Getting Money in China

[danb]

Hello!! I am China for the holidays. Something has come up. I would like to get some extra cash. Kinda quickly. Something unexpected came up and I need to get about 5000 USD. Definitely this was not in my plans. I can get part of it by going to the ATM. Get the cash limit everyday using my debit card. That will take some time. I would rather just get it in a lump sum. Can that be done? I don't have a real Chinese banking account. Would that be a requirement? Normally I do not want to or do resort to using a credit card for cash. But this a special case. Can and where would I do /try this? Any ideas/suggestions? Thanks alot for your ideas. Danb

[Randy W]

Western Union??

 

Xoom ???

 

Bank loan ????

 

Credit card ?????

 

 

Where is the money and who has access to it to get it to you ??????

[danb]

Actually, It is just me. I am wondering if I can walk into a bank in Nanning, perhaps the Bank of China or The China Construction Bank, and get cash with an Citibank Visa credit card.. Or can I get cash with an American Express Credit card . Does American Express have offices in China? Sorry, I did leave some of the details out. Also later this evening I plan to look on the above credit card sites and see if I can get any info from them. Danb

[Randy W]

Actually, It is just me. I am wondering if I can walk into a bank in Nanning, perhaps the Bank of China or The China Construction Bank, and get cash with an Citibank Visa credit card.. Or can I get cash with an American Express Credit card . Does American Express have offices in China? Sorry, I did leave some of the details out. Also later this evening I plan to look on the above credit card sites and see if I can get any info from them. Danb

 

 

This is entirely different from what you posted initially.

 

American credit cards are generally not welcome in China. Even my Discover card, which was initially accepted even at local stores, I found was increasingly declined to where it was just a pain in the rear to even bother trying.

 

BofA HAD an agreement with the CCB - this agreement is no longer honored. While it was, I was able to withdraw money at favorable rates and no fees. Now I don't care to pay the 3% fee they tack on.

 

Yes, ask. Me? I just wire myself money (bank to bank is VERY painless) every once in a while.

 

yes they DO have offices in Shanghai, Beijing, Guangzhou, and/or Hong Kong.

[Greg.D.]

Western Union sounds like a good plan. For example, if somebody had access to your checkbook in the US, he/she could write a check to themselves and transfer the money to you. I believe China agriculture bank was a Western Union participant.

 

Takes a few days, however.

[danb]

Sorry, if I wasn't so clear in my 1st post. On my past trips I have pretty much relied on cash and and my ATM cards. I remember going to a bank about 10 years ago and somehow had gotten cash. They took made a copy of my Passport. I don't remember if I had American Express checkes or a credit card or maybe it was cash. Ten years was such a long time ago. I don't really have anyone back in the states that would have access to my checking and savings account. Last night I was looking over my banking accounts. I think I will be able to squeeze most of the money out of a couple of dusty accounts. Not what I was expecting to do or what I had want to do. But it should work. I think that I still will try to go to bank here and ask about getting cash from one of my credit cards. I will just ask for a smaller amount. Thanks again. Danb

[Randy W]

Depending on how desperate you are, if your bank and/or credit card has an office in Hong Kong or other large Chinese city, a trip there may be worthwhile.

[Randy W]

These people are in Mexico and haven't (so far) been able to open a Mexican bank account. Some of what they say (especially about Charles Schwab and HSBC) may be applicable - but it may be easier to open a bank account in China and wire money to yourself (I'm still able to do that through BofA).

 

They say Charles Schwab will refund your ATM fees, but you would need to find an ATM that works with their card.

 

I'm thinking BofA, HSBC, and Charles Schwab all have offices in Hong Kong, Shanghai, Guangzhou, and or Beijing, but I've never had a reason to go to one. My BofA account is free with a monthly electronic deposit (my SS check).

 

You just have to figure out what works for you.

 

[Randy W]

When the BofA was giving me grief over where Jiaying lived, I looked into maybe switching to another bank. There are websites that rate banks for expat services. Two of the most highly rated were Ally Bank, which is an entirely ONLINE bank, but doesn't offer international wires, and HSBC, which I believe requires a fairly large minimum balance to avoid fees. Some allow multiple accounts to be figured into the minimum balance amount (e.g., a brokerage account).

 

BofA I believe now requires a U.S. address NOT a P.O.box, but were happy when I finally figured the right format to use for my Chinese physical address (I have a PMB - or Postal Mail Box - U.S. address, which they didn't like).

 

The 'tangerine travels' account is a Charles Schwab High Yield Investor Checking Account - they apparently don't offer international wires.

 

Like I said, be sure to choose one which suits your needs.

[Stone]

Hello, Randy: All international wires cost money to wire in and wire out. Foreign ATM withdrawals may have non-BofA-ATM fee. There is only one way which is completely free.

[Randy W]

Hello, Randy: All international wires cost money to wire in and wire out. Foreign ATM withdrawals may have non-BofA-ATM fee. There is only one way which is completely free.

 

It's completely unclear what you're trying to say here. Like I said, be sure to choose an account which suits your needs. YOU can decide whether to pay a fee, or to shop around for one which doesn't charge a fee. Charles Schwab REFUNDS the ATM fees, if any are charged - just make sure their ATM cards work in China.

 

The CCB/BofA deal is no more, as of several years ago - but yes, was completely free at both ends, and offered the best exchange rate I've ever gotten.

 

Wires from my TDAmertitrade account were also completely free (at both ends) - but they got tired of shoveling money for me, and finally just refused.

 

Now I wire from my own BofA account for a fee of $55, but I can place the wire over their website - which makes it well worth the fee.

 

CCB is almost completely fee-free, as is WeChat in China.

 

You don't NEED to pay fees for banking services.

[Stone]

What I was trying to say is: you can avoid the $55 wire transfer fee, by doing this: (1) Open a FREE Schwab checking account (no mini. balance, no monthly fee); (2) transfer the money from BofA to Schwab via free ACH; (3) Use a Schwab Visa Debit to withdraw cash at an ATM with Visa logo inside China.

 

https://www.creditkarma.com/credit-cards/i/no-fee-debit-cards-for-international-travel/

[Randy W]

What I was trying to say is: you can avoid the $55 wire transfer fee, by doing this: (1) Open a FREE Schwab checking account (no mini. balance, no monthly fee); (2) transfer the money from BofA to Schwab via free ACH; (3) Use a Schwab Visa Debit to withdraw cash at an ATM with Visa logo inside China.

 

https://www.creditkarma.com/credit-cards/i/no-fee-debit-cards-for-international-travel/

 

 

a) VISA usually means something different in China (my VISA credit cards don't work, even where they accept China VISA, which Jiaying has)

 

b) 60 trips to the ATM to transfer $30,000 at $500/day is something I'm willing to pay $55 to avoid.

 

I did consider trying that after watching the Tangerine Travels video, but, well - No Thanks! They don't have a bank account, and so need to keep their cash on hand to a minimum.