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Showing results for tags 'Money Transfer'.
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For several years we've used this method to send money to family in China: Leant an ATM card to my wife's family in China. My bank doesn't charge a fee for ATM use nor a fee for foreign ATM use either. It's been a nice way to send money without a fee (regular exchange rates in place I presume). But, they just got a new card from us, and it universally doesn't work at any bank. Tried four different banks who all reportedly can accept "Visa" and "plus system" type debit/ATM cards for withdrawal. On youtube I found a vid saying that banks in China are limiting cash withdrawals. Any info on a blanket-ban on foreign ATM cards working in China now for withdrawing cash from ATMs there? Thanks. -
I need to know the best, most efficient way to send dollars to China. We specifically want to send several thousand dollars. A lag of a few days is no problem. We want the money to remain denominated in US dollars. (Any cons to that? Exorbitant exchange fees later?) I had one set of idea, she has another, and we're both at odds about those, since it seems difficult to get direct answers from the services and nobody in our rural area in the States has experience sending money anywhere other than to Mexico. My wife was told by Bank of China to use an app.. which doesn't work. TIA -
I didn't know this, and don't have a Discover card anyway, but Discover has a partnership with UnionPay - Using Discover in China They will usually expect you to enter a PIN when using a credit card in China. Just tell them 'No pin', or hit enter on the machine.
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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~~~ -
Hey folks, I have a two-part question: My wife's parents unfortunately both passed last year. She has inherited their home and their savings account. I hope someone can give me a heads-up on our tax situation under the following scenarios: 1. We will sell the parents' home in the next 2-3 years and wire that money to our joint bank account in the US. Well, at least attempt to! Ha. What kind of tax bill will that hit us with? Do any of you have any personal experience with this scenario? (The sale of a home in China and repatriating funds.) I'm thinking several here might. Any general advice about the process is appreciated! 2. In the interim, we want to transfer the parents' savings to our US bank account. As I understand it, a Chinese national can send up to 50K US per year abroad. We would wire the full 50K. How would that transfer be taxed on the US side? As regular income? Again, if anyone has any personal experience with this kind of transaction I'd appreciate any advice on the process as well. Thanks for any help! I appreciate and general or specific advice you can give. Cheers, Aaron -
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. -
Can't say that I'm sympathetic to the plight of Visa and Master Card here, but this article may be of interest to those of us who like to use our credit cards. It's from Caixin Visa, MasterCard Confront China's Stacked Deck
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Hi, Hope all is well with everyone! We have 30 artists coming for a big exhibition in Newport News, VA. The question arose, do Chinese credit cards work in the USA with no issues? I feel they will but there will be some pretty good expenses that they will need to pay for individually and be reimbursed when they get back to China by the sponsors. Any experience with this by anyone? Thanks! Rosie and Marc -
Hopefully, this won't mean the end of their ATM agreement that I take advantage of whenever we need money. My wiring route also takes it through BofA to CCB. BofA Sells China Construction Bank Shares http://www.nasdaq.com/article/bofa-sells-china-construction-bank-shares-20130903-01308
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Hi guys, I work here in Beijing and I would like to know my options for taking my money out when I leave Beijing. 1. How do I get my money (income) out of China? If I am not mistaken, I am only allowed to carry 5K $ cash from China - while US airport allows you to carry in like what 10K $? 2. What would I need if it is allowed? Tax certificates? 3. Is bank transfer only way to transfer my money when I leave? If so, what is the limit each time? I am a foreigner so I am sure there will be a lot of restriction for the transfer like 500$ per day or some couple of thousand if you have your tax certificates + employment verification letter. If I am not mistaken even Chinese national are allowed to send like 50K $/ year only? 4. Can someone share the recent information on how much deduction they make in each side for incoming and outgoing transaction for different banks? I need info for sending money from China to US. Thank you all. -
I have been saving up my money here doing a lot of part time jobs at night and on the weekends. By the time I leave China this summer, I should have around 35-40K saved up. All of my money is deposited into my Chinese bank account. I am not sure how I should transfer my money back to the United States. Should I use Paypal? Western Union? Bank wire transfer? I feel like they all have their advantages and disadvantages. Another option could be to leave a large portion on my money in my Chinese bank account. The Chinese Yuan has been appreciating, and I believe it will continue to do so. When I return to the United States, I will be student teaching and finishing my masters degree. This is a huge time commitment, and will not allow me to earn a lot of money during this time. I am not sure what my wife will do for work during this time. What kind of work have other people's Chinese wives found? My biggest problem is that I have a massive amounts of student debt. How much of it should I pay off? I enrolled in the income based repayment program, so at this time my payments are really low. I know debt is terrible, but I am not sure if I should use all of my money towards this. I would love to save up for a house sometime within the next five years. Any advice for me would be greatly appreciated.
