Transferring Money from a Chinese Bank to a US Bank

[dan1984]

Hello All:

 

I do my banking with Wells Fargo in the US, and yesterday I sent them this message:

 

"Hello,

I was reading on your website about the Global Remittance Services you offer, and how money can be sent from USA to a country abroad.

https://www.wellsfar...l_transfer/faqs

 

From what I can understand, the services talked about all deal with sending money from the US -> abroad.

 

Are there any services that I would be able to use to send money from abroad -> US?

 

I'm currently living and working in China, and would like to put some of the money I've been making here into my Wells Fargo account.

 

On the website I quoted above, it mentions that Wells Fargo has a relationship with the Agricultural Bank of China. Would I be able to set up an account with the Agricultural Bank of China and then be able to transfer money to my Wells Fargo account?

 

If not, what are any other options that I could use to transfer money I have here to my Wells Fargo account back in the States?

 

Thank you in advance for your help!

 

Dan in Beijing""

 

-----------------------------------

Here is the prompt response I received back from the Wells Fargo staff:

 

"Dear Dan:

 

Thank you for contacting Wells Fargo. My name is Melissa , and it is my pleasure to assist you today.

 

Electronic transfers of funds between financial institutions are sometimes known as "wires". I understand that you are interested in possibly completing a wire transfer. Wells Fargo offers a variety of wire transfer options:

 

- A store-initiated wire transfer is used when a customer visits a Wells Fargo banking location to send a one-time wire transfer.

 

- A repetitive wire transfer is used for customers who need to send recurring wires to the same account number. The dollar amount of the wire may change. Customers wishing to set up this type of transfer will need to visit a Wells Fargo banking location to provide us with the required information.

 

- A non-repetitive wire transfer is for customers who may need to change the "to" and "from" accounts as well as the dollar amount of the wire. Customers will need to visit a Wells Fargo banking location to set this up.

 

Listed below are the current fees by wire type.

 

Outgoing:

 

The outgoing wire transfer fees from Wells Fargo to another financial institution are:

 

- Domestic/Internal Transfer: $30.00 each

- International U.S. Currency: $45.00 each

- International Foreign Currency: $35.00 each

- Book Transfer: $15.00 each

 

Incoming:

 

The incoming wire transfer fee to a Wells Fargo account is $15.00 per transfer. International wires may be subject to additional fees, which will be deducted prior to funds being deposited in your account.

 

In some cases, store fees may apply. Please contact your Wells Fargo store representative with any questions regarding store-specific fees or additional questions regarding wire fees.

 

On behalf of Wells Fargo, thank you for your business. We are happy to have you as our customer and appreciate the opportunity to assist you today.

 

Sincerely,

Melissa W

Wells Fargo Online Customer Service"

--------------------------------

 

The first part of the response, in addition to the "Outgoing" charges, do not apply to me, as I am currently in China.

 

As for what is described in the "Incoming" portion, if I understand things correctly, I would be able to transfer money to my Wells Fargo account for a $15.00 per transaction fee (in addition to any other random fees)?

 

To do this, could I go to any bank here in China and provide them with my Wells Fargo account info, and then they'd be able to transfer the money into my account, for the associated fee with the transaction?

 

I've been through a number of the "transferring money" threads here on Candle, but it's just not really making sense to me.

 

If anybody has any info to share or could help walk me through this, I'd really appreciate it.

 

Thank You!

 

Dan~~~

[Randy W]

The "IF" part to that is whether your bank in China will allow you to wire money out of China, AND whether it can be converted to dollars, AND how much those steps will ADD to the Wells Fargo fee.

 

I've never heard of an "incoming wire transfer fee" - you're off to a bad start right there, what with "other fees may apply" and all. Your bank in China will most likely also charge a fee.

 

You MAY need to show receipts for American dollars you have converted into yuan, in order to be allowed to convert an equivalent amount of yuan back to dollars. I think 2mike&jin has made some posts about being able to do this relatively easily.

 

You might check with the China Construction Bank and Bank of America. I believe they have made it relatively easy to do this through their branches in San Francisco. CCB and BofA still have a partnership agreement.

 

You might be best off by keeping your money in yuan until you decide to go back to the states.

