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Posts: 2531

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Q: How do I setup an account back home and transfer my funds?

I am Canadian and wanted to setup a bank account back home so that I may be able to use it to transfer funds. 

 

Some people told me I would have to fly back home to setup that account, which sounds kind of stupid to me since we live in the digital age. Can I ask a family member to setup a bank account in my name? 

 

Does someone have experience with this (preferably Canadian or American) that can point me in the right direction? 

 

 

 

 

9 years 47 weeks ago in  Money & Banking - China

 
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Posts: 1547

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You might try one of those online checking/savings account type deals.  Ally bank comes to mind. It looks like they have an online application available? www.ally.com

 

Disclaimer: I have never used them.  I've been using the same Bank of America account since I graduated from college way back when, which of course was already setup before I ventured across the pond.

Edit: also this is an American bank. I'm sure there's something comparable available in Canada?

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9 years 47 weeks ago
 
Posts: 2488

Emperor

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I have never heard of being able to open up a bank from abroad.  My moms best friend works in Vancity  and they tried for me and with no luck.  Perhaps cooters way can work. I havent heard of it.  

 

There is no perfect way to transfer money man. Or else China would have none left. This is by design and the reason you see people on here going all kinds off different routes. Some swear by paypall. Others use western union. I prefer HK HSBC. But doing it all from your home in China isnt going to be easy. 

 

Why dont you make a trip to HK, why does it need to be Canada?  You said your exit plan was Philippines. 

 

Anyways good luck!

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9 years 47 weeks ago
 
Posts: 827

Shifu

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Canadian Banks are required to to see you if you want to set up.  After that the internet is fine. The gov't makes the banking laws in Canada. You could try a Swiss account. But you pointed out you need to transfer from Canada.  I deal with the Bank of China in Guangxi, Beihai, and the RBC at  home. This means I can transfer money ONLY from Canada to the Bank of China in Beihai. Keep in mind that only a few of the major banks in China can do money transfer.  Even some branches of the bank of China cannot do money transfers. I suppose I could open an account in another city and transfer to there but I don't need that right now.

 

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9 years 42 weeks ago
 
Posts: 250

Governor

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All four Big banks like Scotiabank and RBC allow to open online bank account mostly targeting newcomers so that they could transfer money before they leave for Canada. The person must visit the Bank within one year of opening the online account. This may be true for Canadian Citizen too (email to them or phone would be better). I checked different account types and found them ridiculously expensive (account fee).

About transferring the money, my job contract has a point "where I could convert all my salary into foreign money. When I went to bank, without bringing my contract, I was told that I could only change 500 USD per day. Luckily I was with my Chinese colleague through whom I could change without restriction.

Once I asked my Chinese colleague to transfer money on behalf of me as it was possible for them to use RMB here (no need to convert). Sometimes I used Western Union. Then I needed to convert to USD or CAD and pay 50 USD charge (0-5000 USD cap). Bank charged around 250 RMB.

I googled about other Canadian banks and found that some Capital or Investment companies like PC Financial doesn't charge for current account plus they have first 50 or something cheque free etc. RBC and Scotiabank charged more than 4 CAD per month (4-12 CAD depending on packages)

My CCB branch told me I should go to main branch with my job contract and I will be able to do money transfer outside China. In coming days I will find out that possibility.

 

 

 

 

 

 

(That is all I have got regarding the bank account as I still have many months to figure out how to send money to Canada.)

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9 years 42 weeks ago
 
Posts: 2878

Shifu

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Yeah most expats especially in south china use Hong Kong, which is a very open system from which you can convert and send money anywhere.

 

As long as you're not talking about bringing millions of RMB at one time...shouldn't have trouble getting it through the land border at least. Deposit it and you're good to transfer it anywhere.

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9 years 42 weeks ago
 
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