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Q: Is it possible to deposit Renminbi into a western bank acct?
Has anyone come across the time where they have extra Yuan that they want to deposit into their western bank account whilst still in China? Is it possible? How complicated is it, is it just filling out paperwork, then it can be done? and which bank can do it?
thanks ahead of time
8 years 44 weeks ago in Money & Banking - China
I've never thought about that, because I don't hold any Western debit/credit accounts, since I don't reside in West last 6Y.
There is another, simpler thing, I do: 'I hold Gold debit account at China Merchants Bank, where I can have holdings of any currency in the world.'
Conversion to other currencies applied is always 'world spot exchange rate', what is the lowest exchange rate possible anywhere. No bank fees at the exchange.
CMB Gold account comes with Visa/Mc ATM card, and when I'm using card abroad, funds get deducted out of my Rmb holdings with again 'spot exchange rate' applied. No extra fees.
If I would exchange cash Rmb for EUR in EU, instead using CMB ATM card (or buy EUR in CMB beforehand), I would have to pay some 10-15% Rmb more for the exchange.
If I use card in HK for shopping, it would cost me 7 -15% more, if I would exchange cash Rmb to HK$ at Exchanges in HK.
I usually exchange Rmb to HK$ through CMB, before intended trip to HK, and I travel there with HK$ cash.
There're more info on CMB Gold account posted on thread 'laowai friendly bank'.
A lot of people use western union to transfer money. You can send it to a friend or family member who then deposits it in your bank acct.
You can also transfer money through the Bank of China. Probably other banks too. How simple (or painful) it is probably depends on the branch and mood of the teller that day.
Stiggs:
It's converted to your currency in the process so arrives in that currency.
icnif77:
Yeah, I thought so.
Rmb isn't convertible yet as per Western standards. OP wants to deposit and hold Rmb in Western account. Exchange rate for cash Rmb is very low/bad in Western banks.
See CMB Gold account, especially if you transfer funds often. You can open an account with 1000 Rmb deposit.
It's the best Chinese bank, IMO.
The difference between Western Union exchange and CMB exchange is more than 5%, CMB giving better, 'spot' exchange, and funds 'leave' China in desired currency. Western Union sends Rmb, which are conversed at arrival to arriving country's currency.
5% higher conversion at WU is approximate figure. It's most likely more than that.
icnif77:
We could make real comparison between Western Union and CMB transfer, if anybody who completed transfer of RMB through WU wants to post amount of Rmb at 'departure' and amount of currency at 'arrival'. Date of the transaction is also needed.
It would be interesting to compare real data from WU and 'spot' exchange at CMB.
