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Posts: 74

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Q: What's the best way to transfer money from my Chinese bank account to my account back home?

8 years 28 weeks ago in  Money & Banking - China

 
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1. If you are going back to the USA in person, you can use your CCB atm card at any Bank of America ATM for free, less the 1% CCB charge for being out of area. The fx rate is an interbank rate.

2. If you have your income tax receipts then you can go to a larger branch of where your RMB is and send the money out with the receipts and a copy of your labor contract plus passport. Money is normally in your overseas account the same day.

3. Basically if you have a tax receipt i.e. for income tax or sale of your apartment then getting money out is easy.

4. Western Union.

5. The HK road (not especially legal but effective)

6. Some Chinese banks have partnerships with American banks...Like Bank of america and Construction bank of china… They can do transfers.

7. PAYPAL is free.

What you will need:

  • Passport with valid Residence Visa (and sometimes Residency Permit)

  • Employment contract original copy officially stamped or ‘chopped’

  • Tax receipts for each month of your employment (depending on how much you want to transfer)

  • SWIFT code of your bank back home (e.g. BARCGB22 for Barclays UK)

  • Bank account information for both sending and receiving parties (name, address etc.)

  • Sufficient funds up to the amount you have paid tax on (duh!)

    What it will cost (other banks may vary):

  • Bank of China – 150 RMB service charge, 0.1% of the total to be transferred

  • Bank of Communications – 80 RMB service charge, 0.1% of the total to be transferred

  • Industrial and Commercial Bank of China (ICBC) – 150 RMB service charge, 1% of the total to be transferred

    In the past only the Bank of China could make foreign transfers but this has been recently liberalised so most banks should now be able to provide telegraphic transfer services.

    The process (Chinese speaker needed to help unless you are fluent yourself):

  • Take all you documents to your bank who will take photocopies (and probably be less than cooperative)

  • Buy the amount of foreign currency you want to transfer (usually Dollars, Euros or Pounds Sterling) – this will be placed in your account – you wont receive any cash only a receipt

  • Fill in an application form for funds transfers (overseas). Be sure to enter your details very carefully otherwise your money could end up in someone else’s account! The bank will probably insist that the charges be “shared” between both banks

  • Submit the form and wait a day for the transfer to complete (praying optional!)

  • Return the next day to the bank who will give you a receipt detailing whether the transfer was successful or not.

    Last but not least, avoid illegal/blackmarket/unofficial money exchangers as you will probably get ripped off or worse. If you’ve had any other experiences of currency exchange in China feel free to leave a comment below.

    Source: http://randomwire.com/how-to-transfer-money-out-of-china/

 

 

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8 years 28 weeks ago
 
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Posts: 169

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Bitcoins. Hear me out, I know this is often met with skepticism.

 

Open 2 accounts on bitcoin trading sites, OKCoin.com for your RMB bank account, coinbase.com for your home currency. You'll have to link them to you bank accounts. Buy bitcoins in RMB for the amount you wish to transfer (you can buy fractions of a bitcoin), give them to your coinbase.com account, then immediately cash them out into your home bank. Service fee for this is only 1%! Flat. No minimums, done instantly from your own computer. 

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8 years 28 weeks ago
 
Posts: 15

Governor

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1. If you are going back to the USA in person, you can use your CCB atm card at any Bank of America ATM for free, less the 1% CCB charge for being out of area. The fx rate is an interbank rate.

2. If you have your income tax receipts then you can go to a larger branch of where your RMB is and send the money out with the receipts and a copy of your labor contract plus passport. Money is normally in your overseas account the same day.

3. Basically if you have a tax receipt i.e. for income tax or sale of your apartment then getting money out is easy.

4. Western Union.

5. The HK road (not especially legal but effective)

6. Some Chinese banks have partnerships with American banks...Like Bank of america and Construction bank of china… They can do transfers.

7. PAYPAL is free.

What you will need:

  • Passport with valid Residence Visa (and sometimes Residency Permit)

  • Employment contract original copy officially stamped or ‘chopped’

  • Tax receipts for each month of your employment (depending on how much you want to transfer)

  • SWIFT code of your bank back home (e.g. BARCGB22 for Barclays UK)

  • Bank account information for both sending and receiving parties (name, address etc.)

  • Sufficient funds up to the amount you have paid tax on (duh!)

    What it will cost (other banks may vary):

  • Bank of China – 150 RMB service charge, 0.1% of the total to be transferred

  • Bank of Communications – 80 RMB service charge, 0.1% of the total to be transferred

  • Industrial and Commercial Bank of China (ICBC) – 150 RMB service charge, 1% of the total to be transferred

    In the past only the Bank of China could make foreign transfers but this has been recently liberalised so most banks should now be able to provide telegraphic transfer services.

    The process (Chinese speaker needed to help unless you are fluent yourself):

  • Take all you documents to your bank who will take photocopies (and probably be less than cooperative)

  • Buy the amount of foreign currency you want to transfer (usually Dollars, Euros or Pounds Sterling) – this will be placed in your account – you wont receive any cash only a receipt

  • Fill in an application form for funds transfers (overseas). Be sure to enter your details very carefully otherwise your money could end up in someone else’s account! The bank will probably insist that the charges be “shared” between both banks

  • Submit the form and wait a day for the transfer to complete (praying optional!)

  • Return the next day to the bank who will give you a receipt detailing whether the transfer was successful or not.

    Last but not least, avoid illegal/blackmarket/unofficial money exchangers as you will probably get ripped off or worse. If you’ve had any other experiences of currency exchange in China feel free to leave a comment below.

    Source: http://randomwire.com/how-to-transfer-money-out-of-china/

 

 

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8 years 28 weeks ago
 
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The problem with the 100 flowers campaign was it worked. It worked too well.

The party has recently announced a new 100 flowers campaign.

I applaud it. You want to know how the tigers get their money out. Well, its not through here.

Your last question was about dating the daughter of a government official. Now you want to know how to get money out.

100 flowers... It will only work once.

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8 years 28 weeks ago
 
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