Sending Money from China to US Bank

[3timescharm]

I was wondering....if my wife's family wants to send us money (we are thinking of buying a house) how can they send it to say....Wells Fargo bank here in GA? Can they just use name on account, Bank name and routing number and account number?

 

Robert

[dnoblett]

Wire transfers can be done, beware any amount over $10,000 needs to re reported, and don't try sending in smaller amounts, Customs will catch it and can hit you with a fine. You will not be taxed, just the transfer of funds needs to be recorded.

[chilton747]

Wire transfers can be done, beware any amount over $10,000 needs to re reported, and don't try sending in smaller amounts, Customs will catch it and can hit you with a fine. You will not be taxed, just the transfer of funds needs to be recorded.

 

 

 

Will their bank need a SWIFT code? When ever I wired money to a Chinese bank I need to use the SWIFT code.

[Randy W]

You will need the SWIFT code, for example from the B of A -

What is Bank of America's SWIFT Code # and what is it used for?

 

Bank of America's SWIFT Code number is BOFAUS3N. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is an industry-owned co-operative supplying secure, standardized messaging services and interface software to nearly 8,100 financial institutions in 207 countries and territories. SWIFT members include banks, broker-dealers and investment managers. While not always required, a Swift Code number may be required by some banks for the completion of wire transfers.

 

 

 

They are NOT, of course, subject to customs inspection. The banks will inform any authorities that need to be informed.

 

However, in general, to convert RMB to dollars, they will need a receipt showing that at least that amount had been previously converted in the other direction. Someone more familiar with transfers in this direction can provide better details on restrictions they may encounter at the Chinese end.

[jonp31]

However, in general, to convert RMB to dollars, they will need a receipt showing that at least that amount had been previously converted in the other direction. Someone more familiar with transfers in this direction can provide better details on restrictions they may encounter at the Chinese end.

 

 

Whenever I've sent money back to the States I've not even attempted to have it sent in my name - the bank staff themselves (this was at Bank of China) told me it would be much simpler to get a Chinese friend to do it - less complicated, lower fees(?) and apparently no need to show money having been previously converted from USD to RMB. Last summer I went with my fiancee to the bank and withdrew cash then she filled out the papers in her name and gave them the cash and they transferred it to my Bank of America account. It was pretty simple. When I tried the same thing a few months ago they said the policy had changed and they needed my fiancee to open a Bank of China account (just takes a few minutes), put the cash in her new account and then used her account to transfer to my US account. So, it was an added step but the result was the same (actually, cheaper fees the second time). Granted this was transferring just a few thousand dollars and I don't know if it would have been different if we tried transferring larger quantities.

[3timescharm]

You will need the SWIFT code, for example from the B of A -

What is Bank of America's SWIFT Code # and what is it used for?

 

Bank of America's SWIFT Code number is BOFAUS3N. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is an industry-owned co-operative supplying secure, standardized messaging services and interface software to nearly 8,100 financial institutions in 207 countries and territories. SWIFT members include banks, broker-dealers and investment managers. While not always required, a Swift Code number may be required by some banks for the completion of wire transfers.

 

 

 

They are NOT, of course, subject to customs inspection. The banks will inform any authorities that need to be informed.

 

However, in general, to convert RMB to dollars, they will need a receipt showing that at least that amount had been previously converted in the other direction. Someone more familiar with transfers in this direction can provide better details on restrictions they may encounter at the Chinese end.

 

 

It is her fathers money. he wants to help us with the down payment on the house. Why would he need to show that the money was convertedthe other way at one time?

[Randy W]

 

 

It is her fathers money. he wants to help us with the down payment on the house. Why would he need to show that the money was convertedthe other way at one time?

 

 

 

To be allowed to convert it to dollars. You need to check with his bank to see if this applies.

 

He's dealing with Chinese law. I'm pointing out that it MAY not be as straight forward as you think.

 

Someone more familiar with transfers in this direction can provide better details on restrictions they may encounter at the Chinese end.

Edited March 6, 2011 by Randy W (see edit history)

[jonp31]

 

 

It is her fathers money. he wants to help us with the down payment on the house. Why would he need to show that the money was converted the other way at one time?

 

 

 

Someone more familiar with transfers in this direction can provide better details on restrictions they may encounter at the Chinese end.

 

 

I doubt he'll need to show the money being converted to RMB in the past. Best way to find out is just go to the bank and ask, but from my experience here (and again, it wasn't large sums of money so that may go by different rules) if the money was transferred by my Chinese fiancee it was short and simple (as short and simple as Bank of China can be anyway -- if you have an account with them you probably know what I mean )