Money wires

[Lucky °®ÈË]

Has anyone ever wired money to their wives bank account in China? Can you do this even though she is now in the US? If you can, does the money stay in US dollars or is it converted to RMB?

[dnoblett]

Fairly common topic in the Communication, Shipping forum.

 

http://candleforlove.com/forums/index.php?/topic/44038-wiring-money/

http://candleforlove.com/forums/index.php?/topic/40853-best-way-to-send-money-to-china/

 

We have sent money to China a few times, always used western union, at the other end it is RMB, the exchange is part of the transfer.

[Kyle]

While I was in China, I had my brother wire me some money to the Bank of China. The money showed up, if I remember correctly, in RMB

[credzba]

Has anyone ever wired money to their wives bank account in China? Can you do this even though she is now in the US? If you can, does the money stay in US dollars or is it converted to RMB?

 

I wired money to my wife while she lived there many times, with no issues... However ..

Recently we wanted to send 1000 USD to my wife's cousin, and she lives in a smaller city.

First, we mailed her a check. We were not in any hurry, and we have mailed checks which were deposited before (to a relative in a larger city), but her cousin's bank would not deposit the check .. we never did understand why (till later).

Next we decided to wire funds, because we had done that before successfully, but we sent 25$ first to make sure it was going to the right place etc.

Well, the China Construction Bank in Nanjing (provincial capital) said they got it and forwarded it to the destination bank in ...

The destination bank first said they didn't get it, but after we had the Nanjing bank call them, yes they did get it but they couldn't deposit it.

Then National holiday .... finally we called many times talked to many people, and the final resolution was they could not deposit the US funds to that account because it was a very old account, and did not allow dual deposits.

Finally we mail the cousin one of our ATM cards for Bank of America, notified the bank we'd be using the card in China, and she withdrew the money from a China Construction bank ATM over 2 day period. (note ATM, not visa.. because we wanted to make sure only the person who knew the pin could use it).

 

So, long story to say, when US funds go to a Chinese bank account they go as US$, they then are converted (or not possibly) to the same account as RMB.

 

There is a limit on how many US$ can be converted to RMB per person, per year. When we were buying a house in China, even though I wired the funds, my wife had to get various friends and relatives to use their id's to convert it all to RMB.

 

So, a wire is not ALWAYS easy, depending on where its going.

[2mike&jin]

As Credzba says;

 

USD wire transferred to a China Bank is going into a bank account that can hold USD. Most, bank accounts allow holding multi-nation-currency, but it is managed and tracked separately. The total amount, each CHinese Citizen may convert each "Calendar" year is $50K USD. There is a fee to convert USD to RMB and back again....mostly we have seen less than 1% depending on the amount.

 

In the case of selling or buying property, one does not "ALWAYS" need to get relatives and friends to convert. Most Bank Officers can facilitate that, via a set of paperwork linking the sale/buy closing documents and the funds source so that "larger amounts" can be used without the obvious hassle of the friends and family. (If you are selling without paperwork or working some other under the table deal...revert to Friends and Family) BTW - all banks are tied into the same Gov't Computer system that tracks each ID holders USD conversion each year. (Yes I tried 2 banks to see if they were sharp enough to catch us...YES)

 

My personal experience, is that Electronic Funds Transfers are easy, efficient, trackable, and have been flawless between my banks in the US and the Bank Of China. I now have electronic access to the accounts - and I can manage from "AFAR", so it's just like banking in the US to me, except for the subtle differences of when interest is paid etc.

 

One additional note on efficiency, although the BoA ATM card works fine, I like it, it does incur ATM plus conversion costs so it makes it "less efficient" than wire transfers for larger sums of money. But, for small amounts or 'new years" money transfers for family ...events....it works great! (One thing I didn't mention that may change this equation --- I don't have to pay for "international wire transfers" my Bank, USAA, waives the charges....so it is really efficient)

Edited January 18, 2012 by 2mike&jin (see edit history)

[mikeymark]

I often send money to family in China using Bank of America transfers to China Construction Bank. This is the bank in China that has ties with BofA. Once you setup the account information pertaining to the recipient's account in China, it is very easy to make the transfer by logging into your online BofA account.

 

It usually takes about 3 days for the deposit to appear in the recipients account and at the current exchange rate.

 

The one caveat is that BofA charges $45 for the transfer regardless of amount. As a result I usually send $1,000 USD or more each time I need to send money.

 

I hope this helps.

[david_dawei]

My experience is similar... using BoA directly to a bank in China... but it is relatively expensive, as was mentioned. Western Union is cheaper but requires someone to get it and then deposit it.

[Randy W]

My experience is similar... using BoA directly to a bank in China... but it is relatively expensive, as was mentioned. Western Union is cheaper but requires someone to get it and then deposit it.

 

For amounts over $10,000, I'm able to wire from my broker (TDAmeritrade), through the B of A, to the CCB, all for a $10.00 fee (I have no idea who charges the $10 fee - just that the amount that shows up at the CCB is $10 less than when it started out). ATM withdrawals are free, except for the ask-bid spread in the currency conversion, but are limited to ¥4000 per day

Edited January 20, 2012 by Randy W (see edit history)

[david_dawei]

TO clarify... I did not send to CCB... so that may be why BoA has a higher fee in such circumstances.

 

Know why you are sending it and to whom you are sending it... you'll likely never get it back.