How to handle the money issue.....

[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.

 

Also, you might want to look into banks not in the US. For example, Canada. I was looking into this some time ago and it looked like there were some better relationships between Canada and Chinese banks, I think one was a venture by BoC there. In any case, I would not limit your search to US <-> China Banks but pursue international options as a whole. Best of luck, hope to hear back what you find.