Transfering millions of dollars

[tsap seui]

September 13, heck Steve you've got an important anniversary coming up. Good for you. One of my mentor's, really my guru from the AA days often told folks who stumbled along the way, "That's okay, just keep your nose clean now, you just felt like you need needed to do some more research on how alcohol affects you." That fella, Norman Barber, died of throat cancer but he was a real guru to a whole lot of people by helping them reclaim their lives through his tough love for us..

 

Good luck with the job search, sadly it's just a tough environment for everyone. I hope that turns around.

 

And good luck with the new relationship. She sounds like a winner. It's really exciting going through all this wiht a Chinese woman., actually I cherish those earlier days. The made up rock solid as a couple, only thing we needed was for the State Department to get out of our bona fide relationship....LOL

 

tsap seui

[Steve in USA]

Thanks for the congrats. After years, it is still one day at a time.

 

The job search won't be too bad, but have some health issues to deal with first.

 

I enjoy every second I am in contact with Jing. Either beside her or messaging/videoing. She has given me true joy in life. Hope to give the same to her.

[tsap seui]

Well, I did the test. I sent over the last $7,000 in two Western Union transfers of $3,500 each.

 

On the first transfer I sent it to be received in USD. W/U said their exchange rate was at 6.12, I told them, no, I want it to be received in USD. Let the local bank make the exchange. The local bank in China exchanged the USD at 6.10.

 

The second transfer was sent to be received in local currency (yuan). W/U said their estimated exchange rate would be 6.1181. Local bank? They gave the funds at......drum roll please....wait the exaggerated dramatic few seconds like this was Pawn Stars where you find out how much the "expert" says your 1759 roll of terlet paper is worth........6.10.

 

The Western Union lady in Fushun, whom Wenyan and she have become friends of each other over the years had already told Wenyan...."It doesn't matter how the funds are sent to be received in. We look at the USD amount that is being sent and we exchange the funds here at the current rate. We do not look at how the funds were sent to be received, only the amount of USD that was sent."

 

Maybe other banks in China do something different with W/U transfers, ours doesn't and they are cut and dried, we don't care how you send the funds..

It was worth looking into. Randy had me thinking I was possibly losing money in how I sent the money. It just never mattered to the local Chinese bank in our city. The lady said she only looks at the original USD amount sent and could care less how I asked for it to be received..

 

We're tapped out for how much I can legally send Wenyan for 2013, my testing is done, and now Uncle Sammy's war reparations money he sends me, as well as Wennie the slumlord's section 8 money will go into a US bank instead of a Chinartucky bank. God Bless Amurica, and would ya please pass me the jelly,, I say.

 

Sometimes I jes can't decide which to say......YEEEEHAWWWWW or WOOOOOWHOOOO. I jes knows that soon I am gonna be sayin'....Whose ya Daddy....soon as I git that hot lil' tigress by the tiny hiney tail once again.

 

tsap seui

6 days and a wake up

Edited August 26, 2013 by tsap seui (see edit history)

[Randy W]

Good job, tsap. It's great to have someone go to that level of detail and report the results. I've never done that - I've always assumed that "sending in dollars" was the best way, and never gave it a second thought.

 

But it basically depends on the banks, exchange rates, etc., etc. and how nice they are or bother to be. My most recent ATM exchange was on Aug. 22 (Thursday) - I withdrew 1000 RMB, and my bank account in the states was charged all of $163.32. That exchange rate is 6.1229

 

Whatever works without going to a lot of trouble is definitely the way to go.

[danb]

I don't know really how the whole money exchange works. I usually go to the local supermarket and have them send it via Western Union. Lao Po will pick can pick up the money at a China Post. It is suppose to to be availlable pretty much immediately. In general at hotels in China I believe that they must give the official exchange rates when we use foreign money. That is not case in the US at airports. They offer terrible exchange rates in their favor. I do also believe if say we exchange say 1000 US dollars to RMB at a bank in China. And if we go back to the same bank and try to Exchange the RMB back to US dollars that the reverse exchange rate would be different. Of course I never have done this. It is like that Vegas saying. "what goes on in Vegas stays in Vegas." The money sent to China stays in China. Danb

[2mike&jin]

I don't know really how the whole money exchange works. I usually go to the local supermarket and have them send it via Western Union. Lao Po will pick can pick up the money at a China Post. It is suppose to to be availlable pretty much immediately. In general at hotels in China I believe that they must give the official exchange rates when we use foreign money. That is not case in the US at airports. They offer terrible exchange rates in their favor. I do also believe if say we exchange say 1000 US dollars to RMB at a bank in China. And if we go back to the same bank and try to Exchange the RMB back to US dollars that the reverse exchange rate would be different. Of course I never have done this. It is like that Vegas saying. "what goes on in Vegas stays in Vegas." The money sent to China stays in China. Danb

 

 

Todays buy sell rates for BOC

 

 

Currency Name Buying Rate Cash Buying Rate Selling Rate Cash Selling Rate Middle Rate Pub Time USD 611.01 606.11 613.45 613.45 616.88 2013-08-27 12:56:06

 

My experience was there was about a 6RMB difference in BUY SELL when it was at the 700-800 RMB to 1 range. It has slightly changed. I used to get angry about the difference, but at the same time my conversion was costing me money, the USD was falling - so I was making money and it all ended up in the "Cost of doing transactions" - but I don't think I every was behind - but certainly wouldn't want to do it the same day !

Edited August 27, 2013 by Randy W
fix quote tags (see edit history)

[tsap seui]

Good job, tsap. It's great to have someone go to that level of detail and report the results. I've never done that - I've always assumed that "sending in dollars" was the best way, and never gave it a second thought.

 

But it basically depends on the banks, exchange rates, etc., etc. and how nice they are or bother to be. My most recent ATM exchange was on Aug. 22 (Thursday) - I withdrew 1000 RMB, and my bank account in the states was charged all of $163.32. That exchange rate is 6.1229

 

Whatever works without going to a lot of trouble is definitely the way to go.

I tend to get anal retentive when I think I may be losing money....LOL You had me thinking there until I did a test. Luckily, I've been getting as good as I could, no matter which way I sent it. Looks like your way netted you .0229 more than a W/U transaction for that day. What's done is done....I'll keep sending W/U transaction. I guess I could find me a big name bank online that does transactions with a Chinese bank, otherwise I'd have to drive 2 hours west to Pittsburgh to find a big name bank. I'll jes stay in paradise and fugetabout opening an account with. Jes write it off as the cost of living in a place where a traffic jam in more than 2 cars at a stop sign.....LOL It was worth it to check out the difference though, thanks.

 

tsap seui