Wire Transfer

[NUWORLD]

Well this is a first for me posting here in this thread.

 

But there is always the first time.

Anyhow! As we all know the U.S. dollar is falling at steady pace.

Give it time and the dollar will not be worth the paper it is printed on.

Times are getting tough and everyone is trying to save that all mighty dollar!

 

As of today and as i write this post 1 U.S. dollar to the RMB is 7.10140

 

Here is what my wife and I have been going back and forth about.

I have a business account with my bank and i have access to the wire transfer service from my home computer.

I can do wire transfers from home!

 

Every month i transfer money to my wifes bank account in china ( BANK OF CHINA ) so by next year we can buy that large new house we been wanting.

 

Now here is the question for anyone that might know.

My wife says the money i transfer stays in the China bank as U.S. money

until it is withdrawn and at that time it is then converted to the RMB.

If this is true, the way i see it I'm lossing money with the market going down. U.S. to the RMB.

 

Now on the other hand, My bank says this is not true.

My bank says once my money hits the china bank it is automatically converted to the RMB.

 

I was just wondering if anyone has any info on this subject?

 

Mike and Hong

[jim_julian]

My wife's experience is that it is not automatically converted. You must direct the bank to do this .... and, of course there are all sorts of rules that apply.

[IllinoisDave]

I can do wire transfers from home!

 

Can you do them from China to US? If so wouldn't this solve the age old question of how to get RMB to the US? I must be missing something. It sounds to easy.

[NUWORLD]

I can do wire transfers from home!

 

Can you do them from China to US? If so wouldn't this solve the age old question of how to get RMB to the US? I must be missing something. It sounds to easy.

 

Ya know i never though of this.

But i Don't think so, Only for the reason i do not have access to the BANK OF CHINA wire transfer service.

 

But i like that idea< maybe something to look into?

[NUWORLD]

My wife's experience is that it is not automatically converted. You must direct the bank to do this .... and, of course there are all sorts of rules that apply.

 

Jim: That is what my wife also tells me.

So what this sounds like to me, When i transfer the money

it sits in the china bank and does nothing. Just like it does here in the U.S.

 

I would much like it to be converted to the RMB ASAP.

I guest we could just get my sister in law ( MY wifes sister ) to convert it for us when it arrives? Maybe???

[IllinoisDave]

I can do wire transfers from home!

 

Can you do them from China to US? If so wouldn't this solve the age old question of how to get RMB to the US? I must be missing something. It sounds to easy.

 

Ya know i never though of this.

But i Don't think so, Only for the reason i do not have access to the BANK OF CHINA wire transfer service.

 

But i like that idea< maybe something to look into?

I knew it was too good to be true. Thanks Mike.

[NUWORLD]

I can do wire transfers from home!

 

Can you do them from China to US? If so wouldn't this solve the age old question of how to get RMB to the US? I must be missing something. It sounds to easy.

 

Ya know i never though of this.

But i Don't think so, Only for the reason i do not have access to the BANK OF CHINA wire transfer service.

 

But i like that idea< maybe something to look into?

I knew it was too good to be true. Thanks Mike.

 

No Problem, Anytime!

[chilton747]

I wired money over to China recently. My wife had to go to the bank to do the conversion. And of course there was a fee for this.

Also you will need the China bank SWIFT code as well as the account number then you will be all set.

Edited March 13, 2008 by chilton747 (see edit history)

[steveandrong]

I wired money over to China recently. My wife had to go to the bank to do the conversion. And of course there was a fee for this.

Also you will need the China bank SWIFT code as well as the account number then you will be all set.

what charles said.....i late last year wired a somewhat substantial amout of money to my gal, and all the information i sed for this was as follows....name of bank, country of bank, address of bank, swift code of bank(is their routing number) and phone number of bank...the recievers name and address and i also used their ID card number...and will also use your name address and phone number....and the cost for me was $100 to do this.....and yes...it goes into the bank as US dollars and stays as US dollars until the time it is withdrawn and converted at the curreent rate of exchange.....oh...and one more thing we had to do was open an account with US dollars to do this....we were told by the bank officer that it must be an american dollar account opened with american dollars to recieve american dollars....cannot just go into any chinese account...is not a big problem...my gal opened an account with i think was 10 USD

Edited March 13, 2008 by steveandrong (see edit history)

[NUWORLD]

I wired money over to China recently. My wife had to go to the bank to do the conversion. And of course there was a fee for this.

Also you will need the China bank SWIFT code as well as the account number then you will be all set.

what charles said.....i late last year wired a somewhat substantial amout of money to my gal, and all the information i sed for this was as follows....name of bank, country of bank, address of bank, swift code of bank(is their routing number) and phone number of bank...the recievers name and address and i also used their ID card number...and will also use your name address and phone number....and the cost for me was $100 to do this.....and yes...it goes into the bank as US dollars and stays as US dollars until the time it is withdrawn and converted at the curreent rate of exchange.....oh...and one more thing we had to do was open an account with US dollars to do this....we were told by the bank officer that it must be an american dollar account opened with american dollars to recieve american dollars....cannot just go into any chinese account...is not a big problem...my gal opened an account with i think was 10 USD

 

Thanks guys! As for all the wire transfer info.

I have all the bank info!!

I have been doing transfers like this for years.

I just didn't know if the money was converted or not.

Now i know.

 

As my wife is here with me now in the U.S.

Her bank account in china is still active.

 

PS: Charles, Did ya figure out that paper work we talked about?

[rogerluli]

When we send USD to China laopo's father is able to transfer the funds to RMB...He has the bank card for the account and they both know the bank manager...I'm not sure if all of that is necessary but it works...as I reported yesterday we recently sent $$$ at an exchange rate of 7.105 and got 7.092...

[Dennis143]

Just a thought...

 

To hedge against any potential loss, one could invest in RMB futures of an equal amount that was wired to China.

[GZBILL]

Actually, many Chinese banks have online international wire services. I have used ICBC's several times.

 

When you send a wire from the US to China, you can specify directly in the wire instructions whether you want the money received in local currency of US$. If you do not specify, default is US$.

 

Not sure about every city, but in Beijing, Shanghai and Guangzhou all BOC accounts are, by default, multi-currency accounts and can be used to receive incoming wires without actually having US$ in the account first.