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Go to Last Entry for most recent posts. From the Wall Street Journal Offshore Yuan Demand Up as New Hong Kong Rule, Stock-Trading Link Rolled Out The stock connection between Hong Kong and Shanghai is referred to as a "stock market train", but I haven't really figured out what's involved there yet.
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Hello, In a few day I will be going back to China. It has been 3 years since I have visited China. I didn't give it a lot of thought about changes that might have been made in China in the past three years. Changes in banking, traveling Covid VPN, attitude, etc. I knew there might be some changes but I was hoping they would not really affect me. Access to money is starting to concern me a little bit now. Basically I need spending/ living money for the time I am going to be there. In the past I alway relied on cash and ATM mostly. I am starting to worry a little about the ATM accessibility. I guess I am going to bring a little extra cash. More than I usually do. And I also have a Discovery and American Express card. Those I hope I can use for travel and hotel. I did just have a covid booster shot a few weeks ago. Does not seem to be any travel restrictions because of covid. But as been mentioned on this site there are some issues in the north with children having some respiratory problems. As far attitude, I was wondering if at the moment is the attitude towards the USA more positive or negative? I am hoping it going more positive. What you guys think? Anything that I really need to consider or be concerned about? Danb. -
Hello All: I do my banking with Wells Fargo in the US, and yesterday I sent them this message: "Hello, I was reading on your website about the Global Remittance Services you offer, and how money can be sent from USA to a country abroad. https://www.wellsfar...l_transfer/faqs From what I can understand, the services talked about all deal with sending money from the US -> abroad. Are there any services that I would be able to use to send money from abroad -> US? I'm currently living and working in China, and would like to put some of the money I've been making here into my Wells Fargo account. On the website I quoted above, it mentions that Wells Fargo has a relationship with the Agricultural Bank of China. Would I be able to set up an account with the Agricultural Bank of China and then be able to transfer money to my Wells Fargo account? If not, what are any other options that I could use to transfer money I have here to my Wells Fargo account back in the States? Thank you in advance for your help! Dan in Beijing"" ----------------------------------- Here is the prompt response I received back from the Wells Fargo staff: "Dear Dan: Thank you for contacting Wells Fargo. My name is Melissa , and it is my pleasure to assist you today. Electronic transfers of funds between financial institutions are sometimes known as "wires". I understand that you are interested in possibly completing a wire transfer. Wells Fargo offers a variety of wire transfer options: - A store-initiated wire transfer is used when a customer visits a Wells Fargo banking location to send a one-time wire transfer. - A repetitive wire transfer is used for customers who need to send recurring wires to the same account number. The dollar amount of the wire may change. Customers wishing to set up this type of transfer will need to visit a Wells Fargo banking location to provide us with the required information. - A non-repetitive wire transfer is for customers who may need to change the "to" and "from" accounts as well as the dollar amount of the wire. Customers will need to visit a Wells Fargo banking location to set this up. Listed below are the current fees by wire type. Outgoing: The outgoing wire transfer fees from Wells Fargo to another financial institution are: - Domestic/Internal Transfer: $30.00 each - International U.S. Currency: $45.00 each - International Foreign Currency: $35.00 each - Book Transfer: $15.00 each Incoming: The incoming wire transfer fee to a Wells Fargo account is $15.00 per transfer. International wires may be subject to additional fees, which will be deducted prior to funds being deposited in your account. In some cases, store fees may apply. Please contact your Wells Fargo store representative with any questions regarding store-specific fees or additional questions regarding wire fees. On behalf of Wells Fargo, thank you for your business. We are happy to have you as our customer and appreciate the opportunity to assist you today. Sincerely, Melissa W Wells Fargo Online Customer Service" -------------------------------- The first part of the response, in addition to the "Outgoing" charges, do not apply to me, as I am currently in China. As for what is described in the "Incoming" portion, if I understand things correctly, I would be able to transfer money to my Wells Fargo account for a $15.00 per transaction fee (in addition to any other random fees)? To do this, could I go to any bank here in China and provide them with my Wells Fargo account info, and then they'd be able to transfer the money into my account, for the associated fee with the transaction? I've been through a number of the "transferring money" threads here on Candle, but it's just not really making sense to me. If anybody has any info to share or could help walk me through this, I'd really appreciate it. Thank You! Dan~~~ -
An ongoing topic - click here for Most Recent Post I find it very difficult to make an online payment to a Chinese hotel, airline company or merchant when I am in the United States. In order to set up WeChat Pay, Alipay or any online banking payment from a Chinese Bank in China, the standard procedure is for them to send a short text message to my Chinese cell phone to instantly verify that I am a legitimate user. But my Chinese cell phone is off when I am in the USA. How to do this? I have thought the following options when I cannot receive Chinese instant text verification message: (1) Forward the Chinese cellphone text message to a email address, so that I can see? This does not seem a good method. (2) Open Alipay account when I am in China and when I am able to receive China text message. Then when I come back to the US, using Alipay or Wechat Pay do not require China text message verification. (3) Any other method? Thank you. Paul -
