Transferring Money from a Chinese Bank to a US Bank

[Randy W]

Are there any updates to this topic?

 

My wife tried to send a wire to her US bank account and both times the transfer failed. We had all of the transfer info listed in this thread, but no joy.

 

 

 

dan 1984 and beachey are the two who might be able to help (I've never sent money that way), but it seems like all you need is the SWIFT code and address, and account name and number. It probably helps to have the same name on both accounts.

 

The American bank can reject the transfer if they don't care to have to comply with IRS paperwork. You can try sending to a different bank.

[dan1984]

Are there any updates to this topic?

 

My wife tried to send a wire to her US bank account and both times the transfer failed. We had all of the transfer info listed in this thread, but no joy.

 

 

I am by no means an expert, but I think this probably is a result of something on the China side of things, as China has seemingly continued to get more and more strict in controlling the movement of its currency out of China.

Many times it seems like people are at the discretion of the bank when making a transfer out of the country.

For our business, when making wire transfers to other companies or making purchases, we need to jump through all sorts of hoops and provide a contract, invoice, packing list or list of services being provided, etc.

For personal use, it can seemingly be just as tricky.

One potential suggestion, the one-stop fix for successfully completing wire transfers seems to be stating the reason for the wire transfer as "travel money" or "travel expenses." This advice was actually given to us by a couple relatives who work at banks.

We had a few wire transfers rejected when we wanted to make a couple purchases and also just send some money to my bank account back in the US. Either the bank just cancelled the transfer or one time they also called and asked for some supporting documentation.

Perhaps your wife could try making an online wire transfer so she isn't questioned directly by the bank workers?

When making the wire transfer online, one of the options for the reason for the transfer is usually "travel" (if not write "travel" in the option for "other reason), and this does not require any supporting documentation or receive questioning.

I know this seems like one of those "heard it through the grapevine" suggestions or the wives read about it in Wechat group reasons, but, this was suggested by a couple Chinese relatives who work at banks and we have never had problems since if indicating the reason for the wire transfer is "travel."

Perhaps give this a try?

[Randy W]

 

Are there any updates to this topic?

 

My wife tried to send a wire to her US bank account and both times the transfer failed. We had all of the transfer info listed in this thread, but no joy.

 

 

I am by no means an expert, but I think this probably is a result of something on the China side of things, as China has seemingly continued to get more and more strict in controlling the movement of its currency out of China.

Many times it seems like people are at the discretion of the bank when making a transfer out of the country.

For our business, when making wire transfers to other companies or making purchases, we need to jump through all sorts of hoops and provide a contract, invoice, packing list or list of services being provided, etc.

For personal use, it can seemingly be just as tricky.

One potential suggestion, the one-stop fix for successfully completing wire transfers seems to be stating the reason for the wire transfer as "travel money" or "travel expenses." This advice was actually given to us by a couple relatives who work at banks.

We had a few wire transfers rejected when we wanted to make a couple purchases and also just send some money to my bank account back in the US. Either the bank just cancelled the transfer or one time they also called and asked for some supporting documentation.

Perhaps your wife could try making an online wire transfer so she isn't questioned directly by the bank workers?

When making the wire transfer online, one of the options for the reason for the transfer is usually "travel" (if not write "travel" in the option for "other reason), and this does not require any supporting documentation or receive questioning.

I know this seems like one of those "heard it through the grapevine" suggestions or the wives read about it in Wechat group reasons, but, this was suggested by a couple Chinese relatives who work at banks and we have never had problems since if indicating the reason for the wire transfer is "travel."

Perhaps give this a try?

 

 

In fact, that was exactly what WE were told at our bank (CCB). ALL my wire transfers say that (and family support/living expenses) - NONE mention the building expenses.

[dan1984]

 

 

Are there any updates to this topic?

 

My wife tried to send a wire to her US bank account and both times the transfer failed. We had all of the transfer info listed in this thread, but no joy.

 

 

I am by no means an expert, but I think this probably is a result of something on the China side of things, as China has seemingly continued to get more and more strict in controlling the movement of its currency out of China.

Many times it seems like people are at the discretion of the bank when making a transfer out of the country.

For our business, when making wire transfers to other companies or making purchases, we need to jump through all sorts of hoops and provide a contract, invoice, packing list or list of services being provided, etc.

For personal use, it can seemingly be just as tricky.

One potential suggestion, the one-stop fix for successfully completing wire transfers seems to be stating the reason for the wire transfer as "travel money" or "travel expenses." This advice was actually given to us by a couple relatives who work at banks.

We had a few wire transfers rejected when we wanted to make a couple purchases and also just send some money to my bank account back in the US. Either the bank just cancelled the transfer or one time they also called and asked for some supporting documentation.

Perhaps your wife could try making an online wire transfer so she isn't questioned directly by the bank workers?

When making the wire transfer online, one of the options for the reason for the transfer is usually "travel" (if not write "travel" in the option for "other reason), and this does not require any supporting documentation or receive questioning.

I know this seems like one of those "heard it through the grapevine" suggestions or the wives read about it in Wechat group reasons, but, this was suggested by a couple Chinese relatives who work at banks and we have never had problems since if indicating the reason for the wire transfer is "travel."

Perhaps give this a try?

 

 

In fact, that was exactly what WE were told at our bank (CCB). ALL my wire transfers say that (and family support/living expenses) - NONE mention the building expenses.

