Wire Transfer to Bank of China

[hlin]

Has anyone tried a wire transfer to a savings account under Bank of China? I was checking and I'm not sure if this can be done. I think they may only allow the transfer to a regular personal checking account, but not savings. If anyone can confirm, please let me know. It's either this or Western Union. I need to xfer to Shanghai branch. Thanks.

[cosmiclobster]

Don't know about savings accounts at B of C, but Western Union is reliable, fast and a lot cheaper!

I recently had to wire transfer about $100 to 2 different companies in China and my bank charged about $20 for each tranfer and the payments arrived about $20 short because the Chinese banks deducted their wire transfer fees from the payment amount! It also took about 3 or 4 days for the payment to clear!!

I personally would check into Western Union.

Edited August 29, 2005 by cosmiclobster (see edit history)

[Phnom]

Has anyone tried a wire transfer to a savings account under Bank of China? I was checking and I'm not sure if this can be done. I think they may only allow the transfer to a regular personal checking account, but not savings. If anyone can confirm, please let me know. It's either this or Western Union. I need to xfer to Shanghai branch. Thanks.           

 

150798[/snapback]

I have transferred money into a Bank of China Savings account. The wire takes about two days and a 50 US dollar charge or more.

[hlin]

My bank (Citibank) charges me $30 wire transfer if I do it online. I am planning on sending a lot of money, so I don't want my SO to carry around so much cash and then have to xfer again to her savings account. (I guess Western Union gives cash?) She was checking with Bank of China, and she wasn't sure if they accept wire transfer directly into savings accounts. I guess they don't understand "wire transfer" in English, and I'm not sure what they call it in Chinese.

 

Does anyone know the price of doing a Wester Union xfer of $5,000?

Do they pick up in cash only, and US bills if I specify USD?

Edited August 29, 2005 by hlin (see edit history)

[frank1538]

I wired transferred from a BOA checking account to a BOC savings account back in 2003 - no problem. Just be careful about the account number. They're about a long as a google.

 

This was a one time transfer, and I don't remember the cost.

[Randy W]

My bank (Citibank) charges me $30 wire transfer if I do it online. I am planning on sending a lot of money, so I don't want my SO to carry around so much cash and then have to xfer again to her savings account. (I guess Western Union gives cash?) She was checking with Bank of China, and she wasn't sure if they accept wire transfer directly into savings accounts. I guess they don't understand "wire transfer" in English, and I'm not sure what they call it in Chinese.

 

Does anyone know the price of doing a Wester Union xfer of $5,000?

Do they pick up in cash only, and US bills if I specify USD?

 

 

Western Union is $14 per transfer (any amount) IF you carry cash to an "agent location". They are much higher ($40 and up depending on the amount) if you transfer the money electronically (credit card). Check Western Union (also to find agent locations). The max amount is limited for electronic transfers.

 

If you specify a USD transfer, it will be converted to RMB at the receiving location.

Edited August 29, 2005 by Randy W (see edit history)

[Guest ShaQuaNew]

Has anyone tried a wire transfer to a savings account under Bank of China? I was checking and I'm not sure if this can be done. I think they may only allow the transfer to a regular personal checking account, but not savings. If anyone can confirm, please let me know. It's either this or Western Union. I need to xfer to Shanghai branch. Thanks.

150798[/snapback]

Yes.....I have done it twice. It's fast, efficient, but also very expensive. You can expect to pay 30-35 dollars US for the transaction.

 

There are other ways. I suggest Pay Pal...

 

see also....

http://candleforlove.com/forums/index.php?showtopic=12371

Edited August 29, 2005 by fitnlivly (see edit history)

[Guest ShaQuaNew]

Does anyone know the price of doing a Wester Union xfer of $5,000?

Do they pick up in cash only, and US bills if I specify USD?

150804[/snapback]

Your best bet if you want to transfer high dollar amounts...like $5,000.00 and over are to use the direct bank to bank transfer, that requires a Swift Account number. The reason being is that the transfer fee is a flat 30 - 35 dollars US, regardless the amount.

[hlin]

 

Does anyone know the price of doing a Wester Union xfer of $5,000?

Do they pick up in cash only, and US bills if I specify USD?

150804[/snapback]

Your best bet if you want to transfer high dollar amounts...like $5,000.00 and over are to use the direct bank to bank transfer, that requires a Swift Account number. The reason being is that the transfer fee is a flat 30 - 35 dollars US, regardless the amount.

150864[/snapback]

I'm a bit worried about using wire transfer now. I haven't send any money to this particular account and I was reading the agreements, and any transactions are final, which worries me (in the case my money gets lost, or one digit in account # is incorrect!).

