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Thought this would be useful to a few of you… It lists all banks of China, with instructions for crediting your PayPal account.
This is interesting. Would this be a good method to get my RMB cash to my US bank accounts?
Deposit yuan to Chinese Bank account > paypal > US account
So you can send money via Paypal with a UnionPay card using this info…
THANK YOU!!! This is really helpful.
Have you tried this yet? It looks to me like it’s for “payments” rather than directly transferring funds, but I don’t know the details on PayPal or the limits they’ve got around this.
If it replaced wire transfers, I have a hard time seeing banks be so cooperative..
PayPal is for making ‘transactions’, be it for online purchase/payment, transfer, or by any other accepting institution. I’ve used it for both on numerous occasion within the UK and Canada.
I can see what Rick is saying, the fact that this service exists doesn’t mean that it will work for us. At least not until someone is coming here to testify that that’s the case. Ray got a Visa card at his Chinese bank but it didn’t actually end up working if I remember correctly.
Like I say, I’ve used it many times, as have many eBay users with bank accounts. Once the funds are in your PayPal account, you dictate where it’s paid to. Anyone with a PayPal account can ‘cash out’ to their bank/building society account at any time. I posted it here specifically for people interested in using it for this purpose.
Hm.. what I was more concerned with is whether or not it allows China bank cards to submit cash to your paypal ‘charge’ account. I know with my credit card, I’ve had to use PayPal to pay for something, but it only charged out to a merchant – while my PayPal has my Canadian CC registered, I don’t think I can put cash to the paypal service itself…but just pay out to a merchant via the PayPal service, almost like an intermediary. If you’re able to give this a shot and transfer ‘cash’ to your paypal account, then extract it to a foreign bank, I think money transfer problems would be solved..would be good to hear once someone does this successfully.
I’ve already stated I’ve used this on numerous occasion for both purchase and transfer, hence posting the information in the first place (!!). I send home $400 monthly for my son, and pay $2 commission on this. Again, once the money is in your account, you designate who it is paid to. This can be done using an email address, the only stipulation being that the recipient holds a PayPal account. Also in this post is a link to the information provided by PayPal giving instructions for each Chinese Bank, on how to set up your Chinese account for funds transfer.
Please refrain from critiquing posts before actually investigating fully yourself, the information that has been given for the purpose of informing people on this forum. Forum users, including myself, are less interested in your apparent need to voice a (bewildering) contention to fact, than they are in being given something of actual worth and use.
And if you have further contention, feel free to PM. Just keep it away from these posts.
OMG!
Can u also deposit from PayPal TO a Chinese bank account and/or do you know out of ur head what it costs?
I’ve been very annoyed by the fact I have to pay about €5 every time I withdraw 2500rmb and I need to pay everything with my visa over here (including rental and stuff). So far lost about €50 to transaction fees in the past 3 weeks.
OMG!
Can u also deposit from PayPal TO a Chinese bank account and/or do you know out of ur head what it costs?
I’ve been very annoyed by the fact I have to pay about €5 every time I withdraw 2500rmb and I need to pay everything with my visa over here (including rental and stuff). So far lost about €50 to transaction fees in the past 3 weeks.
Somewhat relevant for Americans.
You can withdraw from your Bank of America account from China Construction ATMs with absolutely no fees. BOA has some stake in CCB and therefore allows you to do this.
Somewhat relevant for Americans.
You can withdraw from your Bank of America account from China Construction ATMs with absolutely no fees. BOA has some stake in CCB and therefore allows you to do this.
@Vincent: once you have tied an account to PayPal and verified it with them (this is done by PayPal making 2 minor deposits to the account, and having you authenticate the transaction numbers), you are free to move monies between the accounts. This is done without transfer fee, and exchanged at the current forex rate.
@Vincent: once you have tied an account to PayPal and verified it with them (this is done by PayPal making 2 minor deposits to the account, and having you authenticate the transaction numbers), you are free to move monies between the accounts. This is done without transfer fee, and exchanged at the current forex rate.
This is a GREAT resource! Will take advantage of this when i get there next week!
Minus the 3 day wait (for funds to be ready), this is probably the cheapest way of sending money.
This is a GREAT resource! Will take advantage of this when i get there next week!
Minus the 3 day wait (for funds to be ready), this is probably the cheapest way of sending money.
I can’t wait to try this out either. This’ll make transferring money out of China so much easier since everyone probably already has a Paypal account.
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