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Q: Have you linked your Construction Bank account to your PayPal?
My girlfriend and I are going to do this this week. I just have a few questions:
1) What kind of account do you have to open at China Construction Bank?
2) How long does it take to transfer funds to PayPal? Can it all be done online? IS there English on the website?
3) Are there any fees taken out? If I transfer 3000RMB to PayPal, will my PayPal receive $488.40?
Thanks.
10 years 49 weeks ago in Money & Banking - China
I have PayPal with CCB. You have to open an e-banking account (their website is in Chinese). You CANNOT transfer money or purchase credits to/for PayPal in China...only make purchases. You need an international credit card tied to your account for this and even then it might not work.
I have a Bank of America account. Would that be ok? We want to transfer funds to our American account.
Sinobear:
AFAIK: You cannot use PayPal here to transfer deposit money into your overseas account. You can DD (Direct Deposit) money with the proper swift numbers (fees apply).
I suggest, you stop at different Banks in your area, and ask about it.
I have simple rule in dealing with Banks: 'I always try to avoid Banks with too heavy fees for managing my own money!'
At every Bank I was, they always have at least one person speaking English.
Sometimes, I look for info at the Banks not connected to banking whatsoever, for instance: 'Can you tell me please, where is the FEB in the city?' SPD Bank employee called FEB, and arrange interview with the office. She also handed me FEB's address in Chinese.
My 'best' bank is China Merchants Bank. I opened Gold Visa (or MC) account with 1000 Rmb deposit. I didn't transfer funds yet, so I am not sure how that works out, but I can hold (and spend) funds in any currency I desire with 'spot exchange rate' applied.
2. China Everbright Bank
3. Bank of China!
and then everything else.......
Last week, I had to open account at ICBC, because my new School will deposit funds only there. I had to pay 20 Rmb to open an account. I was always thinking, Banks profiting when I let them manage my funds. At some Banks in China, I must pay for it.
Hey folks, the info you are giving is not right. I have an account with CCB. I transfer funds from there to my Paypal - my Chinese Paypal. Then I transfer funds from there to my Australian Paypal. Then I transfer funds from there to my Australian bank account. Cost of transfers is $0. Also, the website on which I do this is in English, not Chinese. The Paypal transfers take about 20 seconds, the transfer to my bank takes between 1 - 3 days.
The transfer from CCB usually takes the longest but I can have my salary in my Australian bank within a week. I don't have a Chinese CC, just a debit card which I have been able to use everywhere I travel - including overseas.
icnif77:
everywhere overseas? 'UnionPay' is rare or non existent at the Banks in Europe and USA.
but, 'paypal' info is great.bill8899:
Thanks. Good info, might work in the States. Is it difficult to make a Chinese Paypal account?
DaqingDevil:
Yes, overseas I meant South East Asia. I haven't traveled to Europe and the USA with the Union Pay debit card.
Opening a Paypal account online is 10 minutes. Aligning it with your Chinese account will take a week because of the security check done by Paypal when they deposit a few cents (RMB) and you have to acknowledge the amounts.
DaqingDevil:
Well I call it a Chinese Paypal because when you go into Paypal and you nominate the country as China then you will be restricted to operating in RMB and also restricted to the banks available for you. A friend told me that you can get an International style Paypal but because I already have a Chinese one I haven't bothered to check it out. He could be right. It's important to have the correct Paypal account relevant to your country's bank accounts otherwise you can't do the transactions. To line up the accounts Paypal deposits a small amount of money into your nominated bank account and you have to check online, quote the transaction number and send that info back to Paypal. Then you can do transactions from your account online. Life really becomes simple. You go to the bank to deposit your salary. That's all I ever go to the bank in China for. Less trauma. Everything else I do online.
brendangibson:
HI,
Could you please send me the link you do this on? I'm looking to learn more about the process. How do I make a Chinese paypal?