[Guest ShaQuaNew]

 

Does anyone know the price of doing a Wester Union xfer of $5,000?

Do they pick up in cash only, and US bills if I specify USD?

150804[/snapback]

Your best bet if you want to transfer high dollar amounts...like $5,000.00 and over are to use the direct bank to bank transfer, that requires a Swift Account number. The reason being is that the transfer fee is a flat 30 - 35 dollars US, regardless the amount.

150864[/snapback]

I'm a bit worried about using wire transfer now. I haven't send any money to this particular account and I was reading the agreements, and any transactions are final, which worries me (in the case my money gets lost, or one digit in account # is incorrect!).

150878[/snapback]

I just transferred money this morning. Again, it's efficient and fast. You will need the following, and because there is need to have all of this the chance of it not happening correctly is SLIM TO NONE....

 

Name of Bank in China

Address of China Bank

English Speaking Contact at China Bank

Your SO's Bank Account Number

The China Bank Swift Account Number

 

My SO's account number is 19-digits. As Frank mentioned, it's a google....

 

Your bank will not transfer unless all is verified. Don't worry....these transactions happen thousands of times everyday....for personal and business. It's a worldwide phenomena.....

[Mengxin]

Get her an ATM card from your bank with your name on it. Set up a 2nd savings/Checking accnt. for her . Let her use it the same as you would if you were in China. Then manage the accnt. online.

 

It's not the bank that's the issue. it's the network system the bank belongs to. Bank of China uses the "Visa/PLUS ATM Network" http://www.bochk.com/images/upload/personal_banking/plus.jpg, if that's what your personal bank uses, then your already half way there.

http://www.visadps.com/img/prod-plusatm-img.gifhttp://www.visadps.com/img/prod-interlink-img.gif

 

http://www.bochk.com/web/common/multi_sect...s&fldr_id=154#2

Edited August 29, 2005 by Mengxin (see edit history)

[Guest ShaQuaNew]

If you don't wish to open a bank account, you might want to try to Pay Pal alternative.....

 

http://candleforlove.com/forums/index.php?showtopic=12371

[hlin]

If you don't wish to open a bank account, you might want to try to Pay Pal alternative.....

 

http://candleforlove.com/forums/index.php?showtopic=12371

150886[/snapback]

Thanks for the extra responses regarding ATM cards guys. The reason I am not doing that, is because I needed to send a large sum of money ($5k) and having her use ATM cards is out of the question. Besides, I have already set her up with one from HSBC (Online Savings account - which also gives a nice interest %). Imagine having to withdraw 2,000 RMB for 20 times (she said 2000 was the max she could withdraw, and that appear to be the max for the day). It would take 20 days, and each time will cost $1.50 anyways.

 

So anyway, I've sent the wire transfer just now, $30... I hope it goes through without a hitch... crossing my fingers.

[msmckee]

Western Union is $14 per transfer (any amount) IF you carry cash to an "agent location". They are much higher ($40 and up depending on the amount) if you transfer the money electronically (credit card). Check Western Union (also to find agent locations). The max amount is limited for electronic transfers.

 

If you specify a USD transfer, it will be converted to RMB at the receiving location.

150819[/snapback]

WU "instant" transfer rate is $27 for $200. It goes up from there. 5 day rate is cheaper, but I don't know how much. I think limit is $1000 in any 30 day (maybe 60 day) period until yo get "standing". After that it is $2000. I haven't needed to test the limits beyoun that.

 

One bank in Beihai will actually pay in dollars. China post will only pay in RMB

Edited August 29, 2005 by msmckee (see edit history)

[Randy W]

WU "instant" transfer rate is $27 for $200.0„2 It goes up from there.0„2 5 day rate is cheaper, but I don't know how much.0„2 I think limit is $1000 in any 30 day (maybe 60 day) period until yo get "standing".0„2 After that it is $2000.0„2 I haven't needed to test the limits beyoun that.

 

 

 

Try hand carrying the cash to an agent location (like my 2 grocery stores) I'm not sure about a limit, since I've only tried $700 max, but it's ony $14, no matter the amount, and instantly available. Only the ATM is cheaper.

 

Western Union is $14 per transfer (any amount) IF you carry cash to an "agent location". They are much higher ($40 and up depending on the amount) if you transfer the money electronically (credit card).

 

 

$27 for a $200 transfer is more than 10% - look at the bottom line there - and, like I said, goes way up from there.

 

The difference is in hand carrying the cash vs. electronically or by phone.

Edited August 29, 2005 by Randy W (see edit history)