Open an RMB savings account

[Cody]

My wife and I decided that we wanted to start saving for our future in a different currency, the Chinese RMB. From what I've read in the news and from my gut feeling, I think that the RMB will rise in value in the near future.

 

However, we are living in the U.S. Is there a way to save my funds in RMB?

[tonado]

http://www.fxsol.com/the_company/company_profile.asp

 

How about open account to trade currencies.

[rogerluli]

My wife and I decided that we wanted to start saving for our future in a different currency, the Chinese RMB.  From what I've read in the news and from my gut feeling, I think that the RMB will rise in value in the near future.

 

However, we are living in the U.S.  Is there a way to save my funds in RMB?

193773[/snapback]

We did this but it wasn't easy. We wanted to transfer money to China ahead of our trip there this year when we plan to buy a "house" ( for everyones general info I have finally figured out this "house" thing.In China a house is an apartment and a villa is a house). My wife has a friend who works in the Bank of China in her hometown in Hunan. She was able to open an account there by sending copies of her ID card. Then we wire transfered the money from our bank. But they will not change the money from $ to RMB without you being there to do it. So my wife's father had to go the bank and they let him make the change. He also had to go back many times because they limit how much you can change at one time. .. Just our experience... Good Luck

[wpc76180]

My wife and I decided that we wanted to start saving for our future in a different currency, the Chinese RMB.  From what I've read in the news and from my gut feeling, I think that the RMB will rise in value in the near future.

 

However, we are living in the U.S.  Is there a way to save my funds in RMB?

193773[/snapback]

We did this but it wasn't easy. We wanted to transfer money to China ahead of our trip there this year when we plan to buy a "house" ( for everyones general info I have finally figured out this "house" thing.In China a house is an apartment and a villa is a house). My wife has a friend who works in the Bank of China in her hometown in Hunan. She was able to open an account there by sending copies of her ID card. Then we wire transfered the money from our bank. But they will not change the money from $ to RMB without you being there to do it. So my wife's father had to go the bank and they let him make the change. He also had to go back many times because they limit how much you can change at one time. .. Just our experience... Good Luck

193783[/snapback]

What was the exchange rate given to you for the

conversion from US$ to RMB at the Bank of China?

[rogerluli]

My wife and I decided that we wanted to start saving for our future in a different currency, the Chinese RMB.  From what I've read in the news and from my gut feeling, I think that the RMB will rise in value in the near future.

 

However, we are living in the U.S.  Is there a way to save my funds in RMB?

193773[/snapback]

We did this but it wasn't easy. We wanted to transfer money to China ahead of our trip there this year when we plan to buy a "house" ( for everyones general info I have finally figured out this "house" thing.In China a house is an apartment and a villa is a house). My wife has a friend who works in the Bank of China in her hometown in Hunan. She was able to open an account there by sending copies of her ID card. Then we wire transfered the money from our bank. But they will not change the money from $ to RMB without you being there to do it. So my wife's father had to go the bank and they let him make the change. He also had to go back many times because they limit how much you can change at one time. .. Just our experience... Good Luck

193783[/snapback]

What was the exchange rate given to you for the

conversion from US$ to RMB at the Bank of China?

193787[/snapback]

Wifey says it was between 8.04 and 8.02 as the dollar sunk slowly into the Pacific...

[dstarsboy]

[quote name='Cody' date='Feb 26 2006, 10:10 AM']My wife and I decided that we wanted to start saving for our future in a different currency, the Chinese RMB.  From what I've read in the news and from my gut feeling, I think that the RMB will rise in value in the near future.

However, we are living in the U.S.  Is there a way to save my funds in RMB?
[right][snapback]193773[/snapback][/right]
[/quote]
This is a good investment idea.

I figured converting money was easy somewhere. For some reason I was under the impression that everyone who sends their SO's a monthly allowance would send it in RMB. I never tried to actually convert anything myself, but its obvious my assumption was wrong.

[tonado]

If both are living in USA, it is good idea to find out about foreign tax investment.

[Guest pushbrk]

My wife and I decided that we wanted to start saving for our future in a different currency, the Chinese RMB.  From what I've read in the news and from my gut feeling, I think that the RMB will rise in value in the near future.

 

However, we are living in the U.S.  Is there a way to save my funds in RMB?

193773[/snapback]

This is a good investment idea.

 

I figured converting money was easy somewhere. For some reason I was under the impression that everyone who sends their SO's a monthly allowance would send it in RMB. I never tried to actually convert anything myself, but its obvious my assumption was wrong.

193811[/snapback]

Your assumption is not necessarily incorrect. How the money is delivered makes a difference. I deposit USD in my wife's debit card account and she withdraws the money in RMB based on an exchange rate, even though no physical "exchange" takes place.

 

Using Western Union is Similar. If one actually risked mailing US Currency, any practical "monthly allowance" sent would be easy to exchange for RMB in China.

[rogerluli]

My wife and I decided that we wanted to start saving for our future in a different currency, the Chinese RMB.  From what I've read in the news and from my gut feeling, I think that the RMB will rise in value in the near future.

 

However, we are living in the U.S.  Is there a way to save my funds in RMB?

193773[/snapback]

This is a good investment idea.

 

I figured converting money was easy somewhere. For some reason I was under the impression that everyone who sends their SO's a monthly allowance would send it in RMB. I never tried to actually convert anything myself, but its obvious my assumption was wrong.

193811[/snapback]

Your assumption is not necessarily incorrect. How the money is delivered makes a difference. I deposit USD in my wife's debit card account and she withdraws the money in RMB based on an exchange rate, even though no physical "exchange" takes place.

 

Using Western Union is Similar. If one actually risked mailing US Currency, any practical "monthly allowance" sent would be easy to exchange for RMB in China.

193859[/snapback]

Of course you can walk up to an ATM in China and withdraw RMB from your American account of US $. This is an actual "exchange" because you are there on the ground in China doing it.

I would also really discourage anyone from sending cash to China. We tried and failed and the USPS Global Express envelope "appeared " to be wholly intact when it came back to us because of a tiny error in the address. Of course the contents were intact, except for the cash...