China Romance
General Discussion and Useful Links => Ask An Experienced Member => Topic started by: Neil on March 13, 2011, 08:45:52 pm
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I know this topic has bee discussed a while ago, but what is the best way to send money to China? Western Union has generally been reliable, but is expensive and won't allow me to write her name in Chinese Characters.
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I use moneygram through Canada Post. I put my wife's name in English letters as the form requests this. They have a membership sign up now that will save some information and give a cheaper rate when sending. It usually costs me about 14.25 dollars to send. And now you get email update when the money is received.
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I know this topic has bee discussed a while ago, but what is the best way to send money to China?
Neil the truly best way to send money to China? - well.... take it over yourself ::) and she will be delighted by both counts.
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We in Australia have a new way { to us } of sending money to China and I know the company is in other parts of the world so when my better half arrives home I will post the details we now along with several of Sujuan's employees have sent large amounts ie, 20,000 plus yuan all for a 8 dollar transaction fee , regards Robert .
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Neil
I usually use https://www.99bill.com/f/xinyongka.html (https://www.99bill.com/f/xinyongka.html) if I need to transfer my money to my other bank card online.
I have the internet bank card in ICBC. I can transfer my money from ICBC to my credit card of the other bank (广东发展银行) online and I needn’t pay transaction fee. I need to pay transaction fee if I transfer my money from ICBC to the other bank card directly.
The web also could transfer dollars or other countries’ money. Maybe you would try it. ;)
Sara
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Neil
i am sorry that i forget to tell you: you need to have china bank card first if you would like to use https://www.99bill.com (https://www.99bill.com). :P
Sara
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i checked https://www.99bill.com (https://www.99bill.com) again. you could transfer the money if you have visa or mastercard.
Sara
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I opened an account in my bank with $100.00 overdraft protection. I send the debit card to Peggy. She useses it only when I tell her for exactly the ammount I tell her. Ooooo..... I had better check the account right now. Hehe. Put money in Thrusday and she still hasn't touched it. Anyway it costs me $1.25 for each transaction. The bank also knows to expect it only from the Bank of China and from Shaoguan. If she goes anywhere else I inform the bank. It is inexpensive and simple and I can shut the card down anytime I like. Peggy gets good exchange rates at the Bank of China.
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Ha , trust the girls here in Melbourne to know , I opened up the site www.etrans.co.nz (http://www.etrans.co.nz) only to find it is in Chinese , so while it may be cheap it is only for our Chinese population , regards Sujuan and Robert .
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I used Western Union and used my wife's pinying letters for her name and not rmb went amiss. And to get over the cost I just sent large amounts. That's my suggestion.
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Bank Transfer to Bank Of China (provided the receiver has a BOC account) works fine and pretty fast. You just need the IBAN and Swift Code for the account.
Western Union works fine, although rather high fees. There are no real Western Union offices in China. It is China Post who acts as the WU main agency. Name should be fine if written in English, i have done it. No need to write in pinyin or in Chinese.
Buy a prepaid Debit card both Visa and Mastercard has these. Works without problem in China and you can recharge it online and check statement etc ..
You can also wire money to other banks in China like Construction bank etc but i would only recommend Bank Of China. They are pro and never had a problem with them.
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I think everyone on this site should be prepared to help others in need. I have just discovered how I can help. In the future just send me your money, I will make certain it gets to China. Amazingly, I am prepared to do this at no cost to you. Just don't ask me what will happen with your money once it gets to China. Your welcome!
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I think I would do the same as Shaun. I would set up a seperate account and get 2 bank cards to it. (I had a second one for my ex-wife on one account) That way you could put money into the account anytime you wanted to and she would have access to it right away. Yes, sometimes the bank will hold checks you deposit in the machine but if you have been a customer for a while at that bank you might be able to get them to remove the automatic hold put on the check. I did and I have never had them hold a check deposited in the machine. When I was in China I took out 1000 RMB with my bank card and the cost was minimal. I think it was $2.50. I will do this if my fiance needs any financial assistance but so far she has not needed any.
Dave C
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I gave Fiona my ATM card from wells fargo bank to use while I was back in the States. It worked well for her as long as we dont exceed $330 per day. While I wa back in the USA I opened a joint acccount for us and now she has her very own Wells Fargo ATM card. I also made arangements with Wells Fargo to connect my checking account with the Agricutural bank of China account I opened in Guangzhou. I will do a test transfer as soon as bo banks verify the account information. If that works I can move funds back and forth from Wellfargo and ABC online through the internet.
