Getting money to the SO

[david_dawei]

I know there have been a few threads about sending money to the SO, and I've commented in some...

 

What I want to see, is anyone's experience in setting up some sort of card method for the SO to get money.

 

So, methods like Western Union and bank transfers are NOT what I'm asking about (they carry higher based fees).

 

Examples might be:

1) Setting a new bank account and sending the SO a card.

2) Having some sort of credit account where the SO can withdraw from.

 

These will carry maybe minor fees... but allow the SO to get small amounts of money each month (whereas the larger fee methods would be a high percent of the money).

 

So, anybody doing this and have anything to share?

[Bigguy_33]

Wal-Mart is rolliing out a new service for money transfers world wide.

 

This was just in a business paper:

 

"After testing the money transfer service in 100 Wal-Mart stores in the U.S., MoneyGram and Wal-Mart announced Thursday that they are rolling out the service to all Wal-Mart stores nationwide. The Wal-Mart Money Transfer by MoneyGram service will be available at the stores' customer service desk in all 2,760 U.S. Wal-Marts just in time for Mother's Day -- the wire transfer industry's busiest transaction period. "

[frank1538]

I went the separate account/ATM route when Jingwen was living in China. Overall, the experience was good. Downsides included:

 

1. When the card went bad (once) she couldn't go to the bank to get it replaced. I had to get a new card stateside and send it too her.

 

2. ATMs are not as reliable in China. Sometimes, they're down. Sometimes you have to make sure you're not charged for a transaction where no money is withdrawn. This happened to Jingwen once, but Bank of America was very good about reversing the debit.

 

3. Despite the VISA logo, not all Bank of China branches in Zhanjiang recognized the card in the ATM machines. Don't know if this was a local thing.

[cosmiclobster]

Examples might be:

1) Setting a new bank account and sending the SO a card. 

2) Having some sort of credit account where the SO can withdraw from.

I tried to open an account for my SO when she was in China.

All the banks I talked to wanted to see her in person WITH photo ID, period.

IF you can find a bank that will issue you 2 ATM cards, you can send one to her, but you will still pay a transfer fee to put in money here and withdraw it there. This was true even at the local Bank Of China branch!! I even opened a Citi Bank account because I knew they had a Citibank in Shanghai. But China's Citibank is different from USA Citibank and transfer fees still applied.

We finally used Western Union. $14 fee to send $1000 and she can pick it up in RMB or dollars.

[Guest jeff.and.li]

Last time I visited my fiancee in China I left my ATM (check debit) card with her. The card worked fine at all the ATMs we used in Shanghai. After I came back to the US it kinda sucked not having quick access to cash, so I tried to get a 2nd ATM card for that account. Found out that's not possible on ATM accounts. Furthermore, my brother (in the banking biz) STRONGLY recommended that I give Li a credit card instead of an ATM card, the reason being liability in case of card theft/loss. I was easily able to get a 2nd credit card on an existing account (banks are more than happy to do that for you), and found out that I can withdraw cash with a credit card (but you gotta pay off the balance each month or you will get socked with finance fees). In any case, it's now months later and my fiancee still has the ATM card. Hope she doesn't lose it!

[hlin]

I've been thinking about setting up a Savings account at HSBC. You can setup the account online (3.0%APR right now), and request an ATM card. Send the ATM card to your SO and have her use the HSBC ATM machines in China. Unfortunately, their ATMs are not in all areas of China, but for those who have SO in Shanghai, Beijing, ShenZhen and GuangZhou, it is convenient I think. There are also a few other places with ATMs.

 

Here's the link to the Savings Account Info:

 

http://www.us.hsbc.com/personal/savings/on...inesavings.html

 

Here's a link to the ATMs in China:

 

http://www.hsbc.com.cn/cn/general/locator/gn15011b.htm

 

I think the only worry is how to deposit money without your ATM card. It appears you can probably do an online transfer from a linked non-HSBC bank, or mail in a payment. This seems to be a good way to avoid any ATM charges or Money Transfer charges.

 

What do you guys think? I might set one up soon.

[jtaylo69]

Well here is something that I did & it is working like a champ.

 

I went to my bank, & opened up a seprate low fee / no fee checking account. I told them that since I am on the road a lot, it was making my year end taxes a nightmare trying to figure out wheat was spent for what.

 

They Gladly understood & bam! I had a 2nd account opened, with a Visa check card (Make sure you tell them that the 3 or 4 digit security code on the back can NOT end in a 1 or 0, as you have encountered some atms refusing your pre-exiswting card What this will do is let the card be seen as an actual credit card in Most ATMs and most stores.

 

This second account was set up along side my pre-existing account so that I could transfer funds from one account to the other (in either direction) .

 

So now, when ever she tells me she needs a little cash, I just transfer what ever amount I set, & then tell he that she can pick it up, (Usually within 12 hours) There is no fear of her over extending, or bouncing anything, & the trasfer rate has yet to go over $4.00 total. No matter if I send her $25, or $5000.00. It still stays the same.

 

so in my opinion, I would have to say that this might be your best route