Hello!! I am China for the holidays. Something has come up. I would like to get some extra cash. Kinda quickly. Something unexpected came up and I need to get about 5000 USD. Definitely this was not in my plans. I can get part of it by going to the ATM. Get the cash limit everyday using my debit card. That will take some time. I would rather just get it in a lump sum. Can that be done? I don't have a real Chinese banking account. Would that be a requirement? Normally I do not want to or do resort to using a credit card for cash. But this a special case. Can and where would I do /try this? Any ideas/suggestions? Thanks alot for your ideas. Danb
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As these things change all the time, does anyone have a best way to get small sums of money to China on a monthly basis. I am thinking around $500. My wife is in China right now and she is withdrawing money from her BofA US account from China Construction Bank ATM. We are getting charged 3% on each transaction. At one point it was free but I called BofA and they said the 3% is standard though they are waiving an ATM fee. Normally, she leaves her ATM card with a relative who can continue to withdraw the money. We are going to need to send about $500 a month once she gets back. Does anyone have a method that would be cheaper? Thanks in advance. -
Hello. I have some questions about using my phone in China. I wonder how secure it would be. I have a smart phone when I visit China. I normally get a Chinese Sim and use that. But I do have AT&T and sometimes I will use that in China to check my messages. In general I don't have any apps on my phones that have to do with financial transactions ( in the USA or China). I don't normally do credit card transaction on the smart phone. I guess I am just too "old world" and don't "trust" those new things so much. But I was thinking about downloading an app to access my credit union account when I am in China. I would then used that to access ( via AT&T or wifi) my account back in the states. How secure do you think that is? Am I being parnoid or what? Thanks. Danb
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So we've got the interview coming up in just over a week and I probably shouldn't have put this off as long, but wanted the bank statement to seem as representational as possible. I'm the sole sponsor for my wife, using a combination of continuing income and assets. Together, it's a couple of thousand over so should be ok, but nearly all of those assets are in a Chinese bank account, for which I have about 40 pages of bank statements in Chinese going back 12 months (i just went and grabbed them today). Needless to say, it's a lot to translate and there's a lot of ridiculously long numbers for transaction numbers and references. Now I've seen a lot of conflicting information floating around about proving assets in a bank account and I'm just wondering if we need the 12 months of statements, or if we can get a letter from the Bank here in China saying how much we have, etc, and just translate that. I believe that the bank will freeze the assets until an agreed upon date and they write that in the letter, so it's not all going to be fluttered away before we head to the US (at least that's how it worked when we applied for a UK Visa). Anyone else have any experience with this? Searched the forums and nothing came up. Thanks in advance!
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Beijing to back United States over new Fatca law against tax evasion The Form TD F 90-221 has been required of those "US Persons" with accounts in China with balances exceeding $10,000 at any point during a reporting year. The new agreement will make it possible for the IRS to check up on your balances. Foreign Bank Accounts - Report of Foreign Bank and Financial Accounts (FBAR) If you or your spouse have a foreign bank account which has exceeded a total value of $10,000, this should have been reported to the IRS using a Form TD F 90-221 for the year(s) during which the event occurred, on or before June 30th. Your spouse's bank accounts may fall under this umbrella even if he/she is living in China (if you are filing married filing jointly). Stiff penalties may apply, ranging up to 50% of the account value for each year it was not reported. The IRS has had "voluntary disclosure" programs where you can donate some of your overseas account money to the IRS. If you do not owe any tax money on the undisclosed accounts, my advice is to MAKE CERTAIN of what you're doing before you donate ANY money to their coffers. In other words, these programs and penalties (and the FBAR report itself) are supposed to apply to actual tax cheats - not people who simply have unreported non-taxable money outside the US tax system. In addition, Scedule B says: -
Hi everybody, We're running into a bit of trouble with names and bank accounts. My wife and I have, at several points in the past years, received checks made out to her English name. My bank has added her to our (now joint) account, but will only do so under her Chinese name, which is on her passport, green card and driver's license. Since her English first and last names are both different from her Chinese first and last names, being added to my account doesn't help with being able to deposit these checks. What the bank has asked for is an official government IDs with all of her names on them. Has anybody ran into this problem and succesfully gotten around it? Is there any government-issued document that would easily allow us to get all of her names on the bank account? Any help would be greatly appreciated!
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I am interested in knowing how someone can transfer large amounts of money from the U.S. to China (for investment), in the millions USD, with minimal fees, best exchange rates, etc. Thanks