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Ok, how did you open a joint account while she is still in China? She isn't there to sign anything. That's something I would be interested in doing. I was thinking about opening a separate account in another bank and mailing her the card to use.
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Hi Neil,
I'm sure you could go to any bank and ask for a second card. How much you would need to keep in the account just to avoid fees is a different question. Some of these fees are getting up there, but I'm sure it's possible. You might also want to check to see if the bank she uses has a base here. I've noticed that there are some chinese banks in my area (not HSBC).
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Neil,
I used a small local bank. They are usually able to work with you more since they are the small guys in town. I told them what I was trying to do and we set strict parameters on the account for protection. I didn't really need protection with Peggy but I was thinking if someone stole a debit card from her they would run it up as quickly as possible. Then I opened a second checking account. It is in my name and my name on the card. I told the bank that the withdrawls would come from China only. It doesn't matter if she takes $50.00 out or $5000.00 out each transaction only costs me $1.25.
It is funny because every time I go into the office the people there ask if there is any news about Peggy coming to America. They are almost as excited as I am about it.
When I went to China last June I took the card with me and gave it to her. We went to the local BOC near Peggy's home and explained what we wanted to do. We negotiated an exchange rate and we are set. It is smooth and quick.
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Neil,
I opened the joint account last month when I went back to pay my taxes and settle some other business. They gave me a paper for her to sign. Without it she cant write checks but she can still ust the ATM card. While I was back i the USA i gave her my ATM card to use as I did not need it.
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i've been looking into this too... www.ikobo.com (http://www.ikobo.com) seems workable. First time you send money, they tack on a fedex fee and send the recipant a prepaid Visa card, after that, just a transaction fee and they recharge the prepay card again, the transaction fee is better than Xoom, moneygram, or Western Union.
US$2.25 an ATM withdrawal seems a little steep, but actually cheaper than overseas charges on my banks standard Cirrus logoed EFTPOS card if I just posted one of those over and that was used in an ATM there.
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my bank, Wells Fargo (west coast US) charges $8 for an international money transfer that takes 2-3 days. Your significant other has to use Agricultural Bank of China though. There are ABC banks all over China. You can check their website for more info. Goodluck!
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About prepaid VISA and other cards. They will work at most wesites and large chain stores and some banks will let you draw cash from the card. But forget about using them at local businesses and department stores. If ii's not a Credit card from a Chinese bank the will not even try to processess the transaction. Many times I have had the card just handed back to me without any explaination. That is why I have the ICBC and ABC accounts. AND the ABC account is tied to my wellsfargo account in the USA. And auburnkp
is correct. you can't sling a dead cat without hitting an ABC branch bank.
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I have an Forex Exchange Visa Prepaid Debit Card, and Mastercard Credit Card. The prepaid one works everywhere in Beijing atleast (even small department stores). If they accept international creditcards, the prepaid will work. It also worked everywhere in Dalian and Hong Kong. And ofcourse, all ATM´s. It may be a different story in smaller towns i dont know. The Chinese cards are the safest bet though. I got mine with internet banking on BOC very easily and these cards are never a problem here. They wont work on websites outside of China though.
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Mikael,
Yes Bejing is more accepting of foreign credit cards but I still had occasional trouble there. My wells fargo ATM card seems to work at all ATMs for cash withdrawals. But so far In Guangzhou I have had zero luck in purchases or restruants with my foreign credit card. In Shenzhen they sometimes take my USA credit card but copy my passport at the same time. I guess it is a matter of where you are and what you are purchasing. But they accept my Chinese credit card everywhere.
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Today put me in a bad mood and I just want to gripe about the banking system.
So this is what I sent to Wells Fargo.
Dear xxxxx
Just thought I would write and clue you in to the Agricultural Bank of China.
Today is Thursday the 26th of May and finally I have access to the money you transferred for me some months ago. The money came here in US dollars which they would not move into my account or convert for me without me appearing in person with my passport and spend about 30 minutes making a record of the transaction. It has been terrible getting into the bank here. It is much different here than in the US. If you want to be successful in speaking with a representative of the bank you need to get up at the crack of dawn and get into the queue outside the bank and still this is not a guarantee that you will be seen. It all depends on the type of business the people ahead of you are conducting. (Then man in front of me took 30 minutes). This is typical of Chinese banks. Customer service is practically not existent. They focus on self service and stock market transactions. All other business is very low in their list of priorities. This is the scene in every ABC bank I have tried so far and I have been trying for weeks at different locations in Guangzhou.
