Bank transfer to US

[Randy W]

The key points as far as getting money back to the states seem to be (if I'm reading Mike's post correctly)

 

a ) China Union Pay (CUP) - I found this on their web site

CUP has established the acceptance of CUP cards in the

US

since December, 2005. The customer service hotline of CUP in the

US

is 866-567-5516.

 

As code debit card merchants in the

US

are mostly national chain shops, merchants that accept CUP cards are located in all major cities in every American state. They are more widely spread in places frequently visited by Chinese tourists, like Los Angles, New York, San Francisco, Las Vegas, Hawaii, Washington and Huston.

 

At present, CUP cards whose number starts with 6 or 9 are accepted. For debit cards, both merchant shopping and

ATM

services are available. For credit cards, only

ATM

services are available.

or

 

b ) Any money wired from the US may be withdrawn in US dollars at the bank, and converted to RMB. This would get you an FX receipt, which would allow you to (within 24 months) convert up to that same amount of money back to US dollars and wire it to a US account at your bank.

 

or

 

c) Convert the money from RMB to US dollars at a (Chinese) FXB and have THEM wire it to your US account. It's unclear if there are any limits or restrictions on doing this.

 

 

It seems like either Option A or Option C would work for David, depending on what is required at the Chinese Foreign Exchange.

Edited October 14, 2011 by Randy W (see edit history)

[canrun]

Wow. Totally lost there.

 

I guess this was sort of what i was shooting for:

 

I have an update on this:

 

On August 10th 2011, a family member of mine successfully made a $400 cash withdrawal using my ICBC UnionPay ATM card in Little Rock, Arkansas. $400 was taken out because that is the maximum that the ATM machine would let you withdraw in one day. The card was used at a U.S. Bank ATM. U.S. Bank is a very popular branch for banking in America. There were a lot of fees involved with this:

 

1. $2 U.S. Bank ATM Fee - This fee is for using a non-US Bank ATM card in a US Bank ATM.

2. 12 RMB ICBC Overseas Fee - This fee is for using an ICBC Card to withdraw cash from an ATM outside of China.

3. 1% ICBC Fee - This is an additional fee for withdrawing cash from an ATM outside of China.

 

To avoid getting hit with fees 1 and 2 multiple times, it is best to withdraw as much money as you can in one go.

 

http://www.dalianxpat.com/index.php?option=com_kunena&func=view&catid=28&id=44348&lang=en&Itemid=410

 

Gonna have to rely on the lao po to figure this one out...

Edited October 14, 2011 by canrun (see edit history)