Corey&Xu Posted July 16, 2009 Report Share Posted July 16, 2009 Hi All,We are trying to bring some money here from China and I wanted to see if anyone could help us that has had experience doing this. We tried last week to wire transfer from ICBC-International Commercial Bank of China to BOA-Bank of America and the transfer reciept said it was completed correctly but BOA never recieved the wire or any contact from ICBC and a few days later it was back in the account at ICBC.My wife has talked with her bank and as near as I can tell it sounds like the clerk was not sure what to do. BOA told me they can recieve wire transfers from ICBC but can do nothing until they make the transfer request. ICBC website has BOA selection to transfer too so.....? We are trying to do this through the bank to avoid any heavy fee's. Is there a better way? Maybe need to open accounts at another bank? Thanks, Link to comment Share on other sites More sharing options...
dnoblett Posted July 16, 2009 Report Share Posted July 16, 2009 Moving to "Communications, Planes & Shipping" This has to do with "Shipping" Money. Link to comment Share on other sites More sharing options...
HelloWorld08 Posted July 16, 2009 Report Share Posted July 16, 2009 since CCB and BOA is a related company, you can try going there and do the wire transfer. Link to comment Share on other sites More sharing options...
dnoblett Posted July 16, 2009 Report Share Posted July 16, 2009 since CCB and BOA is a related company, you can try going there and do the wire transfer.Or perhaps HSBC which has locations in China and the USA. Link to comment Share on other sites More sharing options...
Scott@Hong Posted July 16, 2009 Report Share Posted July 16, 2009 China Construction Bank and Bank of America best route. They used to have a business relationship though it is official severed now they still honor each others business, ie debit and credit cards, wire transfers etc. Side note Bank of America Cards can be used at CCB atms in China with no fee. Link to comment Share on other sites More sharing options...
HelloWorld08 Posted July 16, 2009 Report Share Posted July 16, 2009 China Construction Bank and Bank of America best route. They used to have a business relationship though it is official severed now they still honor each others business, ie debit and credit cards, wire transfers etc. Side note Bank of America Cards can be used at CCB atms in China with no fee. i did this for the 3 times i went to china, very nice service... Link to comment Share on other sites More sharing options...
Guest shutterbug Posted July 16, 2009 Report Share Posted July 16, 2009 Hi All,We are trying to bring some money here from China and I wanted to see if anyone could help us that has had experience doing this. We tried last week to wire transfer from ICBC-International Commercial Bank of China to BOA-Bank of America and the transfer reciept said it was completed correctly but BOA never recieved the wire or any contact from ICBC and a few days later it was back in the account at ICBC.My wife has talked with her bank and as near as I can tell it sounds like the clerk was not sure what to do. BOA told me they can recieve wire transfers from ICBC but can do nothing until they make the transfer request. ICBC website has BOA selection to transfer too so.....? We are trying to do this through the bank to avoid any heavy fee's. Is there a better way? Maybe need to open accounts at another bank? Thanks, Must be an operator error...it could be that who worked in wire transfer at Industrial & Commercial Bank did not put in the correct routing information for the intermediary bank, or he/she put in the wrong ABA routing number so the intermediary could not forward the funds - international wire transfers often have to go through an intermediary. Try Bank of China. Once upon a time it was the only bank in China authorized to transact foreign currencies, that role has diminished considerably now but still it has far more presence overseas than any other Chinese banks. It is the oldest commerical bank in China, and acted as the central bank from 1912 to 1928; it also issues bank notes for Hong Kong Dollar, along with Standard Chartered Bank, and Hongkong and Shanghai Banking Corporation (the "original" HSBC). The funds will come through its New York City Branch, then routed to your account using the ABA routing number you provide. You will be charged twice for receiving an inbound wire, once by the New York City Branch of Bank of China (~$15?), and a second time by your bank (varies), but it is safe and convenient. Link to comment Share on other sites More sharing options...
whome? Posted July 17, 2009 Report Share Posted July 17, 2009 China Construction Bank and Bank of America best route. They used to have a business relationship though it is official severed now they still honor each others business, ie debit and credit cards, wire transfers etc. Side note Bank of America Cards can be used at CCB atms in China with no fee. i did this for the 3 times i went to china, very nice service...I do not pay an ATM fee to use my bank/debit card in China at any bank. However I have to pay a 2% international transaction fee that my bank says is charged by Visa (issuer of the debit card) not by them. Do you mean you do not have to pay the 2% transaction fee either? Link to comment Share on other sites More sharing options...
