Guest pushbrk Posted December 16, 2005 Report Share Posted December 16, 2005 I'm not much of an expert in sending money to China, and, indeed, my wife and I have recently been wrestling with money transfers because she is coming here tomorrow but she has also been moving around a lot. I never had any real problem exchanging AMEX Traveler's Cheques in either Beijing or Shenzhen. The rate was the same as cash. I mostly sent money by wire transfer through my bank ($40 per transfer, regardless of the amount) and the money was usually there in one or two days. One of the best things about finally being (permanently) reunited is that all those problems are now in the past, along with most of the other visa entanglements. I expect we will be together from now on, either in the US or in China.176260[/snapback]When it comes to Travelers checks, it often makes a difference whether you are spending the checks you bought, cashing them checks you bought are being cashed by somebody else. I work for the credit card processing division of one of the world's largest banks. The easiest use of a Travelers Check is to "spend" all or most of it/them at a merchant (hotel, retailer etc.) that regularly accepts them. This is because you sign the second signature in front of the merchant. The next easiest is to "cash" the checks at a hotel or bank, where again, you sign the second signature in front of the person accepting the check. The most difficult use of Travelers Checks is for you to send the check already signed twice and made out to an individual. Depending on where the individual tries to use the check, this could be very difficult. If the individual has a good relationship with a major bank in China, they should be able to at least deposit the check in their account. They may, however, only be allowed to deposit for collection only. That means there will be several days between the deposit date and the availability of the funds. The most reliable way to transfer funds is electronically. This is because only banks are involved in the process. Direct funds transfers between one bank customer and another are much more expensive. Transfers between two accounts owned by the same customer are usually free. This is why making arrangements for the Chinese national to use a debit card to make ATM withdrawals from one of you US Bank accounts is the easiest and generally least expensive. The difficulty and risk is in getting the card from here to there in the mail. I preempted the difficulty by taking the card with me on my first trip, showing my wife how to use it and leaving it with her. The only difficulty I had was to explain that she should avoid balance inquiries because they cost as much as withdrawals. Since then, she hasn't made any withdrawals either. Any predictions on how long that will last? :-) Link to comment Share on other sites More sharing options...
Guest Paul Posted December 18, 2005 Report Share Posted December 18, 2005 I got my SO a PayPal Visa card. She can use any Chinese ATM with it. I can deposit money for free into the PayPal account. Each time she makes a withdrawl it costs one dollar. It's worked great for us.176050[/snapback]Debit cards are definitely the way to go. I've read several times on this forum and another that travelers checks are worse than useless in China. Maybe they can cash the check in Thailand when they get there.176054[/snapback]Agreed, debit card is the best way to go. All I have to do for SO to get funds at the ATM in China is make an online transfer at my bank website here in the US - it's instant, free, and no charges for using ATM in China ... hell, life is good, what more could you want? Paul Link to comment Share on other sites More sharing options...
Randy W Posted December 18, 2005 Report Share Posted December 18, 2005 Except in Yulin, where they don't work! So you're a foot person, Paul?? Link to comment Share on other sites More sharing options...
Guest Paul Posted December 18, 2005 Report Share Posted December 18, 2005 Except in Yulin, where they don't work! So you're a foot person, Paul?? 176479[/snapback]Well, in that case I tell her not to go to Yulin. But more seriously maybe nothing works in every case, yes, no? Yeah, her feet really make my heart rate jump ... Link to comment Share on other sites More sharing options...
Randy W Posted December 18, 2005 Report Share Posted December 18, 2005 (edited) Except in Yulin, where they don't work! So you're a foot person, Paul??0„20„2 176479[/snapback]Well, in that case I tell her not to go to Yulin. But more seriously maybe nothing works in every case, yes, no? Yeah, her feet really make my heart rate jump ...176480[/snapback] Yeah - I'm with you. I gave her a PayPal debit card that worked every where except where we needed it to. But Western Union came to the rescue! But it did come in handy on her trip here. Edited December 18, 2005 by Randy W (see edit history) Link to comment Share on other sites More sharing options...
skibum Posted January 17, 2006 Author Report Share Posted January 17, 2006 Well, Mom cashed the travelers check ok. They just asked if she had written her name and ID no. at the top and she said yes but of course my wife had written it. I don't know why it makes a difference. Link to comment Share on other sites More sharing options...
chef4u Posted January 17, 2006 Report Share Posted January 17, 2006 (edited) I got my SO a PayPal Visa card. She can use any Chinese ATM with it. I can deposit money for free into the PayPal account. Each time she makes a withdrawl it costs one dollar. It's worked great for us.176050[/snapback]Debit cards are definitely the way to go. I've read several times on this forum and another that travelers checks are worse than useless in China. Maybe they can cash the check in Thailand when they get there.176054[/snapback]Agreed, debit card is the best way to go. All I have to do for SO to get funds at the ATM in China is make an online transfer at my bank website here in the US - it's instant, free, and no charges for using ATM in China ... hell, life is good, what more could you want? Paul176477[/snapback]I'm with Mike and Paul. My SO has a Debit Visa card in which I just transfer money from my account into hers on line. She goes to the Bank of China's ATM and withdrawls the money. It was touch and go in the beginning as she did not know how to work the card in the machines. See previous thread on this subject. It was my first experience in mop slapping. Anyway, no problem here with AMEX Travelers Checks. Would go to any Bank of China and get the same exchange rate as cash. Edited January 17, 2006 by chef4u (see edit history) Link to comment Share on other sites More sharing options...
