Carrying cash

[Dennis143]

I will need to give Leiqin $5000 cash to carry with her to China. $3000 for her purchase her Chinese pension. $2000 for 2 month's expenses.

 

I went to our B of A to see if they had some arrangements where I could deposit the money and Leiqin could withdrawal it through an ATM in China, but the BofA girl (Chinese) said that there would be special fees that would be charged to do it.

 

I think it's too late to get a special ATM anyway when she'll be leaving ~March 1st.

 

Instead of carrying that amount of cash on her person, what are the alternatives.

 

I'm sure that the answer(s) is obvious...

[YuLong]

What kind of special fees is BA asking for?

Transaction fees at the ATM tellers?

 

I will need to give Leiqin $5000 cash to carry with her to China. $3000 for her purchase her Chinese pension. $2000 for 2 month's expenses.

 

I went to our B of A to see if they had some arrangements where I could deposit the money and Leiqin could withdrawal it through an ATM in China, but the BofA girl (Chinese) said that there would be special fees that would be charged to do it.

 

I think it's too late to get a special ATM anyway when she'll be leaving ~March 1st.

 

Instead of carrying that amount of cash on her person, what are the alternatives.

 

I'm sure that the answer(s) is obvious...

[Dennis143]

What kind of special fees is BA asking for?

Transaction fees at the ATM tellers?

 

Not sure. Her implication was there are extra fees. Doesn't matter now.

 

Leiqin has her WAMU ATM card. Can she just use that? How about the $3000 that she'll need to purchase the pension?

[GZBILL]

I will need to give Leiqin $5000 cash to carry with her to China. $3000 for her purchase her Chinese pension. $2000 for 2 month's expenses.

 

I went to our B of A to see if they had some arrangements where I could deposit the money and Leiqin could withdrawal it through an ATM in China, but the BofA girl (Chinese) said that there would be special fees that would be charged to do it.

 

I think it's too late to get a special ATM anyway when she'll be leaving ~March 1st.

 

Instead of carrying that amount of cash on her person, what are the alternatives.

 

I'm sure that the answer(s) is obvious...

 

I'm not sure why, but the BoA girl misled you.

 

Since BoA bought a stake in China Construction Bank, all BoA cards can be used in any China Construction Bank ATM to withdraw cash without fees. The only drawback is that you can only get RMB, but the exchange rate is better than if you went into the bank to see the US dollars.

 

I am not sure what the daily limit is because that depends on BoA and not China Construction Bank. CCB's daily limit is 30k RMB.

 

If you use a different bank's ATM card or use your BoA card in a non-CCB ATM, there are about 4% in fees.

[Sebastian]

Any International ATM card can be used at Any International ATM Machine, which can be found at Bank of China, also any 5 star hotel, most Carrefour shops, ANY China Airport (stop rushing outside to leave it, d#mnnit, stay inside and get some cash!) . Her WAMU ATM card is considered an International ATM card.

 

The limit per transaction is between 2000 to 2500 RMB. Her card probably has a daily transaction of between 400 to 500 usd. There are additional fees to withdraw , plus 'that instants' RMB-USD conversion rate. When I got stuck, I had 3 cards with me, each with a limit of 500 usd per day (plus any fees). So I was able (and did) to withdraw 1500 USD - 8500 RMB /day at a collection of international ATM machines.

 

Why not just bring cash ? USD ? She'll get a better deal on USD CASH from the currency converters - heck - her family might even get a nice cut on the exchange rate. at 5000 usd ? she get nicer conversion rate than if only 300 usd .

 

Cash is nice. I recommend ANYONE to bring CASH, worn in a CLOTH body wallet with PLASTIC zipper (sold at the Container Store across the USA for less than 20 usd). Don't like cash ? get travellers checks, convert them at a Bank in China to RMB currency. I happily declare the extra cash when I come across the border - I've had to fill out the forms 3 times now, not any hassle (but I am large caucasian with white glittering teeth, people LIKE me).

Edited February 13, 2008 by Darnell (see edit history)

[Jay & Ping]

Dennis, I've seen quite a few threads on people using Western Union successfully. I would be reluctant to have her carry that much cash alone on her person. Send $50 to a friend there. Preflight it so-to-speak.

[YuLong]

I¡¯m sure you have worked out how this will all happen.

But if you decide to use the ATM card be sure to call WAMU before she goes to let them know the card will be used in China or it might be declined.

 

 

What kind of special fees is BA asking for?

