Sending money to China

[mustfocus]

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).

[shaun]

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.

[Pineau]

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.

[Kiwi303]

i've been looking into this too... 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.

[auburnkp]

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!

[Pineau]

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.

[Mikael_Shim]

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.

[Pineau]

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.

[Pineau]

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.
 

[shaun]

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. 

[Robertt S]

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!

[shaun]

Same here.

But I think he is talking about having money wired into his own account in China.

[Robertt S]

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!

[David E]

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..............

[Pineau]

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.