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Sign up with Google Sign up with FacebookQ: how can you transfer money to a Chinese bank account
8 years 12 weeks ago in Money & Banking - China
With extreme ease!
Every Chinese bank has a SWIFT Code. All are capable of handling foreign currency. Just supply the account name, account number, SWIFT Code, bank name and address to the originating bank and money can be transferred as normal.
Getting money out of China into a foreign account is a bigger hurdle to overcome.
icnif77:
I was in ZZ last week at CMB, asking manager of the Bank to book online flight ticket for me.
First, she tried with my CMB Visa logo card, and then she book the ticket with her CC.
That's my standard practice. Enter CMB, and ask for the help at online reservation with my card.
After few tries....me: 'Can you please, use your card and book my ticket? I will give you cash Rmb.'
CMB Visa card is OK for everything else like any other Visa card, except for online purchases on non-Chinese websites.
With extreme ease!
Every Chinese bank has a SWIFT Code. All are capable of handling foreign currency. Just supply the account name, account number, SWIFT Code, bank name and address to the originating bank and money can be transferred as normal.
Getting money out of China into a foreign account is a bigger hurdle to overcome.
icnif77:
I was in ZZ last week at CMB, asking manager of the Bank to book online flight ticket for me.
First, she tried with my CMB Visa logo card, and then she book the ticket with her CC.
That's my standard practice. Enter CMB, and ask for the help at online reservation with my card.
After few tries....me: 'Can you please, use your card and book my ticket? I will give you cash Rmb.'
CMB Visa card is OK for everything else like any other Visa card, except for online purchases on non-Chinese websites.
It is extremely easy once you get the hang of it. Go to your Chinese bank and get from them the following:
1.- Name of bank and name, address and phone number of the branch you use.
2.- Their SWIFT number (that is their electronic address).
Then have on hand your complete name as it appears on your passport and in local account, and your account number.
Then contact your bank abroad and request a wire transfer giving them the information you have gathered. Be aware that foreigners are only allowed to bring the equivalent of $ 50,000 US dollars per year (consecutive 365 days).
If you are transferring money to another person here, then use that person name and account number.
Be aware, there is a cost of doing so besides the charge of bank abroad for the transfer, at Bank of China is $ 10 US dollars besides wire transfer fee abroad.
Also, make wire transfers on Mondays thru Wednesdays, requesting 224 hours service, so your transfer will not be sitting thru the week end earning money for the Bank in the money market.
i do it twice a year, for maybe 7 years now, and never had a problem. I use Bank of America abroad, and Bank of China here. It has taken from less than 24 hours to 6 working days to get the money.
Good luck.