 

But as far as doing a wire transfer, all you need is the SAFE code for your bank, and the account number. Just be sure to figure out the fees BEFORE you do this.

 

No - nobody does this - except for 2mike&jin, possibly the tsapper.

[dan1984]

The "IF" part to that is whether your bank in China will allow you to wire money out of China, AND whether it can be converted to dollars, AND how much those steps will ADD to the Wells Fargo fee.

 

I've never heard of an "incoming wire transfer fee" - you're off to a bad start right there, what with "other fees may apply" and all. Your bank in China will most likely also charge a fee.

 

You MAY need to show receipts for American dollars you have converted into yuan, in order to be allowed to convert an equivalent amount of yuan back to dollars. I think 2mike&jin has made some posts about being able to do this relatively easily.

 

You might check with the China Construction Bank and Bank of America. I believe they have made it relatively easy to do this through their branches in San Francisco. CCB and BofA still have a partnership agreement.

 

You might be best off by keeping your money in yuan until you decide to go back to the states.

 

But as far as doing a wire transfer, all you need is the SAFE code for your bank, and the account number. Just be sure to figure out the fees BEFORE you do this.

 

No - nobody does this - except for 2mike&jin, possibly the tsapper.

 

Thanks Randy. If I were to do this, I could also first convert the money myself, so then I could just transfer US Dollars from my China bank to my US bank.

 

I could also keep all my money in my China bank, yuan, or converted US Dollars over here, but, I would like to put some of this money into my Wells Fargo account to make a few purchases, among other things.

 

I guess the next step is to actually go to my bank (or go around asking banks to see which one, if any, will do it, and then open an account there) here in China and ask them if this is doable. After doing that at some point over the next couple days, I'll report back - hopefully with good news.

[dan1984]

I received another response back. It sounds like it would just be a $15.00 charge on Wells Fargo's end. They gave me their the couple different bank/branch numbers I would need to use, in addition to my account name and account number.

 

It seems as if I have all the info do make an international transfer for $15.00 into my account, now I just need to go to my Bank of China and Beijing Bank branches and see if they will be able to make it happen. If not, I'll ask around at all of the other many banking options.

[Randy W]

I received another response back. It sounds like it would just be a $15.00 charge on Wells Fargo's end. They gave me their the couple different bank/branch numbers I would need to use, in addition to my account name and account number.

 

It seems as if I have all the info do make an international transfer for $15.00 into my account, now I just need to go to my Bank of China and Beijing Bank branches and see if they will be able to make it happen. If not, I'll ask around at all of the other many banking options.

 

Uh - no! You need to ask about fees at the Chinese (sending) end. Like I said, fees at the receiving end are unusual (I think), so you're NOT off to a good start - yet.

 

Hopefully, it'll still be reasonable for you.

 

You might also look into a Western Union transfer at the China Post Savings and/or Agricultural Bank of China - they MIGHT send directly to an account, but I expect you could wire money to a (trusted) person at the other end. Just some more possibilities. It's up to you to fit the pieces in place.

Edited March 8, 2012 by Randy W (see edit history)

[dan1984]

I received another response back. It sounds like it would just be a $15.00 charge on Wells Fargo's end. They gave me their the couple different bank/branch numbers I would need to use, in addition to my account name and account number.

 

It seems as if I have all the info do make an international transfer for $15.00 into my account, now I just need to go to my Bank of China and Beijing Bank branches and see if they will be able to make it happen. If not, I'll ask around at all of the other many banking options.

 

Uh - no! You need to ask about fees at the Chinese (sending) end. Like I said, fees at the receiving end are unusual (I think), so you're NOT off to a good start - yet.

 

Hopefully, it'll still be reasonable for you.

 

You might also look into a Western Union transfer at the China Post Savings and/or Agricultural Bank of China - they MIGHT send directly to an account, but I expect you could wire money to a (trusted) person at the other end. Just some more possibilities. It's up to you to fit the pieces in place.

 

Do you mean about the fees that the Chinese Bank would charge? If so, yes, I'll be doing that when I go into one of the actual branches. If the fees get too out of hand, looking into a Western Union transfer is definitely another option.

 

Thankfully, I'm not in that big of a hurry, but am more so just trying to figure out the process for when I do want to use it.

 

At this point thought, more investigating is needed. I'll report back in after visiting one of the branches

 

Thanks!

