Bank of China

[HanLi]

Does anyone know if there is a Bank of China in USA? Would it be an idea to open an account that would be on their network in China also? Anyone have thoughts on this?

[aqua8lung]

Does anyone know if there is a Bank of China in USA?  Would it be an idea to open an account that would be on their network in China also?  Anyone have thoughts on this?

135766[/snapback]

Open an account in a bank in the U.S. get an ATM card and send it to you SO.

[david_dawei]

Does anyone know if there is a Bank of China in USA?  Would it be an idea to open an account that would be on their network in China also?  Anyone have thoughts on this?

135766[/snapback]

Good topic.. maybe we can stick to BOC issues and build up some understanding of just using them pro/con.

 

 

Start here:

 

http://www.bocusa.com/bocny/

 

 

Someone commented to using the local one to get money to the abroad one.. I'll try to find it.

 

I have used them as a non-member to send money to an abroad branch. Fees about $20, but can take upwards of 15 days.

[HanLi]

Does anyone know if there is a Bank of China in USA?  Would it be an idea to open an account that would be on their network in China also?  Anyone have thoughts on this?

135766[/snapback]

Good topic.. maybe we can stick to BOC issues and build up some understanding of just using them pro/con.

 

 

Start here:

 

http://www.bocusa.com/bocny/

 

 

Someone commented to using the local one to get money to the abroad one.. I'll try to find it.

 

I have used them as a non-member to send money to an abroad branch. Fees about $20, but can take upwards of 15 days.

135768[/snapback]

thanks, I will be looking for your post on what you find out...

[david_dawei]

Here's the recent one I was thinking of.. you'll probably remember it.

 

http://candleforlove.com/forums/index.php?sho...ndpost&p=133820

 

 

aqua8lung already posted here and in the other... all good stuff.

 

Wonder which specific branch people used?

[Guest ShaQuaNew]

Does anyone know if there is a Bank of China in USA? Would it be an idea to open an account that would be on their network in China also? Anyone have thoughts on this?

 

Just wanted to add my two cents here regarding moving money around from the US to China. Okay, here's the deal with Bank of China.

 

The Bank of China was unable to provide a Swift Account Number and Contact telephone number that my US bank could contact for verification. Subsequently, my SO opened a new bank account with Industrial and Commercial Bank of China. The people there were exceptional, and provided all the contact information my bank required to set up a bank-to-bank transfer system that I could use over the internet or telephone.

 

It works fantastic. I simply call my bank, verify my identity, and they now make an immediate transfer to my SO's account. The Industrial and Commercial Bank of China issued her an ATM card that can be used at most any ATM, and she simply withdraws funds as anyone would with an ATM.

 

Best part, no fees.

 

J & L

[rogerluli]

Here's the recent one I was thinking of.. you'll probably remember it.

 

http://candleforlove.com/forums/index.php?sho...ndpost&p=133820

 

 

aqua8lung already posted here and in the other... all good stuff.

 

Wonder which specific branch people used?

135771[/snapback]

Just wanted to add my two cents here regarding moving money around from the US to China. Okay, here's the deal with Bank of China.

 

The Bank of China was unable to provide a Swift Account Number and Contact telephone number that my US bank could contact for verification. Subsequently, my SO opened a new bank account with Industrial and Commercial Bank of China. The people there were exceptional, and provided all the contact information my bank required to set up a bank-to-bank transfer system that I could use over the internet or telephone.

 

It works fantastic. I simply call my bank, verify my identity, and they now make an immediate transfer to my SO's account. The Industrial and Commercial Bank of China issued her an ATM card that can be used at most any ATM, and she simply withdraws funds as anyone would with an ATM.

 

Best part, no fees.

 

J & L

135802[/snapback]

What is your US bank? I know mine, Bank One/Chase, charges for these tranfers...

[Guest ShaQuaNew]

What is your US bank? I know mine, Bank One/Chase, charges for these tranfers...

135803[/snapback]

It's a Credit Union, not a bank; in Florida.....been with them for, phew....20 years I guess. They just changed their name from Educational Community Credit Union to Community First Credit Union of Florida.

 

Perhaps that it's a Credit Union and I'm a long time member is the reason for no fee, but seems to me, that whatever the fee one would pay with another institution, it must be negligible. Get with a bank that is accoustomed to making international transfers. They will be able to tell you exactly what to do. It seems to me that doing this is a heck of a lot easier than getting new cards, mailing them, Western Union, and the like.

 

J & L

[Guest blsqueaky]

Okay, I have Natl City, and Ling's sister has another ATM card that she used their every month for the family allowance. She goes right to the BAC right their on Shamian, and to date, only 2 problems, one, lines where down, so no communications, and the other time, we did not realize, card expired. I hve also used my atm all over GZ at the BAC atm machines. I have never tried to use it has a debit card, but I know that Ling did once, forgetting that it was a debit card. She just saw the Visa Logo on it, hence, she used it, and was I shocked when I found out, saw the debit from the bank statement. One thing that you will have to make sure that your SO understands if you give her one of these, it is NOT a CREDIT CARD

[HanLi]

is there anyway to control the amount that can be distributed with a debit card? Or would a credit card work in similar fashion?