Corey&Xu Posted July 17, 2009 Author Report Share Posted July 17, 2009 Thanks everyone for the replies. We will try again through ICBC and if it does not work then we will look to open another account at a different bank or do the transfer through one of her friends accounts if we need to. We will need to look into that closely as she is here in the US so verifying it is her making the wire transfer may be a little tricky on a new account. We will give them again all of the proper codes and routing numbers so hopefully it will go through. Link to comment Share on other sites More sharing options...
HelloWorld08 Posted July 17, 2009 Report Share Posted July 17, 2009 China Construction Bank and Bank of America best route. They used to have a business relationship though it is official severed now they still honor each others business, ie debit and credit cards, wire transfers etc. Side note Bank of America Cards can be used at CCB atms in China with no fee. i did this for the 3 times i went to china, very nice service...I do not pay an ATM fee to use my bank/debit card in China at any bank. However I have to pay a 2% international transaction fee that my bank says is charged by Visa (issuer of the debit card) not by them. Do you mean you do not have to pay the 2% transaction fee either? right, i am very careful to use only my BofA card at CCB, i don't use that card for shopping at stores or resturants, only at the banks ATM... Link to comment Share on other sites More sharing options...
Scott@Hong Posted July 17, 2009 Report Share Posted July 17, 2009 China Construction Bank and Bank of America best route. They used to have a business relationship though it is official severed now they still honor each others business, ie debit and credit cards, wire transfers etc. Side note Bank of America Cards can be used at CCB atms in China with no fee. i did this for the 3 times i went to china, very nice service...I do not pay an ATM fee to use my bank/debit card in China at any bank. However I have to pay a 2% international transaction fee that my bank says is charged by Visa (issuer of the debit card) not by them. Do you mean you do not have to pay the 2% transaction fee either? No transaction fee, no fee at all if you use BOA "Debit" card at CCB atm machine. If you use a credit card to get cash at atm you will be hit with fees from BOA. Link to comment Share on other sites More sharing options...
dnoblett Posted July 17, 2009 Report Share Posted July 17, 2009 No transaction fee, no fee at all if you use BOA "Debit" card at CCB atm machine. If you use a credit card to get cash at atm you will be hit with fees from BOA.To clarify this: NO Fee for ATM usage to draw RMB from a BoA Visa "CHECK" or "Debit" card. http://infocenter.bankofamerica.com/uploads/20090219-61814956-1007458/ATM_Check_Card_508x378.jpg HOWEVER if you use a VISA or MC CREDIT CARD to get a CASH-ADVANCE you will get a charge for that. http://www.pva.org/images/content/pagebuilder/11579.jpgNotice the "Platinum Plus", CREDIT-CARD. Link to comment Share on other sites More sharing options...
Scott@Hong Posted July 17, 2009 Report Share Posted July 17, 2009 (edited) haha nice clarification, expiration dates please? Kidding One more minor clarification, VISA or MasterCard Credit Card issued by BOA will also incur the fees. On a side note, to make it easy to get money to SO when she may need something like our wedding ceremony deposits etc. I opened a checking account in our names here in the USA with BOA, gave her a debit card from that account and she has to walk about 100 feet to a CCB atm machine in Chongqing.If you need to move large sums through atm's make sure to call bank and have them raise the daily limit, standard is 2000RMB in 24 hour period.You can raise that to 10000RMB in 24 hour period, but you have to make 5 transactions. CCB limits each transaction to 2000RMB. Edited July 17, 2009 by Scott@Hong (see edit history) Link to comment Share on other sites More sharing options...
Stone Posted July 18, 2009 Report Share Posted July 18, 2009 (edited) For transactions in currencies other than U.S. Dollars, Bank of America charges its account holders an International Transaction Fee for purchases or ATM cash withdrawals regardless of whether the transaction occurs within the Global ATM Alliance or outside the Global ATM Alliance. For each converted ATM cash withdrawal, this International Transaction Fee is 1% of the U.S. Dollar Amount, and for each converted purchase, this International Transaction Fee is 3% of the U.S. Dollar Amount. This fee appears as a separate item on the Bank of America account holder's banking statement for each international transaction.Source:http://en.wikipedia.org/wiki/Global_ATM_Alliance Edited July 18, 2009 by Stone (see edit history) Link to comment Share on other sites More sharing options...
mag0514 Posted July 18, 2009 Report Share Posted July 18, 2009 Wells Fargo has a business relationship with Agricultural Bank of China. You can wire money directly from Wells Fargo to an account Agricultural Bank. You can transfer up to US$1000 a day and the fee is only $8.00. My wife and I are considering this as well. mag0514 Link to comment Share on other sites More sharing options...
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