I arrived at the bank at 8:30 and there was already a long queue waiting outside. When the doors opened there were 36 people ahead of me and people were pushing and shoving to get their appointment number from the machine. The door opened at 9:00 am and the crowd rushed in. There were 3 teller windows but only one was in operation. Finally I got my turn at 11:15 I finished my business at 11:45. While I was there I asked the obvious question and the response was. No I could not do this sort of banking transaction online. I must appear in person with my passport.
If a bank behaved in this manner in the USA it's customers would soon abandon it and it would shut down in a short time however the banks here have agreements and collusions with many large businesses and government agencies which makes them somewhat immune to customer pressure. Too bad the Wells Fargo had to negotiate an agreement with these guys. Maybe they can do a better job next time. I welcome you to forward this memo up to you superiors at Wells Fargo and I hope that it ultimately finds its way to the email boxes of the ones responsible for negotiating the agreements with foreign banks.
So if I must endure this sort of agony each time I want to move money from my Wells Fargo account, I think I will opt out.
Is there any way that you can send the funds in Chinese currency (RMB) directly into my account so the funds are not held in purgatory until I come in to the bank?
BTW I only set up this transfer agreement if I want to purchase something expensive like a car. Other day to day expenses I just use my ATM card. Luckily I only transferred 100 dollars to test the logistics.
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Wells Fargo answer,
We are sorry that you are having difficulties in receiving money in China. We understand how you feel. However we do not have any influence over or understanding of Chinese banking policy. I would like to suggest that you use extreme caution while banking with ABC. As you well know they are purchasing Wells Fargo and will be implementing their policies here in America. After looking at your account I see that there has been a freeze put on it. It appears that you have angered someone at ABC and they have frozen your ass...ets. In the future we might suggest that you dispense with knocking down old Chinese women to get to the ticket window first. We have been assured that the lock on your ass...ets will be lifted. If this kind of behavior continues the next step will be applied which will be to lock your ass...ets up.
Secondly. Why would you want to purchase and drive a car in China. You are one crazy American. Even Willy stays off the streets and rides his electric scooter. I must tell you that even Chinese people are afraid to drive in China. Only the people who have need to drive do. The others drive busses or taxi's.
Regards,
Wells Fargo. ;D
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Today put me in a bad mood and I just want to gripe about the banking system.
So this is what I sent to Wells Fargo.
Dear xxxxx
Just thought I would write and clue you in to the Agricultural Bank of China.
Today is Thursday the 26th of May and finally I have access to the money you transferred for me some months ago. The money came here in US dollars which they would not move into my account or convert for me without me appearing in person with my passport and spend about 30 minutes making a record of the transaction. It has been terrible getting into the bank here. It is much different here than in the US. If you want to be successful in speaking with a representative of the bank you need to get up at the crack of dawn and get into the queue outside the bank and still this is not a guarantee that you will be seen. It all depends on the type of business the people ahead of you are conducting. (Then man in front of me took 30 minutes). This is typical of Chinese banks. Customer service is practically not existent. They focus on self service and stock market transactions. All other business is very low in their list of priorities. This is the scene in every ABC bank I have tried so far and I have been trying for weeks at different locations in Guangzhou.
I arrived at the bank at 8:30 and there was already a long queue waiting outside. When the doors opened there were 36 people ahead of me and people were pushing and shoving to get their appointment number from the machine. The door opened at 9:00 am and the crowd rushed in. There were 3 teller windows but only one was in operation. Finally I got my turn at 11:15 I finished my business at 11:45. While I was there I asked the obvious question and the response was. No I could not do this sort of banking transaction online. I must appear in person with my passport.
If a bank behaved in this manner in the USA it's customers would soon abandon it and it would shut down in a short time however the banks here have agreements and collusions with many large businesses and government agencies which makes them somewhat immune to customer pressure. Too bad the Wells Fargo had to negotiate an agreement with these guys. Maybe they can do a better job next time. I welcome you to forward this memo up to you superiors at Wells Fargo and I hope that it ultimately finds its way to the email boxes of the ones responsible for negotiating the agreements with foreign banks.
So if I must endure this sort of agony each time I want to move money from my Wells Fargo account, I think I will opt out.
Is there any way that you can send the funds in Chinese currency (RMB) directly into my account so the funds are not held in purgatory until I come in to the bank?
BTW I only set up this transfer agreement if I want to purchase something expensive like a car. Other day to day expenses I just use my ATM card. Luckily I only transferred 100 dollars to test the logistics.
Pineau,
If they convert the money stateside to RMB, you will most likely receive a lower exchange ratio. When I sent sent money to Bank of China to my wife I always wrote DO NOT Convert on the transaction document. My wife could get a better exchange rate in China than I could stateside! P.S. For some reason a Visa card is accepted in more places than other types such as Master Card, American Express, Diners, and travelers checks are a headache also since you have to deal with the banks there to cash them!