[Guest ShaQuaNew]

is there anyway to control the amount that can be distributed with a debit card?  Or would a credit card work in similar fashion?

135895[/snapback]

The differences in functionality between a debit card and credit card is rapidly narrowing because many people, even with good credit are choosing to use a debit card instead of a credit card. Used to be that if you purchased something with a debit card you were stuck with the product and not having the resource to dispute the purchase with the card holding company. That is no longer. The larger debit card companies (Visa, MasterCard, etc.,) offer complete dispute and refund ability.

 

For these reasons, I think it most safe and efficient for anyone who has a loved one in China to have them open a bank account in China that provides them an ATM card. Credit or Debit Card functionality is not of much use in China, at least for now, because most businesses don't accept, but with an ATM Card, your SO can make cash withdrawls in RMB. Make sure your SO opens an account at a bank with someone willing to be an English speaking contact that will speak to your bank staff member in the US. You will need the bank information, Swift Number, SO account number, SO's address, etc.

 

After you get that, you will need to set up a bank to bank transfer authorization so that you can repeat transfers from time to time. This enables you to transfer any amount you choose. After the transfer, the funds will be available immediately to your SO to withdraw, either in person at the bank or via ATM. I do not pay a fee for this transfer with my credit union. Some banks may charge a fee, so I suggest that if your bank does, to shop around.

 

J & L

[HanLi]

is there anyway to control the amount that can be distributed with a debit card?  Or would a credit card work in similar fashion?

135895[/snapback]

The differences in functionality between a debit card and credit card is rapidly narrowing because many people, even with good credit are choosing to use a debit card instead of a credit card. Used to be that if you purchased something with a debit card you were stuck with the product and not having the resource to dispute the purchase with the card holding company. That is no longer. The larger debit card companies (Visa, MasterCard, etc.,) offer complete dispute and refund ability.

 

For these reasons, I think it most safe and efficient for anyone who has a loved one in China to have them open a bank account in China that provides them an ATM card. Credit or Debit Card functionality is not of much use in China, at least for now, because most businesses don't accept, but with an ATM Card, your SO can make cash withdrawls in RMB. Make sure your SO opens an account at a bank with someone willing to be an English speaking contact that will speak to your bank staff member in the US. You will need the bank information, Swift Number, SO account number, SO's address, etc.

 

After you get that, you will need to set up a bank to bank transfer authorization so that you can repeat transfers from time to time. This enables you to transfer any amount you choose. After the transfer, the funds will be available immediately to your SO to withdraw, either in person at the bank or via ATM. I do not pay a fee for this transfer with my credit union. Some banks may charge a fee, so I suggest that if your bank does, to shop around.

 

J & L

136030[/snapback]

some of those wire transfer fees are high, you would be better off using Western Union to send money....

[Guest ShaQuaNew]

some of those wire transfer fees are high, you would be better off using Western Union to send money....

136129[/snapback]

The wire transfer fee is free for me because I am working with a bank and credit union familiar with international transfers. Check your bank carefully. Talk to someone familiar with international transfers. If you can't find one, go to a bank that does this regularly and open an account. Bottom line, pick what works for you. If this method intimidates you, find your own comfort zone.

 

J & L

[HanLi]

some of those wire transfer fees are high, you would be better off using Western Union to send money....

136129[/snapback]

The wire transfer fee is free for me because I am working with a bank and credit union familiar with international transfers. Check your bank carefully. Talk to someone familiar with international transfers. If you can't find one, go to a bank that does this regularly and open an account. Bottom line, pick what works for you. If this method intimidates you, find your own comfort zone.

 

J & L

136133[/snapback]

I have checked several banking institutions regarding the wire transfer, they regularly charge approximately $40 for this service. Sounds like you get preferential treatment.......

[Mengxin]

Hank, Here's what I did.

 

I set up a seperate savings for my wife under my account.

Have ATM cards made. When you get it set the PIN for her and mail it.

You don't need Bank of China to be yours or her's bank. The key is that the bank needs to be a part of the same network of banks.

 

Bank of China is a part of the Visa/PLUS ATM Network.

Look for this logo at your Bank. http://www.visadps.com/navs/links-04-on.gifhttp://www.visadps.com/navs/links-01-on.gifhttp://www.visadps.com/navs/links-03-on.gif

If your bank has this logo, your all set. She needs money? Run to the computer and put it there. There is a $2 charge from my bank for my wife to use the card when ever she needs it. Too easy!!!

 

Important: When you sign up for her account, just let them know what your intentions are. they'll help you out. After you recieve the card, call the fraud department and explain your situation. That's it.