[2mike&jin]

The code that you need for your receiving bank is the "SWIFT code".

 

The sending bank, regardless of where it is located, even China, will charge you money - not only for the "International Wire Transfer" but also to convert Yuan to USD. I find it all about 1%.

 

If everyone wants to wait a couple of weeks I'm going to do exactly what is described - for what I consider to be "a transaction of size" ($50K). I've worked the ATM - issue a $1000.00 at a pop (again with fees), but this is the first time I will try to do a big amount. Our bank that we deal with in China is BOC, but I think they all have slightly differing fees, although not by much. The idea is to make the amount large - so that the International Transfer Fee is a very low percentage. Again $15.00 on a $1000 wire would be considerably different form $15.00 on a $50K transfer. One last comment, the ATM works good but BOC will limit to $20 K a year per account to "extract Yuan/Convert to USD while Abroad". A nice way to get some out but not if it's a significant amount.

 

When and if you go to the bank, you "Must have a Chinese" person with you. Even though I can speak and read "elementary" Chinese - I could'nt manage the complexity of the conversation with the Bank Officer. (I took him to dinner - and filled him full of beer - while I had my wife ask all my questions....of course it will probably be different rules when I need to move large sums)

 

Best of luck.

Edited March 9, 2012 by 2mike&jin (see edit history)

[dan1984]

The code that you need for your receiving bank is the "SWIFT code".

 

The sending bank, regardless of where it is located, even China, will charge you money - not only for the "International Wire Transfer" but also to convert Yuan to USD. I find it all about 1%.

 

If everyone wants to wait a couple of weeks I'm going to do exactly what is described - for what I consider to be "a transaction of size" ($50K). I've worked the ATM - issue a $1000.00 at a pop (again with fees), but this is the first time I will try to do a big amount. Our bank that we deal with in China is BOC, but I think they all have slightly differing fees, although not by much. The idea is to make the amount large - so that the International Transfer Fee is a very low percentage. Again $15.00 on a $1000 wire would be considerably different form $15.00 on a $50K transfer. One last comment, the ATM works good but BOC will limit to $20 K a year per account to "extract Yuan/Convert to USD while Abroad". A nice way to get some out but not if it's a significant amount.

 

When and if you go to the bank, you "Must have a Chinese" person with you. Even though I can speak and read "elementary" Chinese - I could'nt manage the complexity of the conversation with the Bank Officer. (I took him to dinner - and filled him full of beer - while I had my wife ask all my questions....of course it will probably be different rules when I need to move large sums)

 

Best of luck.

 

Lots of good info, thanks Mike! And yes, one of the codes that Wells Fargo already gave me in advance is their "SWIFT code."

 

One question though, you referred to using ATM's a couple of times in your post. What are you referring too - taking out money or transferring money actually using the ATM? I'm assuming you mean taking money out, with a 20,000 USD limit per year.

 

I too do my banking with BOC, in addition to Beijing Bank. So, if you go in and learn any more about making these international transfers with BOC, I'd love to hear about it.

 

In most situations, such as opening my bank account, my Chinese is good enough to get me by. But, yes, this is definitely something I'm going to bring the lady for! !

[Guest ExChinaExpat]

I make frequent transfers from the Bank of China, to my American Credit union in the US. I do not bank with the bank of china, but they are able to make the transfer for me. To make the transfer:

 

1. You may transfer a maximum of 500 USD per day

2. Complete five copies of a one page form; press hard. Make no mistakes, otherwise do it over. There is no lining out and initialing allowed on Chinese bank forms.

3. Cash in RMB

4. Information required: Your name, passport number, local address, telephone number, amount, US bank name, account number, swift code, bank address, telephone number. Chinese and English both required to complete the form.

5. The teller will convert the RMB to USD, and create other forms for you to sign

6. The teller will make the transfer

 

The trick is, finding a bank branch that has a teller who is familiar with making an international transfer. The China bank branch near my home knows me now, and we can complete the process in about 10-15 minutes.

 

China bank charges a small fee for the transaction and so does my American credit union. The total fee to make the transfer is about 30USD.

 

The money typically shows up in my US bank account within 24 hours or less.

