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Hello!
What could be the most efficient and cheapest way to transfer cash (rmb) to a foreign bank account?
West Union excluded, as far as I know it is pretty expensive.
Moreover, I’m aware that Bank of China would take 7.6 % from the total amount, which obviously is pretty decent cut. Does anyone of you know cheaper service than this?
I used Western Union, but I think is expencive like you said… last week I received money from Italy to China, by online bank transfer to my Bank of China account and the fee was near 20 euros.
Maybe if your bank allows an international bank transfer that’s the better way…
Opening an account at Bank of China you only need 20-30rmb and it’s really fast, with only passport required.
When you have SWIFT CODE and IBAN you can do money transfer (China haven’t IBAN but I used my Bank of China card number).
I sense that creating an account in Bank of China would still not spare me of this 7.6% of transaction fee.
Check out this thread: Transferring money OUT of China
For countries where Union Pay is accepted (definitely UK, but not sure where else) you can just mail your card to a friend in that country, get him to take out cash and then deposit it into the necessary bank account. I think there is a limit of some sort, but I have happily transferred RMB10k per day without any questions. Rates depend on the bank, but for BOC it’s very very competitive and in my experience it’s by far the cheapest and fastest way of repatriating funds to the UK.
I know a guy who is a Nigerian prince, and if you wire the money to him, he will give you a share of his inheritance, which is currently locked in a Swiss account. #Trolling
Wire money from bank to bank should be cheapest. Go bank and ask about ‘dian hui’. Usually charge 0.1% of total amount and take 3-5 business days.If banks are business parters of each other, cheaper and faster. good luck!
bankers are greediest on the planet, chinese bankers are worse, (and meaner, mind me)! so, if you don’t want a record or such, use west union. otherwise, pay the banker whoever charges you less.
others, like Brendan here, have tried to transfer the dough through paypal. it seems to be the cheapest if you can tie them together.
transnational banks, like citibank, still have problems in currency transfer.
anyone has a better way, please share it here.
Just came across of many discussions about this infamous topic about money transfer in China.
In conclusion, as i understood, the easiest way is to get a Chinese mate to take their ID card and do it in their name.
Btw, a year old posts noted about varied trasnaction fees + 0.1 % of the amount. In contrary, I was recently told in BoC that the transaction would actually cost 7.6 % of the total amount and has to be worth not less than 200 rmb.
Pretty depressing…
Hi Margus:
dian hui is money wire transfer in chinese.
I did this when I was in china one year ago. I don’t think bank will charge you more if you’re not chinese. BOC charge 150 RMB service charge and 0.1% of the total to be transferred,Bank of Communications,80 RMB service charge, 0.1% of the total to be transferred. You may need to offer swfit code of the bank you want to transfer to, and the bank account information both sending and receiving parties.Bank wants your passport, tax and empolyment information too. In order to advoid disppointment, It’s good idea go BOC ask about papers they want.
Bottom line: avoid blackmarket money exchangers, you will get ripped off or worse. it’s good if you have a trusted chinese friend or fluent yourself.
‘others, like Brendan here, have tried to transfer the dough through paypal. it seems to be the cheapest if you can tie them together’
I tried to link my wife’s card to PayPal without success.Went to the local CCB.Tellers don’t know.Asked for the manager…He is at home.No assistent manager!F.unbelievable. Will have another go.Only in China?
‘others, like Brendan here, have tried to transfer the dough through paypal. it seems to be the cheapest if you can tie them together’
I tried to link my wife’s card to PayPal without success.Went to the local CCB.Tellers don’t know.Asked for the manager…He is at home.No assistent manager!F.unbelievable. Will have another go.Only in China?
Paypal charges 5% flat rate (to and from). Anything over 1200 USD in one shot is not worth it. Might as well:
1) Exchange RMB to USD (or your perferred currency)
2) Bring that to a bank (western union)
3) Send it overseas.
This was explained in other thread….
Paypal charges 5% flat rate (to and from). Anything over 1200 USD in one shot is not worth it. Might as well:
1) Exchange RMB to USD (or your perferred currency)
2) Bring that to a bank (western union)
3) Send it overseas.
This was explained in other thread….
Thank alot for the info guys !
Just one more thing: are u aware if banks are going to be closed the whole upcoming holiday week?
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