Transaction fees at the ATM tellers?

 

Not sure. Her implication was there are extra fees. Doesn't matter now.

 

Leiqin has her WAMU ATM card. Can she just use that? How about the $3000 that she'll need to purchase the pension?

[Randy W]

WU is $14 per transfer. PayPal is only $1, but the card may not arrive in time.

[griz326]

My ATM fee has always been 1% of the transaction. Xiaoyuan uses an ATM card issued by my bank for her. She can only withdraw about $300/day so that might make getting $3k a PIA.

 

Buy her a money belt and fill it with cash; tell her to sleep with it at night.

[tsap seui]

As usual, I say, just Western Union it. It's almost too easy, and cetainly foolproof....the "fool" part being what some people run into with their bankcards, and then subsequent phone call dealings with the fools in banks.

 

I'm such a simpleton and I desperately need simple :lol:I no needa thinka many.

 

tsap seui

[rogerluli]

Cash is nice. I recommend ANYONE to bring CASH, worn in a CLOTH body wallet with PLASTIC zipper (sold at the Container Store across the USA for less than 20 usd).

 

I have two different security wallets like this for wearing in different ways on your person... work great and never any problems...although if you suddenly need some money it can be a tad difficult getting partially undressed in a store...

[YuLong]

Where do they get the balls for that?

WU is $14 per transfer. PayPal is only $1, but the card may not arrive in time.

[GZBILL]

Any International ATM card can be used at Any International ATM Machine, which can be found at Bank of China, also any 5 star hotel, most Carrefour shops, ANY China Airport (stop rushing outside to leave it, d#mnnit, stay inside and get some cash!) . Her WAMU ATM card is considered an International ATM card.

 

The limit per transaction is between 2000 to 2500 RMB. Her card probably has a daily transaction of between 400 to 500 usd. There are additional fees to withdraw , plus 'that instants' RMB-USD conversion rate. When I got stuck, I had 3 cards with me, each with a limit of 500 usd per day (plus any fees). So I was able (and did) to withdraw 1500 USD - 8500 RMB /day at a collection of international ATM machines.

 

Why not just bring cash ? USD ? She'll get a better deal on USD CASH from the currency converters - heck - her family might even get a nice cut on the exchange rate. at 5000 usd ? she get nicer conversion rate than if only 300 usd .

 

Cash is nice. I recommend ANYONE to bring CASH, worn in a CLOTH body wallet with PLASTIC zipper (sold at the Container Store across the USA for less than 20 usd). Don't like cash ? get travellers checks, convert them at a Bank in China to RMB currency. I happily declare the extra cash when I come across the border - I've had to fill out the forms 3 times now, not any hassle (but I am large caucasian with white glittering teeth, people LIKE me).

 

No matter what kind of card you use, you're going to get hit for fees unless you use a BoA ATM card at any China Construction Bank.

 

The benefits of using a BoA savings or checking account ATM card are a no-brainer. There are no ATM fees of any kind and BoA even eats the currency conversion fees that Visa Plus and MasterCard Cirrus network impose.

 

The exchange rate is better than any cash rate you'll get in any bank.

 

The limit on daily withdrawls from any bank in China is 30k RMB. However, the controlling limit will be that imposed by your bank -- perhaps $500 per day. You'll have to ask.

 

WesternUnion is a very poor choice. You cannot take the money out here in US$ and the conversion rate is worse than what you'd get at a BoA / CCB ATM. Also, WU fees are probably just as steep as a credit unions wire transfer fees.

 

BTW, banks in China will not give you a better conversion rate just because you exchange $5k instead of $300. Money changers might, but then that has its own list of drawbacks and problems.

 

If you got 8500 RMB for $1500, you got screwed big time.

[Sebastian]

WesternUnion is a very poor choice. You cannot take the money out here in US$ and the conversion rate is worse than what you'd get at a BoA / CCB ATM. Also, WU fees are probably just as steep as a credit unions wire transfer fees.

 

 

Really ? When I send funds to lao po via WU, she withdraws in USD. I've no idea WHICH WU office she uses in Wuhan, but always, she withdrew in USD and converted it afterwards. I think the two of us (you and me) and having different experiences with WU.

[Trigg]

Western union is simple and fast just be sure you go to WU and DO NOT send it via their internet site--cost way to much!

 

Also, I've never had any problem cashing in a few K worth of travelors checks.

 

A woman carrying that much cash is BU HOA!!!!!!