Edited March 9, 2012 by JiangsuExpat (see edit history)

[dan1984]

I make frequent transfers from the Bank of China, to my American Credit union in the US. I do not bank with the bank of china, but they are able to make the transfer for me. To make the transfer:

 

1. You may transfer a maximum of 500 USD per day

2. Complete five copies of a one page form; press hard. Make no mistakes, otherwise do it over. There is no lining out and initialing allowed on Chinese bank forms.

3. Cash in RMB

4. Information required: Your name, passport number, local address, telephone number, amount, US bank name, account number, swift code, bank address, telephone number. Chinese and English both required to complete the form.

5. The teller will convert the RMB to USD, and create other forms for you to sign

6. The teller will make the transfer

 

The trick is, finding a bank branch that has a teller who is familiar with making an international transfer. The China bank branch near my home knows me now, and we can complete the process in about 10-15 minutes.

 

China bank charges a small fee for the transaction and so does my American credit union. The total fee to make the transfer is about 30USD.

 

The money typically shows up in my US bank account within 24 hours or less.

 

Well, that almost sounds too good to be true! Thanks, I will be giving it a try!

 

Just one quick question: for the address and telephone number of my bank in the US - do they want the local address/phone number of the branch I opened my account with or the corporate headquarters address/phone number?

 

Thanks again!

[Guest ExChinaExpat]

I make frequent transfers from the Bank of China, to my American Credit union in the US. I do not bank with the bank of china, but they are able to make the transfer for me. To make the transfer:

 

1. You may transfer a maximum of 500 USD per day

2. Complete five copies of a one page form; press hard. Make no mistakes, otherwise do it over. There is no lining out and initialing allowed on Chinese bank forms.

3. Cash in RMB

4. Information required: Your name, passport number, local address, telephone number, amount, US bank name, account number, swift code, bank address, telephone number. Chinese and English both required to complete the form.

5. The teller will convert the RMB to USD, and create other forms for you to sign

6. The teller will make the transfer

 

The trick is, finding a bank branch that has a teller who is familiar with making an international transfer. The China bank branch near my home knows me now, and we can complete the process in about 10-15 minutes.

 

China bank charges a small fee for the transaction and so does my American credit union. The total fee to make the transfer is about 30USD.

 

The money typically shows up in my US bank account within 24 hours or less.

 

Well, that almost sounds too good to be true! Thanks, I will be giving it a try!

 

Just one quick question: for the address and telephone number of my bank in the US - do they want the local address/phone number of the branch I opened my account with or the corporate headquarters address/phone number?

 

Thanks again!

 

I'm home now and looking at one of my previous forms. From top to bottom, left to right it requires:

 

Date

Currency and Interbank Settlement Amount (i usually transfer the max, 500 USD, that's what goes there)

Amount in words: written in chinese characters, the total amount to transfer

Amount of purchase: example: 500 USD

Remitters name and address: My full address, pinyin, English, and / or chinese characters

ID number: passport number

Beneficiary's bank name and address: My US bank information

- Bene's Bank A/C No. (swift number)

- Full US street address, City, State, and Zip Code

Bene's Acct No. Your full US bank account number

Bene's Name: Your full name as appears on your passport

 

Other information is minimal. Just make sure you have someone who speaks chinese and english to help you.

 

 

-edit-

 

They want the address of your bank branch that receives the international transfer as per the swift code. Contact your bank to get that information

Edited March 9, 2012 by JiangsuExpat (see edit history)

[Randy W]

I make frequent transfers from the Bank of China, to my American Credit union in the US. I do not bank with the bank of china, but they are able to make the transfer for me. To make the transfer:

 

1. You may transfer a maximum of 500 USD per day

2. Complete five copies of a one page form; press hard. Make no mistakes, otherwise do it over. There is no lining out and initialing allowed on Chinese bank forms.

3. Cash in RMB

4. Information required: Your name, passport number, local address, telephone number, amount, US bank name, account number, swift code, bank address, telephone number. Chinese and English both required to complete the form.

5. The teller will convert the RMB to USD, and create other forms for you to sign

6. The teller will make the transfer

 

The trick is, finding a bank branch that has a teller who is familiar with making an international transfer. The China bank branch near my home knows me now, and we can complete the process in about 10-15 minutes.

 

China bank charges a small fee for the transaction and so does my American credit union. The total fee to make the transfer is about 30USD.