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Same here.
But I think he is talking about having money wired into his own account in China.
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If ABC has a branch stateside should be no problem, I know the Bank of China has a branch in New York, so maybe your bank has a branch in the US also!
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I always do a direct transfer to China in Aus Dollars. Ming then draws Aus dollars from the Bank and uses one of the "private" money changers who are always hanging around the Banks...she always gets at least
0.5 RMB extra per dollar over and above the Bank rate.
I try to keep a straight face when she excitedly tells me she got an extra 80 RMB this month.....works out at about $10 !!!!!...but it makes her happy so I go along with it.
But being as she can eat well for 4 days on 80 RMB I suppose I should bear that in mind...whereas $10 here in Perth might just get me a cup of coffee !!!
When in Rome..............
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The gripe I have with ABC is the unbearable wait trying to get your money. If your money is in RMB then you can get it easily from the ATM. But if you had US dollars sent to your account you will need to see a teller at the bank. A real pain in tha ass. I never had experienced such disregard for customer service in my life. But I have learned my lesson. Only use this method when I need a large amount for a major purchase. Otherwise just use the ATM.
As for my wife. We have a joint account in the US at Wells Fargo. She has her own ATM card and pin number. She can go get cash whenever she wants from the ATM machine.
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Just a tip for the other Americans and some other individuals around the world, if you have accounts with Chase (J.P. Morgan Chase Bank) anywhere, Chase does international bank to bank transfers in either your currency or the local currency to where you are transferring the funds. So for us Yanks that means we can transfer to BoC, ABC or any other international banking firm in China without those hangups. I thought Wells Fargo also had a similar service, but not totally certain on that.
Lloyd
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Before my last trip to Shenzhen I opened up a separate account with bank card especially for international travelers, I showed my wife how to use it then left it with her. Now i simply transfer funds either by phone or on line here and then tell her to go for it, I have complete control over the entire setup, hell that's a change
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Exactly!!!!!!!!!! ;D
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Just for info. Any Branch of teh Bank of China outside of China is seperate from the China Mainland ones.
You get no special arrangement by using them over any other. I have tried over the past two years.
Willy
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Yeh Vince G, the account i use is the National Australia Bank Gold card, they recommended it to me for overseas travel, the woman who set it up for me did a little back flip when i told her what it was for but then calmed down when i told her i was leaving it with my wife and that i would only put money in there when Yan needed it, she was cool with that.
Cheers
Leeroy
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Vince,
I opened another checking account. My bank has free no frills bank accounts. Then I sent the debit card to Peggy. I set the account up so that the bank know that there will be withdrawals from China only. I put a pin number on it that she would remember. Then I set it up to flag my email if Peggy tried to take out too much money. After doing this for 1 year she only takes our what I tell her to take out. If she had tried to take more out the bank was to reject the transaction. In face last week it would not let her have the money she was trying to get. It turns out that the new ATM machine swapped a few buttons. The button she pushed was telling the bank to take it our of my savings account. Once we realized what the problems was she got the money I sent to her. While I am in China I can transfer the money I need into the account and we make withdrawals as needed.
The best part is that it only cost me $1.25 per transaction and Peggy can argue in China for a better exchange rate. But there has been no need because we only used Bank of China and we get competitive rates every time. Construction Bank, not the exact name, are a bunch of thieves.
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Vince,
I used 2 different bank cards in China at the Bank of China ATM in Guangzhou. (2 different checking accounts) I had no problem using them. I also had no problem with my Visa card and LingLing negotiated the exchange rate at the bank for me. Yeah, I brought cash too. I did not want to get stuck there with no money.
Dave C
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I am on a roll at the moment. Made my 9th and 10th withdrawals from my Visa Debit cards today. That is a records as normally after 4 or 5 withdrawals I have to telephone the bank in UK to remove the temp block on my card as they fear it is being misused in China.
The Newly installed B of China a tmachines took a bit of getting use to. But I miss the Chinese announcement as the new machines speaks to me in English and to my wife in Chinese! Plus they have removed the option of only going for a maximum of 2500 rmb a time and now you can imput your own amount as long as it is in multiples of 100.
Willy
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Well I just check another sevice that allows you to send money online, called FundFone. I think their costs are $19.95 to send one hundred dollars instantly, which actually land in the users bank account.
That looks to meas if it is just for sending to banks inside Australia so no good for sending to bank in China.
Willy