transfer your fortune to her account, she transfers to your home (US) account. It was no problem. I believe they say it takes three days but mine posted to my home account within 24 hours. I did this twice in the past 5 months.
If you want to argue that it should be instantaneous, I agree, but the reality is mine took about 24 hours.
Ask your bank for their routing number information. It should include an address (usually the main branch address), routing number, and your full checking account number.
The ABA routing number info might look like:
ABA#/ROUTING # 3333-1234-9
Ask your bank to send you the info in an email. Then you can print it and show it to the Bank of China folks. Helps avoid mistakes. The Bank of China people are great, but 14 point Courier never hurt anyone.
Hope that helped. If not, please feel free to ask more questions. Maybe I forgot something or misread your question. I'm thinking of going back to E-Trade so maybe you can get a $50 referral or something. I would do that this summer.
ou812:
Thanks for the advice. This could work, but this just seems to add another layer of work and expense. There would be double or triple the fees, but I have sent money to my small bank w/o a swift number and then I am guessing they could figure out how to get it in to my 3rd party investment account
bill8899:
Same amount of fees. You pay the fee for the overseas transfer, not for the local transfer.
I have never used E-trade.... I did have an account with QuestTtrade before I came here .. I did, from here. make a final trade or 2 to get rid of/minimize the account. from that I assume it can be done............hmm.. never had nothing to do with a China bank
put me on your list of maybe freebies ... maybe I will join too and you get $50
an issue I do know .... when dealing with Bank of China .. Bank of China (China) and Bank of China (Canada) or (USA) .....while they are legally separate entities... they work together and will charge you pretty much ridiculous rates for any transfers/purchases between the banks. .....they prey on the little guy!!! ... my opinion
Found a transfer receipt! This is an "APPLICATION FOR FUNDS TRANSFER (OVERSEAS). Sample:
50a Remitter's name and address: Your Chinese Friend, Address
54/56a <mine is blank>
57a ABA123456789 Your Bank Name
123 Your Bank Address, Yertown, ST, 12345
59a (your account number, about 13 digits)
Your Distinguished Name
... END.
On 57a they used the routing number (ABA123456789).
Hope that helps.
ou812:
Bill, Thanks for the detailed explantion. This where the problem arises’; it is an account within another account, but the bank doesn’t have any idea about the numbers inside this account. I am guessing I have to put my account information inside the box for “remittance information” but I still have no idea what goes into the box 54/56a. I will end up just calling the bank in America again and having them tell me exactly what to do. Thanks for your help though, once I get it figured out I will include the information in this thread so that if anyone else ever wants to know it will be here for them.
bill8899:
My 54/56a is blank. I'm looking at a transfer document from sometime in January. (I don't have it in front of me.) This is the document initiating/confirming my transfer.
May I say - don't micro manage it, just do it.
