Sending Money to China

[bobmal99]

FYI

 

Hello everyone, for those of you wondering HOW/AN EASY way to send money to China. I was just told about a new web site available. Apparently you pay an initial $19.95 then whomever you wish to send money to is notified by e-mail by ikobo-where in China to go to pick up an ATM card. The card is then picked up at a bank in the area where your loved one is living, which can be used at any VISA PLUS - ATM machine in China.

 

You can send any amount and the fiance/wife, or any one you designate, can draw money out daily depending on the daily limits set up by the sender. Money can be sent periodically, daily, weekly, whenever.

 

 

Just trying to help out my friends on CFL!!!!

 

This statement below is directly from their website!!!!

 

The Fastest Growing Money Transfer Company.

 

Send money online. Receive money from over 800,000 ATMs

in 170 countries, including China.

 

1.

 

Sign up FREE at iKobo.com.

 

2.

 

Send money using your credit/debit card.

iKobo sends the person receiving the money an i-Kard (ATM card).

 

3.

 

The person receiving the money takes the i-Kard to any Visa Plus

ATM to withdraw cash. iKobo sends the person receiving the money

an i-Kard (ATM card).

 

The i-Kard is re-usable. Once the person has an i-Kard, they can receive money from anyone, anywhere in the world - in less than 30 seconds.

 

Now I have not persoanlly used this service however, a very reliable friend of mine has used this site to send money to Shanghai and said it worked out perfectly. In the future when I have to send money to China this seems to be the best way.

 

 

www.ikobo.com

 

 

 

 

 

 

B)

[warpedbored]

I was going to use this service once but they told me there wasnt an ATM in Nanning that was supported by their system. Has this changed? I even used their ATM finder at their site and none came up.

Carl

[Guest jimb]

I have used my Visa card in Nanning at a few different ATM's. Many Bank of China ATM's suport Visa plus or Cirrus. I gave my fiancee a Visa card which she uses to withdraw funds also.

[tunger88]

I used WesternUnion. Once it approved, usually 10-15 minutes process, the fund is available within 30 minutes to be picked up. And it only cost $12.00 to send $1000.00.

[robhon]

You know what I would REALLY like to know is, what is the least expensive way to get money to China.

 

I've done the VISA thing and been dinged by the card issuing bank and the Bank of China for changing the money over to RMB, on top of getting a lousy exchange rate. The resulting exchange is nothing short of onerous.

 

I've used my regular ATM card at the Bank of China in Shenzhen, Chongqing and Hechuan. Sometimes it's worked and many times it hasn't. The exchange rate is decent but nothing to write home about. One time the machine didn't give me money but I discovered money was withdrawn from my account when I got home. The bank refunded my money, though. With an ATM it's best to keep good record of what you withdraw and when.

 

The best exchange rate I get is, at the request of my wife, to "bring cash" (which I hate doing). We go to a bank with her mother. Outside the bank there are several people standing ready to exchange money. Her mother briefly talks to one of them, then everyone goes into the bank and to a teller. The teller confirms that it's real Chinese money and we make the exchange. My wife's mother gets me the FULL exchange rate every time. Why this works, I don't have a clue.

[tonado]

I used WesternUnion.  Once it approved, usually 10-15 minutes process, the fund is available within 30 minutes to be picked up.  And it only cost $12.00 to send $1000.00.

Yes, I like to use Western Union.

[Guest jimb]

I guess everyones experiences are different. I have used Western Union and got a terible exchange rate and Western union charged a % rate to process the MO.

 

My bank charges me $5 for eacn withdrawal and I get decent rates with the Bank of China. There is usually a board posted in the bank with the daily exchange rates for diferent currencies.

 

I have heard stories of people getting ripped off dealing with black market money exchangers, and nowhere to complain as it is illegal.

 

jimb

[beishan4]

Aloha from Hawaii,

I found the best way is a bank to bank transfer. Of course there are fees but you do not need an ATM

and you can send it to the bank of your choice. Major credit cards can be used in a few stores.

Myles

[Guest jimb]

Whatever you do, don't send a check or a MO. It takes months to get them cashed. even if they deposit into an account.

[frank1538]

The best exchange rate I get is, at the request of my wife, to "bring cash" (which I hate doing).  We go to a bank with her mother.  Outside the bank there are several people standing ready to exchange money.  Her mother briefly talks to one of them, then everyone goes into the bank and to a teller.  The teller confirms that it's real Chinese money and we make the exchange.  My wife's mother gets me the FULL exchange rate every time.  Why this works, I don't have a clue.

