Xoom returns to China

[Randy W]

This was actually back in Feb. of this year, but I didn't notice until now. This is a little more expensive per dollar than sending a wire through my bank will be - they ding you a little on the exchange rate - but we won't have to go to the bank to exchange the funds, and it may come in handy from time-to-time. A single transfer of up to $2999 will cost only $8.88 plus a little over 1.5% on the exchange.

 

They had stopped allowing transfers to China about 3 or 4 years ago.

 

Xoom Launches Instant Money Transfer Service to China, Processed Through UnionPay

 

Xoom's breakthrough technology enables instant deposits to China

 

 

When customers send money to China during bank processing hours (7 a.m. to 10 p.m., Beijing Standard Time), their transfer will arrive in seconds. Transfers are processed through the UnionPay MoneyExpress network. All customers require is their recipient's UnionPay card number and the Pin-Yin name associated with that card. Xoom will instantly transfer funds to some of the most recognizable banking brands in China, including Bank of China, Bank of Communications, China Construction Bank, and Industrial and Commercial Bank of China. Customers can send up to $2,999 for just $8.88 when paying with their bank account.

 

 

Transfers are to a specific bank account. They say the recipient must be a Chinese citizen - I'll try to my account first, since there doesn't seem to be anything that would block it. If it doesn't work, it'll have to go to my wife's account.

Edited October 19, 2015 by Randy W (see edit history)

[Randy W]

This sounds like I should be able to initiate the transfer, and then check the balance in my account.

[warpedbored]

My wife has been using it. It's not as cheap as it used to be, I think it was around $3.00 before. It didn't last long then but at least it's cheaper than Western Union.

[dan1984]

Stupid question for a non-Xoom user, but, can you send money out of China and back to a bank in the US?

[Randy W]

Stupid question for a non-Xoom user, but, can you send money out of China and back to a bank in the US?

 

 

You can check at their website, but I haven't seen what their requirements are for the originating account. My guess is US-based accounts only.

[Randy W]

Well, no matter how I arranged my name (Randy W, W Randy, whatever), they still tell me the name doesn't match on the account.

 

I finally gave up and sent it to my wife's account - no problem. They did ding me on the conversion (6.23 instead of the 6.33 I got through Discover on the same day), so it's a little more than I care to have to pay, but it'll work - and should be very painless (easier than a trip to the ATM) now that the skids are greased.

Edited October 22, 2015 by Randy W (see edit history)

[Randy W]

Their customer verification pretty well gave me the third degree - even asked about a 20 year old address.