Cody Posted June 21, 2005 Report Share Posted June 21, 2005 My so and I have decided to send money each month to her parents in China. Since it will be a regular thing, I don't want to rely on Western Union. Does anyone know of an efficient way? P.S. Her parents are elderly and not to tech savvy. Link to comment
hayuesen Posted June 21, 2005 Report Share Posted June 21, 2005 The way I do it is we had them set up an account at the Bank of China and the account number and we set up a recurring international wire transfer at our bank in the US. It sometimes takes the bank personnel at the bank in China awhile to figure it out, but once it is, it is very convenient and takes only 2-3 days to get the money from here to there. Link to comment
hayuesen Posted June 21, 2005 Report Share Posted June 21, 2005 "The way I do it is we had them set up an account at the Bank of China and the account number" Sorry this should read "and got the account number" If they are not tech-savvy, hopefully the bank tellers can help them Link to comment
Dan R Posted June 21, 2005 Report Share Posted June 21, 2005 The way I do it is we had them set up an account at the Bank of China and the account number and we set up a recurring international wire transfer at our bank in the US. It sometimes takes the bank personnel at the bank in China awhile to figure it out, but once it is, it is very convenient and takes only 2-3 days to get the money from here to there.That is what I do. Wire transfer from my bank to the Bank of China account. I set up a transmit by fax instructions account with my bank. The charge is $28.00 flat rate/transfer. All done electronically. Link to comment
david_dawei Posted June 21, 2005 Report Share Posted June 21, 2005 The way I do it is we had them set up an account at the Bank of China and the account number and we set up a recurring international wire transfer at our bank in the US. It sometimes takes the bank personnel at the bank in China awhile to figure it out, but once it is, it is very convenient and takes only 2-3 days to get the money from here to there.That is what I do. Wire transfer from my bank to the Bank of China account. I set up a transmit by fax instructions account with my bank. The charge is $28.00 flat rate/transfer. All done electronically.Dan, If you were not a member of Bank of China, it would be cheaper ! I have sent money three times through BOC , as a non-account holder for less... Link to comment
Dan R Posted June 21, 2005 Report Share Posted June 21, 2005 If you were not a member of Bank of China, it would be cheaper ! I have sent money three times through BOC , as a non-account holder for less...Maybe it is the low cost of living in CA This is the best price I have been able to get. My bank is a direct transfer bank and the fax to the international wire office saves $2 from the branch handling it. My other bank wasn't a direct transfer and it cost $60.00. Fax also saves me a trip to the bank which I never even see anymore. Link to comment
david_dawei Posted June 21, 2005 Report Share Posted June 21, 2005 If you were not a member of Bank of China, it would be cheaper ! I have sent money three times through BOC , as a non-account holder for less...Maybe it is the low cost of living in CA This is the best price I have been able to get. My bank is a direct transfer bank and the fax to the international wire office saves $2 from the branch handling it. My other bank wasn't a direct transfer and it cost $60.00. Fax also saves me a trip to the bank which I never even see anymore.I guess it is a west coast thing.... Link to comment
hayuesen Posted June 21, 2005 Report Share Posted June 21, 2005 Once I set up the recurring transfer account, I do it by phone...just punch in the amount I want sent and it is all done. The flat rate is $14. Link to comment
frank1538 Posted June 21, 2005 Report Share Posted June 21, 2005 I went the ATM route. I set up an account with BOA here in the states. I sent Jingwen an ATM card (with VISA logo). When she needed money she would go to the BOC ATM and withdraw what was needed. Pluses include low cost - maybe $1.50 per transaction; convenience - the money was always available; control - you can monitor the activity online. Minuses include unreliability ot BOC's ATMs - they work maybe 90% of the time; card going bad - since the account and card were in my name, BOC wouldn't give Jingwen the time of day if the card went bad - have to be prepared to send another; a little ATM knowledge - you have to know that you're withdrawing from a checking account rather than a credit card or savings account - it took a little practice for Jingwen to remember this; exchange rate - not the best, but not bad. Link to comment
Dan R Posted June 21, 2005 Report Share Posted June 21, 2005 Once I set up the recurring transfer account, I do it by phone...just punch in the amount I want sent and it is all done. The flat rate is $14.What bank is only $14.00????? Is this where the right coast gets back at the left coast for having no winter heating bills? I thought high housing and gasoline was enough. But then we have the nations lowest food costs too. Frank I think you won this one. Only $1.50 transaction fee? WOW. Link to comment
david_dawei Posted June 21, 2005 Report Share Posted June 21, 2005 Once I set up the recurring transfer account, I do it by phone...just punch in the amount I want sent and it is all done. The flat rate is $14.What bank is only $14.00????? Is this where the right coast gets back at the left coast for having no winter heating bills? I thought high housing and gasoline was enough. But then we have the nations lowest food costs too. Frank I think you won this one. Only $1.50 transaction fee? WOW.maybe we can all withdraw through his? Link to comment
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