ameriken Posted January 17, 2006 Report Share Posted January 17, 2006 I got my SO a PayPal Visa card. She can use any Chinese ATM with it. I can deposit money for free into the PayPal account. Each time she makes a withdrawl it costs one dollar. It's worked great for us.176050[/snapback]Debit cards are definitely the way to go. I've read several times on this forum and another that travelers checks are worse than useless in China. Maybe they can cash the check in Thailand when they get there.176054[/snapback]Agreed, debit card is the best way to go. All I have to do for SO to get funds at the ATM in China is make an online transfer at my bank website here in the US - it's instant, free, and no charges for using ATM in China ... hell, life is good, what more could you want? Paul176477[/snapback]I'm with Mike and Paul. My SO has a Debit Visa card in which I just transfer money from my account into hers on line. She goes to the Bank of China's ATM and withdrawls the money. It was touch and go in the beginning as she did not know how to work the card in the machines. See previous thread on this subject. It was my first experience in mop slapping. Anyway, no problem here with AMEX Travelers Checks. Would go to any Bank of China and get the same exchange rate as cash.183653[/snapback]Hey chef, Can you transfer some money to my account, and let me call the bank to verify it has been done, and then make the withdrawal ? I want to experience what she will have to go through if I do this for her. Link to comment Share on other sites More sharing options...
Guest apophis Posted January 18, 2006 Report Share Posted January 18, 2006 I've always used Western Union in the past. My SO feels its the simpliest fastest, and reliable method. I've just sent her 5K (40,000RMB) last week, she can take all that amount at once and do whatever with it. Paypal sounds like a good idea too, but don't know if you can take out large amounts via ATM... assuming you need large amounts. Link to comment Share on other sites More sharing options...
Guest Paul Posted January 18, 2006 Report Share Posted January 18, 2006 I got my SO a PayPal Visa card. She can use any Chinese ATM with it. I can deposit money for free into the PayPal account. Each time she makes a withdrawl it costs one dollar. It's worked great for us.176050[/snapback]Debit cards are definitely the way to go. I've read several times on this forum and another that travelers checks are worse than useless in China. Maybe they can cash the check in Thailand when they get there.176054[/snapback]Agreed, debit card is the best way to go. All I have to do for SO to get funds at the ATM in China is make an online transfer at my bank website here in the US - it's instant, free, and no charges for using ATM in China ... hell, life is good, what more could you want? Paul176477[/snapback]I'm with Mike and Paul. My SO has a Debit Visa card in which I just transfer money from my account into hers on line. She goes to the Bank of China's ATM and withdrawls the money. It was touch and go in the beginning as she did not know how to work the card in the machines. See previous thread on this subject. It was my first experience in mop slapping. Anyway, no problem here with AMEX Travelers Checks. Would go to any Bank of China and get the same exchange rate as cash.183653[/snapback]Yeah, Chef, transfer some or all of your money to my account. I'll help you out, you can take that to the bank ... Wheel Man Link to comment Share on other sites More sharing options...
warpedbored Posted January 18, 2006 Report Share Posted January 18, 2006 David is there a FAQ for sending money to China? I swear this comes up at least once a month. Link to comment Share on other sites More sharing options...
longstrangetrip Posted January 18, 2006 Report Share Posted January 18, 2006 I have found that taking cash over (if one is not worried about carrying cash) tendsto be the best way. One can get the best exchange rates, if one is careful about who to exchange with. And it seems that present day money changers will actually do it at the BOC window with you--no need to worry about counterfeit bills that way. Interesting side note: I was unable to exchange any C-notes with any mark on Franklin's face--i guess they fear counterfeits--so if you do bring money over check it here before you go over. Link to comment Share on other sites More sharing options...
Robg8888 Posted January 18, 2006 Report Share Posted January 18, 2006 I opened a Bank of America account with 2 debit cards, and sent one to my fiance. It has worked out great. It of course has the Visa logo, and there are several BOA locations. Either way, she is able to withdraw from just about any atm. I am able to deposit cash here in America, and it is immediately available to her. NO waiting until midnight or anything. And then of course, I can deposit cash in advance before I go there, and it is waiting and available for me once I am there. Be carefule of Paypal. You may want to check out www.paypalsucks.com. Link to comment Share on other sites More sharing options...
skibum Posted January 20, 2006 Author Report Share Posted January 20, 2006 I guess I should have explained that this was a one time deal. If I was going to send it regularly, I would chose another way. Link to comment Share on other sites More sharing options...
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