 

 

Glad to hear you have experienced the same thing and had success with wire transfers!

Just like you, we have learned to never mention any purchase or expenses for physical items.

Always just "travel." Perhaps we could also try family support or living expenses if need be.

Apparently "study expenses" or "education" are other options people use sometimes, but the relatives we know that work at the bank told us this isn't as set in stone and study abroad documentation could be requested by the bank.

[Randy W]

 

 

 

 

In fact, that was exactly what WE were told at our bank (CCB). ALL my wire transfers say that (and family support/living expenses) - NONE mention the building expenses.

 

 

Glad to hear you have experienced the same thing and had success with wire transfers!

Just like you, we have learned to never mention any purchase or expenses for physical items.

Always just "travel." Perhaps we could also try family support or living expenses if need be.

Apparently "study expenses" or "education" are other options people use sometimes, but the relatives we know that work at the bank told us this isn't as set in stone and study abroad documentation could be requested by the bank.

 

 

At the USA end, TDAmeritrade eventually refused to send us any more money, but the Bank of America has been MUCH easier, with online transfers.

[griz326]

Still no luck here...

The paperwork was wrong twice even though all of the wire transfer info was correct. The Chinese bank tried to send directly from the NYC bank to her account without listing her bank info...just her bank account # without the bank routing number.

 

I'll be talking with an attorney tomorrow about this.

 

Xiaoyuan is beyond frustrated

[Randy W]

Still no luck here...

The paperwork was wrong twice even though all of the wire transfer info was correct. The Chinese bank tried to send directly from the NYC bank to her account without listing her bank info...just her bank account # without the bank routing number.

 

I'll be talking with an attorney tomorrow about this.

 

Xiaoyuan is beyond frustrated

 

 

Maybe need a different bank at the Chinese end ? LOL

 

. . . or go to a different branch in a larger city where they have a foreign exchange department ??

 

I don't know how much you're talking about, but perhaps a Sneaker-Net transfer ?? (hand carry)

 

Even Western Union might work for this, if the fees are reasonable enough. Check with China Postal Savings, or whatever Western Union list as an agent in her town.

[eseum]

My wife tried to transfer money from BofA to BofC, twice, early last year. They failed both times on the China end. First time BofC gave no reason for the failure when she called about it. Second time they told her it was because the conversion from dollars to yuan was done on the American end, and they wouldn't accept the exchange rate used by BofA. Don't know if that was actually the case, but who knows. She ended up carrying cash with her when she went to China later in the year.

[Randy W]

My wife tried to transfer money from BofA to BofC, twice, early last year. They failed both times on the China end. First time BofC gave no reason for the failure when she called about it. Second time they told her it was because the conversion from dollars to yuan was done on the American end, and they wouldn't accept the exchange rate used by BofA. Don't know if that was actually the case, but who knows. She ended up carrying cash with her when she went to China later in the year.

 

 

LOL - I always specify the amount in dollars - we exchange it at the CCB.

 

To transfer RMB, the exchange rate will have changed by the time it gets there, so they are likely to reject it for that reason.

Edited April 23, 2018 by Randy W (see edit history)

[Greg.D.]

LOL - I always specify the amount in dollars - we exchange it at the CCB.

 

To transfer RMB, the exchange rate will have changed by the time it gets there, so they are likely to reject it for that reason.

Exactly. When I would send RMB from US to China via western union, which required the receiver to specify the exact amount transferred, (as part of the security of the transaction) it would stumble at that point because the exchange rate was always changing.

 

Sending dollars solved it.

 

Something else happened recently. Union Pay would no longer work in the US on her dollar account? Something she is working on in Beijing this week.

[eseum]

She had done it that way in 2016, two different times, and they both went through. So she tried to do it the same way last year but it failed. Any way, she will probably only carry money with her now.

[griz326]

We're going to see if we can get the money in through Wells Fargo. Using WF eliminates one hop in the wire transfer instructions. I'll post details if it works.

[Stone]

Have you tried http://www.guideinchina.com/articles/4/how_to_send_money_abroad_with_alipay_1510652525888

[canrun]

Any updates from members and their experiences moving money out of China? We are going to sell my wife's parents' apartment next year (deed in her name, taxes paid) and have read about the difficulty of sending the proceeds back home. Anyone have similar experience with this process rather recently? Thanks, Aaron 

(Glad to see CFL is back online!)

[Randy W]

4 hours ago, canrun said:

Any updates from members and their experiences moving money out of China? We are going to sell my wife's parents' apartment next year (deed in her name, taxes paid) and have read about the difficulty of sending the proceeds back home. Anyone have similar experience with this process rather recently? Thanks, Aaron 

(Glad to see CFL is back online!)

I think this thread already contains the best advice you'll get about transferring money back to the U.S.

I would just add a few things here.

Very few people transfer money in that direction. The best thing to do is to talk to your bank in China to find out what your options are. Be sure to have all receipts available both for the sale and any taxes paid. You're liable to hit the limit of $50,000 when you try to convert RMB to dollars, so consider what you can do at that point - can you transfer RMB to the U.S. and convert there? Can you enlist trusted relatives to convert additional RMB for you? Will you need to wait another year to transfer more money?

Will you get a better exchange rate in China, or the US? 

From here, it's mostly a matter of doing the research at your own end. You will need the SWIFT # and address for the American bank to send the money to (along with the account information, of course).