 

The money typically shows up in my US bank account within 24 hours or less.

 

Well, that almost sounds too good to be true! Thanks, I will be giving it a try!

 

Just one quick question: for the address and telephone number of my bank in the US - do they want the local address/phone number of the branch I opened my account with or the corporate headquarters address/phone number?

 

Thanks again!

 

Try here - http://www.theswiftc...nited-states-5/

 

You can probably get the address and phone number from the bank's web site, if needed.

Edited March 9, 2012 by Randy W (see edit history)

[Beachey]

I make frequent transfers from the Bank of China, to my American Credit union in the US. I do not bank with the bank of china, but they are able to make the transfer for me. To make the transfer:

 

1. You may transfer a maximum of 500 USD per day

2. Complete five copies of a one page form; press hard. Make no mistakes, otherwise do it over. There is no lining out and initialing allowed on Chinese bank forms.

3. Cash in RMB

4. Information required: Your name, passport number, local address, telephone number, amount, US bank name, account number, swift code, bank address, telephone number. Chinese and English both required to complete the form.

5. The teller will convert the RMB to USD, and create other forms for you to sign

6. The teller will make the transfer

 

The trick is, finding a bank branch that has a teller who is familiar with making an international transfer. The China bank branch near my home knows me now, and we can complete the process in about 10-15 minutes.

 

China bank charges a small fee for the transaction and so does my American credit union. The total fee to make the transfer is about 30USD.

 

The money typically shows up in my US bank account within 24 hours or less.

 

 

It is your money but 6% in fees strikes me as pretty expensive.

 

[dan1984]

I make frequent transfers from the Bank of China, to my American Credit union in the US. I do not bank with the bank of china, but they are able to make the transfer for me. To make the transfer:

 

1. You may transfer a maximum of 500 USD per day

2. Complete five copies of a one page form; press hard. Make no mistakes, otherwise do it over. There is no lining out and initialing allowed on Chinese bank forms.

3. Cash in RMB

4. Information required: Your name, passport number, local address, telephone number, amount, US bank name, account number, swift code, bank address, telephone number. Chinese and English both required to complete the form.

5. The teller will convert the RMB to USD, and create other forms for you to sign

6. The teller will make the transfer

 

The trick is, finding a bank branch that has a teller who is familiar with making an international transfer. The China bank branch near my home knows me now, and we can complete the process in about 10-15 minutes.

 

China bank charges a small fee for the transaction and so does my American credit union. The total fee to make the transfer is about 30USD.

 

The money typically shows up in my US bank account within 24 hours or less.

 

Well, that almost sounds too good to be true! Thanks, I will be giving it a try!

 

Just one quick question: for the address and telephone number of my bank in the US - do they want the local address/phone number of the branch I opened my account with or the corporate headquarters address/phone number?

 

Thanks again!

 

Try here - http://www.theswiftc...nited-states-5/

 

You can probably get the address and phone number from the bank's web site, if needed.

 

Perfect! Thanks Randy and JiangsuExPat!

[dan1984]

I make frequent transfers from the Bank of China, to my American Credit union in the US. I do not bank with the bank of china, but they are able to make the transfer for me. To make the transfer:

 

1. You may transfer a maximum of 500 USD per day

2. Complete five copies of a one page form; press hard. Make no mistakes, otherwise do it over. There is no lining out and initialing allowed on Chinese bank forms.

3. Cash in RMB

4. Information required: Your name, passport number, local address, telephone number, amount, US bank name, account number, swift code, bank address, telephone number. Chinese and English both required to complete the form.

5. The teller will convert the RMB to USD, and create other forms for you to sign

6. The teller will make the transfer

 

The trick is, finding a bank branch that has a teller who is familiar with making an international transfer. The China bank branch near my home knows me now, and we can complete the process in about 10-15 minutes.

 

China bank charges a small fee for the transaction and so does my American credit union. The total fee to make the transfer is about 30USD.

 

The money typically shows up in my US bank account within 24 hours or less.

 

 

It is your money but 6% in fees strikes me as pretty expensive.

 

Hmmm, well, not cheap, but, still really haven't found a less pain-free option. Plus, I need to get the money directly into my bank account, and am not sending it to someone back in the States.....