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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.
Lol just noticed China Merchants Bank has a limit of 500RMB per transaction per day. Guess it’s out of the question for me 🙁
Lol just noticed China Merchants Bank has a limit of 500RMB per transaction per day. Guess it’s out of the question for me 🙁
Quote:Lol just noticed China Merchants Bank has a limit of 500RMB per transaction per day. Guess it’s out of the question for me 🙁Dang, that’s the bank that I use also. It’s probably worth opening another account to move a large amount of money though (still max 5,000 for most of them).
Quote:Lol just noticed China Merchants Bank has a limit of 500RMB per transaction per day. Guess it’s out of the question for me 🙁Dang, that’s the bank that I use also. It’s probably worth opening another account to move a large amount of money though (still max 5,000 for most of them).
Just checked paypal (since i sold items on ebay). It seems that est date when funds will be avail are nearly 10 business days. I guess when using this, its best to plan ahead. Not sure if this is the case when transferring from banks in China to Paypal. Can someone who done this check if the availability of funds?
Quote:@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.So I enabled online services for my bank account and added my UnionPay card to my PayPal account. I’m waiting for the verification, but I checked out some stuff and it seems that withdrawals (wire transfer) from PayPal to Chinese Bank are only possible in USD. Also, there would be several fee’s charged…?
“Wire Transfers are sent in USD, so please make sure that your China bank account can receive funds in USD.”
“Wire Transfer Fee: PayPal charges a fee to send a wire transfer to your bank account.
Bank Charges: Banks that handle a wire transfer may charge a processing fee. This amount can vary depending on the individual banks.”
So actually it’s the same as transferring money from my Belgian bank account to my Chinese one? That’s expensive 🙁
Am I overlooking something?
Can someone help me? If anyone has ICBC plz help!! Not sure where to go on the ICBC transfer portion for this.
Hey Justin, if you can help that would be great. What are the steps to link Unionpay (ICBC) with Paypal?
I was at ICBC bank for nearly 2 hours with them going in circles. Now i have to dish out 50 USD to transfer 1000 USD, so thats a 5% waste or rather.. 50 USD waste.
Help would be great and resourceful to many of those who are in the same situation.
Justin has the info and I’m sure he’ll get back to you but just a side note… I’m interested in doing this also and I’ll document every step that it takes to get it done and then publish a post about the process on the blog.
Really glad that Brendan and Justin got the ball rolling with this.
Yea, ICBC has allot of red tape. I am searching paypa to try to link it, but it is unable to. The only option that i beleive is viable is to create a another paypal account and correspond it with the Chinese bank. And use that money to send to the US account. Very combersome and very costly. Could easily be a 4-6% charge total…
Palpal instructed me to open a second account. Go to paypal.com open an account with a different email and choose your location as “China Worldwide”. Now you’ll be able to add Union Pay cards.
Make sure your bank account is set up for online purchases, ICBC would have given you a scratch off card or a USB device. Then just add your card info and bank account as normal and wait to be verified. I had trouble verifying my account because the bank set my name up as all one word, paypal said this is pretty common in China. You can verify manually by sending them a copy of your passport and maybe something from the bank.
The actual transaction was kind of cumbersome the first time I tried. You request the amount to send in USD from your Paypal account. Once you confirm the amount, an ICBC pop-up window appears and you have to log in and confirm the purchase from there with either a scratch off code or a usb device. Internet Explorer is a must as ICBC’s website won’t work with anything else. To save frustration and error messages, make sure you know how much your purchase limits are set for.
To get money to my bank in the US, I send a payment from my Chinese paypal to my US paypal, then deposit into my bank account. Setting it up is a little tricky, but once its working, its easier and cheaper than going to the bank.
Thank you justin!
Just made my 2nd paypal account. You are right, the name on ICBC is tricky. I had to recreate the 2nd one to match the name on the bank records.
Hopefully the two small deposits will go through, hopefully it will not be 5-7 days.
The rough area for percentage could be .5% (from Chinese bank to paypal) and 3.9% (to receive it in the states.. roughly). These are the figures i got from paypal website. Not bad if you want to transfer small amounts. Big amounts, not sure about that. But this is less hassle i would imagine… But bills needs to be paid!
Nice! If the deposits don’t go through, just call them and ask for help with a manual verification or they might call you. I think you are able to send up to $500 before you’re verified. Try it out and see if you can get it to go through.
If you use a VPN, try to only log in when its not active. I was signing in from China and then with the VPN from America or the UK and had my account limited. Just one more hassle if you have to get it “unlocked.”
Thank you! It works!!!
Create 2 paypal accounts, one corresponding to each bank in a respective country.
And the VPN is true, i logged onto my paypal (US) with the vpn off, which did cause some problems. I logged off, signed onto my vpn and then US paypal, then it worked fine.
Though the fees are excessive for high amounts. Great for small amounts, i paid about 40 dollars in fees (out of 1000, Which will be a monthly thing for me).
Ill look at the bank option, hopefully it will be better, yet with allot of red tape. But thanx again! It a great way to send money with no hassle!!
Quote:Though the fees are excessive for high amounts. Great for small amounts, i paid about 40 dollars in fees (out of 1000, Which will be a monthly thing for me).Sounds pretty reasonable. Before this I heard of people smuggling stacks of renminbi across the border illegally!
I remember using a black market money exchange guy who would come to your house and swap renminbi for dollars, too. Looks like there’s no longer a need for that.
I know these posts are a bit old, but I am hoping to get some help! My husband and I are teaching in Wuhan, China. We have bank accounts at China Merchants Bank with UnionPay cards (no Visa or Mastercard logos on them). We need to be able to transfer money to our US Bank account to pay bills that we continue to have in the States. I am sorry to be so dense, but can someone help me, step-by-step, to figure this out? We are paid in a few days and need to get some money transferred asap. Thanks!
Hey Maren,
1) Do you have a paypal account back home (US)? Is it verified? You will use a VPN to only access this account.
2) If so, create another paypal account with your China Merchants Bank card. Be carefull with the name, I had issue with the first name and last name, do it exactly as its said on the card! For me, mines reads last name first and first name last. Also have your address that was opened with the bank in pingyin. Note: you have to use another email account.
3) Once you got those set up, do the verification as asked for the Chinese Paypal, then after a few days, send money. Not sure with your bank, but i have to use a USB verification thingy. For security purposes. Hopefully you do not have to do that.
There are other methods to do this, like going to your bank and wiring it. That will take lots of time and energy. First you have to change RMB to USD. If its a small bank, you will probably be assed out, because small banks can’t change to USD.
Oww, do not turn on your VPN if you are going to open a Chinese paypal. If paypal sees you are using the same IP address for 2 paypal accounts, they will lock you out. Happened to me on my US account once.. Not cool…
So for Chinese Paypal, no VPN… US Paypal, VPN.
Once that is done and money is in your US paypal, have it sent out to your US bank. Thusly, after 3-4 business days, you will see $$$ in the bank.
Hope this helps. I just paypal’d recently, took me…. 3 minutes.
Th
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