How to handle the money issue.....

[bethelion]

OK guys, I'm thinking ahead here. Lili is making payments on a home in China and also has money invested in the market there. Is there a good bank that she should move her money to that will have branches or partnerships with American banks so we can continue to handle money issues in China while living in USA? I read about BofA and China Construction bank having a partnership but are there others?

 

Also, she is paying into what sounds like a chinese social security plan that she can get money from when she turns 55. Should she continue to contribute to this after she leaves China and will she still be able to recieve the money even if she leaves China and becomes a U.S. citizen?

 

Thanks for any help you can provide,

 

Brian and Lili

[Sebastian]

suggest to her that she look at the web portal for Bank of China. She can do many things online with her account, including setting up automatic monthly payment remittances (whether electronic or paper, doesn't matter) to almost any payee....

[Richard & Li]

The transfer fees are outrageous, but working between a Chinese bank and an American Bank is possible.

 

I have only used Bank of China.

 

We are contributing to Li's retirement fund in China. Whether she uses it or not, I want that option to be open to her.

[Sebastian]

Whoops - another bleary eyed night !! My apologies, I not read your question so straightforward.

 

No, on a 'personal banking' level, there is not any ONE bank that she can move her funds to that has branches in china and the usa...

BUT. HSBC has a global premiere account , but it doesn't do all that you want it to do.

 

Bank of China, IN CHINA, has an online web portal accessible by all chinese ppl , in chinese language, outside and inside china. She'll have to sign up for an online account on the portal, and then tie it into any BoC accounts she already has. The 'branches' in USA (LA, NYC) do not move funds around for free, at all.

 

My suggestion is that she look hard at Bank of China ONLINE WEB PORTAL, whilst she's still in China.

 

1. making payments on a house - to a bank? to a private finance company? either will accept monthly payments from bank of china.

2. stock account - where? does 'that firm' maintain online web portal? if so, should be accessible in usa.

3. making payments into retirement fund - they will accept payments from Bank of China, certainly... but - i've no idea if she can still qualify for disbursement after she becomes USC.

 

Warmest Regards...

Edited December 19, 2008 by Darnell (see edit history)

[Jeff n Jianli]

My wife told me she would loose all of her retirement benefits if she became a USC. She is keeping her Chinese citizenship.

 

FYI, I think that BofA is owned by the Chinese government. Just what I heard so not for sure.

[DongDong]

We have also continued to contribute to her retirement plan or fund, or insurance plan or fund, or Chinese Social Security Plan, as it is referred to many different ways it seems

As Richard said though, "whether she uses it or not", I still want to give her options too.

Right now, my wife's plan is to collect her retirement and then become a US citizen. However, I also imagine the retirement age for women could be bumped up once again by the time my wife reaches 55 so it goes...

[pkfops]

One thing I let my wife know.

 

"You can always return to China".

 

For whatever reason.

 

That should be the bottom line for all of us.

[bethelion]

Thanks for the information everybody.....I will let her know some of the options available.

 

Brian

[chilton747]

Brian, I am using xoom.com to send money from my US bank to her bank in China. The fees are rather low and it is bank to bank. I have not seen an other fees such as conversion fees and such. So far, so good.

[sweattrl1]

she can draw all of her retirement money out now if she wanted to , my wife did, my wife also have have a checking account in china and a stock account she up and she manage it by phone, she also have a home in china , she rent out , but she let a realter handel that , she never have to tell them she becomes a USC all she need to do is keep her chinese ID card in order

[Guest Tony n Terrific]

Brian, I am using xoom.com to send money from my US bank to her bank in China. The fees are rather low and it is bank to bank. I have not seen an other fees such as conversion fees and such. So far, so good.

Xoom.com charges more on the exchange rate VS the Dollar compared to Western Union when you figure this in on a $300 transaction it is about a wash.

[Randy W]

Brian, I am using xoom.com to send money from my US bank to her bank in China. The fees are rather low and it is bank to bank. I have not seen an other fees such as conversion fees and such. So far, so good.

Xoom.com charges more on the exchange rate VS the Dollar compared to Western Union when you figure this in on a $300 transaction it is about a wash.

 

 

You can also avoid Western Union's exchange rate by sending the amount in dollars, rather than RMB. If it is picked up at the Agricultural Bank of China, the bank will give its own exchange rate.

[Guest Tony n Terrific]

Brian, I am using xoom.com to send money from my US bank to her bank in China. The fees are rather low and it is bank to bank. I have not seen an other fees such as conversion fees and such. So far, so good.

Xoom.com charges more on the exchange rate VS the Dollar compared to Western Union when you figure this in on a $300 transaction it is about a wash.

 

 

You can also avoid Western Union's exchange rate by sending the amount in dollars, rather than RMB. If it is picked up at the Agricultural Bank of China, the bank will give its own exchange rate.

Ok good. Thanks Randy.

[rogerluli]

she never have to tell them she becomes a USC all she need to do is keep her chinese ID card in order

 

Do you think this is manageable long-term??? Do you think that your spouse could become a USC, return to China with you, get 1 year spousal visas for you while she continues to be a PRCC who isn't ??? Think a PRC ID card can do all that???

[jhammer]

OK guys, I'm thinking ahead here. Lili is making payments on a home in China and also has money invested in the market there. Is there a good bank that she should move her money to that will have branches or partnerships with American banks so we can continue to handle money issues in China while living in USA? I read about BofA and China Construction bank having a partnership but are there others?

 

Also, she is paying into what sounds like a chinese social security plan that she can get money from when she turns 55. Should she continue to contribute to this after she leaves China and will she still be able to recieve the money even if she leaves China and becomes a U.S. citizen?

 

Thanks for any help you can provide,

 

Brian and Lili

 

BoA is the bank which will allow you to xfer funds for free, that is right.

 

I don't think it is only China Construction Bank, but others as well, specifically BoC which will work with this BoA program. Now, that's just for wire transfers from US to China that I know about, not sure on anything else, and is a good way to move funds from here to there including the better exchange rates you will get vs cash.

 

I don't currently do business with banks in the US, only Credit Unions, and I pay $30 per wire xfer, which means I just need to move a sizable amount each time to avoid a noticeable bite. Western Union is going to be a hassle.