Transferring Money from USD to CNY

[Charlie]

ratatoee wrote:

after a year working in chengdu I have left the city yesterday and exit with 12 000 usd and 19 000 rmb all in cash no body customs and check point as asking me any thing ! you can exit or enter with usd 10k maximum with out any justify over 10 k you need bank certify documents it’s ours ! you can exit and enter china with maximum 20k rmb so the regulations for a country communist its same like western country ! bye bye chengdu I having a good time there i was working at global center intercontinental hotel opening did , the peoples in chengdu are very kind unfortunately for me the weather is so bad no sun pollution and haze and the language difficulty there ” no one speak english ” make me leaving for those want to come chengdu I cns just say chengdu its not like shanghai and other city developed still for chengdu a long way to go to be international city but it will in next near futures ! peoples in chenghdu its whats I will miss most for their kind attitude Cheers from South Asia ^^

That took balls! Congratulations and good luck.

[Darsy]

So even with all the advice you guys have posted (thanks for the read) I need some clarification on how to get money from Australia to China (less than 10k) (without doing 1000RMB international ATM withdrawals with a 10AUD fee every time).

I have a China Construction Bank account – Would I be able to do a direct bank transfer between my AUD bank account and CCB once I activate online services with CCB?

OR would Western Union direct bank transfer be the option? Thanks

[Rick in China]

Look at the fees and make the decision at that point imo. If you do a bank transfer of funds, you typically wont get f’d on an exchange rate, however some bank’s int’l transfers have higher fees than WU. Are you currently in China or OZ? Personally I’d just carry it over (in AUD) and buy CNY when you arrive (at a bank, not an airport exchange). The exchange rate in OZ for CNY is fucking ugly, like 50-70rmb less per hundred than it should have been whenever I had to go AUD>CNY there. If you’re currently in China and need to transfer from OZ to China, I used to just use WU, which typically had a $40 fee or so (from Canada) whatever I used to transfer, a few grand I think. I always found WU way easier than banks, except now that I’ve got a streamlined transfer process with HSBC that involves zero fee….but even that requires me to go there in person with passport in hand at the initiation point of the transfer out which kinda pisses me off. WU: Convenient. Bank transfer: maybe, but double check your specific bank fees (sending bank fees, not receiving, there is no recipient side fee) and exchange rate at whichever point it’s converting currency..then compare that to whatever the local bank exchanges for. Good luck 😀

[Darsy]

If its just a matter of fees than it will be easy going. Yeah the exchange rate in oz was terrible. I only brought over 2k, wish I brought over more! I’m in chengdu now so I’ll just compare the fees with either option, transfer a small sum and see how it goes. Then will transfer what I need. Thanks for the advice !

 

[bolQAIyXu]

MB stands for?

[Author]

Posts