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Food for thought if your spouse has a strong bank account http://money.cnn.com/2015/09/30/news/china-overseas-atm-cash-limits/?iid=EL -
I was wondering how visiting Chinese relatives should bring cash (pocket money and emergency purposes)? I imagine bringing a stack of RMB cash would be hard to convert once arriving in the US? How about an ATM card and if so, any issues or things we should watch for to make sure it would work? Thanks! -
Hello, I did a search for transfer money from the US to China. Didn't find anything that answers my question directly or the topics were somewhat dated., 2008, 2009. There was more info on transferring money from China to the US. Maybe I wasn't searching with the right words. Maybe I can get some help. I have a couple of questions. Are there limits of how much money that can be transfer from the US to China? Can only a certain amount of money per time period be transferred? Can more than 52,000 USD be transferred in a month's time? Here is a specific question. I have B of A account in the States, would transferring the money to a China Construction Bank be any easier or cheaper because they have have some type of partnership agreement, I think they still do??? I am trying to look at my Bank of America but the internet connection is very spotty at the moment. Thank you for any help you all can give me. Danb -
Has anyone used Paypal to transfer money to a friend/family member in China? The Paypal website indicates that it can be done, but is very skectchy on how the person in China is able to withdraw these funds. My wife has a BOC account. We would like to either transfer funds directly to her account or send the money to one of her family members and let them deposit it. The reason i am interested in Paypal is that it appears to have very low transfer fees. Would there be fees on the BOC end when the funds were converted to RMB? Thanks, -Squonk
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I was traveling last Wednesday (July 9, 2014) to Beijing and was passing through the Seattle airport. I had about 1000 rmb's with me and thought, since I had some time, I could buy a bunch more in the Seattle airport, in the S gates area where my Hainan Airlines flight was departing. I noticed the Foreign Exchange booth was not posting their rates so I had to ask how many yuan she would give me per dollar. She said 5.3. I had a general idea it should be over 6 so said "wow" and kept my dollars. I just got into an ICBC here near my hotel today and got 6.145 per dollar. Maybe most of you know better (I think I usually change in the target country) but I post this here for some searchable content: if you can, buy most of your yuan in China. I traded 800 USD today; had I done so in Seattle, I would have lost 676 rmb. I'll try an ATM next. Greg -
I know this has been a topic before. Not sure if this method has been posted before: http://uk.reuters.com/article/2014/03/12/uk-china-unionpay-special-report-idUKBREA2B00B20140312 I thought I just saw an article on CCN the other day on this subject but couldn't find it today. It talked about being able to access large amount in Macau by just visiting stores around the casino's in Macau. It is probably a "grey" area but I wonder if there are foreign banks in Macau that that money could be redeposited into. Also maybe this could be done say in Hong Kong or maybe even New York City. The article said that citizens could get 50K cash from their Union Pay credit card. That is a lot money for a one day transaction. Of course if this is a "grey" method then one should consider the possible consequences. Danb
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Hello. I have a question about the new U.S. 100 dollars bills. I think the new style was just released last month. I am going to bring some cash with me on my next trip to China. Will it be any problem using the new 100 dollars bill in China at say at the banks and the larger hotels? http://i949.photobucket.com/albums/ad334/dnoblett/Misc%20Junk%20for%20posting/new100_zps89f1311b.jpg Thanks. Danb
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I have often heard the terms: yuan, kuai, and renminbi used interchangeably by many China expats. It can be a bit confusing as to which means what, and how they are used. This article does a pretty good job explaining usage:
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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
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Hi Guys My wifes parents passed their interview and got the visitors visa. My question is how much US dollars can they bring into the USA. We have quite a lot of money still in China and would like for them to bring some to us. They will be traveling together and will land in San Francisco. thanks Steve
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My wife, who is living with me in Pennsylvania, wants to open a bank account for her mother in China. She wants to be able to add a hundred dollars per month to the account and give access to the funds to her mother. Are there banks that operate in the United States and China, where an ATM card would work in both countries? -
As many of you know Hui and I are now running a business importing speakers from China and selling them at the local flea markets. Things are going really well our sales are very good and the Dragonlad.... Errr I mean the wife is doing the books and talking to the factory's while I sell them. We just got a delivery of 320 in 10 days ago and we are already looking in to making another order in the next week or so. My question is dose anyone know a way I can pay the factory for the speakers that wont cost me $40.00 or more each time? Up till now we have had a friend of Hui's who lives in Shenzhen make the payments for us by going down to the factory's retail location and dropping off the payment. I don't want to impose on the friend anymore since this looks like we may be making monthly orders. If I have my bank do a wire transfer to the factory's bank it will cost me more then $40.00 each time so I want to avoid that if I can. one of the factory said I could use a online or internet bank transfer, what is that? One bank said something about a western union transaction to make the payment but I;m not sure what she was getting at. Can I setup a bank acct in China and then do online transfers into it and make the payments from that acct? If you have any ideas please send em my way. Robert
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hey guys, i was wondering if any of you have went through this... my wife wants to transfer a large amount of money back to the states to help pay of a car loan she just got to buy a car. At first she thought she could use her credit card but the company we got the loan from doesn't support that as a payment option. All her money is locked up overseas in ICBC. She has a VISA credit card. What can she do? ICBC won't let her transfer money overseas online to USA. Is there any way she can transfer money back to the US without having to go back to China? She could withdrawal her money from an ATM but she would be hit by 3% from ICBC and god only knows from the bank she gets the money from... I looked at Western Union but they dont support China and im not sure if she could use a Chinese visa card on their us site to transfer... anyways if any of you have been through this, I would love some advice!!! thanks