Funny, how moms are able to do this. I have encountered the same, but I do not join Jingwen's mom when she does her thing. I suspect it's because I'm a westerner or possibly it's because I haven't done business with the money changers.

 

Anyway, she gets all but .02 yuan of the official exchange rate, say 8.25 yuan rather than 8.27 - must be the handling charge.

 

I still find the ATM method to be the most convenient. The exchange rate haircut is about .10 yuan, say 8.17 vs. 8.27, but I have never seen anyone get the official exchange rate on anything, and the bank fee is $2.00 per transaction. Overall, the convenience of the ATM is best for Jingwen.

 

I might add that "convenience" is a relative term in Zhanjiang, where Jingwen lives. ATM's are very convenient .....when they work.

[robhon]

Something to watch out for is when opening an account in China. When you open an account, the first time you transfer money you get a good exchange rate and they waive the transaction fees. Second time they get 'cha coming and going. Plus there are wire fees on this side.... It's a waste.

 

Second, take note that all branches of the Bank of China are not the same. It's not like the U.S. where you can go to any Wells Fargo and get money. If you want money out of your account you have to go to the branch where you deposited the money.

[Eric&Yuhui]

ATM CARD.. ATM CARD....

 

Why complicate things with Western Union, Bank wire or blahblah.com ?

 

I don't get it ( unless you plan to use it at an India ATM, which by my experience numbers roughly six in whole India. There, you go to bank.. past the armed guards with 12 G shotguns...They photocopy your passport, your VISA card... no kidding.... then give you about a wheelbarrel worth of Rupees.. )......Priceless... For anything else.. there is M/C ( well... same prob for them too )

 

 

[Bob & Minglian]

I have a checking account with Check Card (Visa logo) at Bank of America. I opened a subsidiary account (second checking account) in the US and received a Check Card (no Visa logo per my request). I gave my wife in China that second bank ATM card after making sure it worked here. It takes seconds at a Bank of America ATM machine to transfer money from my primary checking account into the secondary checking account and it posts immediately. Daily withdrawal limit is $300 USD here; in China, $2500 RMB. My wife tells me when she withdraws money then I do a balance inquiry on that secondary checking account and I know the amount to debit in that check register. The $2500 RMB is just under $306 USD. She goes to a Bank of China in Shenzhen or Shekou to withdraw the money and has never had a problem. If you decide to do what I have done it is best to get a Check Card without a Visa logo for obvious reasons. Banks do not pay attention to ATM withdrawals if done in the US and China same day, even same hour. You also don't want to run the risk of having a Visa logo and the card in China being used to charge purchases not known to you (lost card, stolen card, stolen numbers on face of card, and so on). Having a subsidiary checking account also enables you to see all activity on that card, including the statement sent to your home address, but also does not enable the user of the secondary card access to your primary account. Just make sure the secondary card is in your name only. A US bank will not issue a joint card or open a joint account or give you a card in just his or her name in China. I would also suggest not disclosing what your intent is with the second Check Card because, according to the bank, it is for your personal use only. My view is that my wife now has a second ATM card in my name only that she can use to access money as she needs it. The only fee we pay is a $1.50 USD per each ATM withdrawal because she's withdrawing money from a non Bank of America ATM. I mailed the card to her and once received, I told her the password I set up and the importance of confidentiality. It's worked out very very well for us.

[frank1538]

I have a checking account with Check Card (Visa logo) at Bank of America...    The only fee we pay is a $1.50 USD per each ATM withdrawal because she's withdrawing money from a non Bank of America ATM.

Just curious how you swung $1.50 per ATM. Mine used to be $1.50. Since August 1st, it's gone up to $2.00. I am doing the exact same thing as you, using Bank of America with two checking accounts.

[Robert S.]

I used WesternUnion.  Once it approved, usually 10-15 minutes process, the fund is available within 30 minutes to be picked up.  And it only cost $12.00 to send $1000.00.

This I do not understand. How can it be that Western Union charged only $12 to send $1000???? Any time I have used them, in many different locations over the years, their prices have been really expensive. Recently Ping and I wanted to send $2000 to China and Western Union wanted to charge $116 to do that. Ping was so mad I was afraid she might hit the girl. We ended up going to MoneyGram which they have at WalMart and paid $14 to send $1900. Unfortunately the money can only be received in the local currency, unlike Western Union where the receiver can get real dollars.