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Posts: 10

Governor

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Q: Wiring money over here or using credit/debit card internationally?

Hi

 

Is it cheaper to wire a large amount of money over here and set up a Chinese bank account or just take money out with an international credit/debit card every week or two?

 

How hard is it to get my wired money back from the Chinese banks once I want to leave? 

 

How do the money markets effect either of these options? Its better to wire money here right now if the Yuan rises and the Dollar/Euro falls, right?

 

thanks

11 years 28 weeks ago in  Money & Banking - China

 
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Posts: 703

Shifu

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I try to just use the money I make in China, and not use my money back home. However, if you are short on RMB, using your credit card when available is useful as there are no charges to do so. Then just pay off the credit card doing an online transfer, which I can do for no charge.

I sometimes use my debit card to get extra cash, and I get a $5 fee, plus another $3 charge, which is cheaper than wiring money. But if you need more cash, or cash every week than wiring may be a better option.

cooter:

Um, I get hit with a big international usage fee if I use my credit card in China.  Don't remember exactly, but it's x% of the amount, with no cap.  Strongly recommend not to use a credit card.

11 years 28 weeks ago
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JungleLife:

Wow, that sucks. I only get the charges if I take out cash using my credit card.

11 years 28 weeks ago
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11 years 28 weeks ago
 
Posts: 196

Shifu

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If you have a Capital One card, you don't get any extra fees for using your Credit Card in China.  Just don't try to use your Credit Card to get Cash.

 

Getting cash from the ATM, you lose about 1.5% or so of your money if you take out the maximum 2500RMB, you lose more percent of your money if you take out less.. If you do a wire transfer, you need to pay about $30 or $40 up front so unless you wire more than $3000 to $4000 USD, it's better to just use an ATM at China Construction Bank.

 

Also, to do a wire transfer from the USA to China, I'm pretty sure you need to be in the USA with all your ID and such. I've never tried it.

JungleLife:

No, you can do it from within China. You just need to have all your account info, and even some info of your home branch and a 'swift' number.

11 years 28 weeks ago
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