Getting Money out of China with Bank of China Demand Drafts

There are some people that think purchasing Demand Drafts is the BEST option to get your money out of China, but after having done it several times, I now think that if you value your TIME, it’s doesn’t offer a huge advantage over Telegraphic Transfer (wiring the funds).

Last time I went to Bank of China for a Demand Draft, there was no line so I was able to go straight to the teller without a wait, but the transaction itself took 90 minutes. 90 minutes! And then, of course, there may be a bit of a wait when you have to go back to pick it up. In my several Demand Draft transactions, I was only once able to receive it immediately after purchasing. All the other times, the manager needed for the signature was not around so I had to come back at a later date for pick-up. You must have an account at BoC and your ATM card with you in order to purchase a Demand Draft there.

For an idea on fees at BoC for a Demand Draft, it is a little over 90 RMB for 15,000USD or a bit over 50RMB for 5,000USD.

At ICBC there is a 150 RMB fee for an outgoing wire, plus a small percentage of the amount being transferred, with a MAXIMUM that is actually very reasonable (though i forget the exact figure). I think if you are a VIP customer at certain banks, it could be even cheaper. Bear in mind that your bank accounts abroad will charge a fee for an incoming wire, my American banks charge $15.

Many tout the greatness of Remote Deposit for the Demand Drafts, but my banks in the US have low maximum daily/monthly aggregates when using the Remote Deposit feature for Personal accounts, so for my circumstances, a Telegraphic Transfer is both more time and cost efficient for international remittance of LARGE sums.