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I just transferred money to my account back in the US. The bank here (ICBC) charged me 200 RMB and the bank back home (Wells Fargo) charge me $16 USD. So I got hit a total of 300 RMB for the entire transaction. There has got to be a better way!! Please advise. Thanks!
I just transferred money to my account back in the US. The bank here (ICBC) charged me 200 RMB and the bank back home (Wells Fargo) charge me $16 USD. So I got hit a total of 300 RMB for the entire transaction. There has got to be a better way!! Please advise. Thanks!
Not many other options. If you are transferring money on a regular basis, save up and transfer on a less frequent basis to cut down on fees.
For comparison, Bank of America charges $12 for incoming intl wire transfers. If the RMB continues to strengthen, it will benefit you slightly.
I only pay around 80 RMB with ICBC. Not sure why the OP is paying 200. Receiving bank fees are dependent on the bank so nothing you can do there but I am pretty sure I don’t have any significant fees on the receiving end.
I also use ICBC and pay 200 RMB, don’t think there are any charges on the other side then. Not sure though… Also can not transfer more than $500US a day. Would love to know about a cheaper option, cause I send money over every month.
I do know that Bank of America and China Construction Bank have a no fee ATM policy between banks. So if you have someone trustworthy on the US side they can withdraw from your China Construction account using your ATM card, but of course you only get one ATM card so you will need to figure out how to get around the second card.
1 minute ago, Antonlvdm said:Also can not transfer more than $500US a day.
No, this is not completely correct.
With tax receipts, there is no daily limit in the amount of RMB you can exchange for other currencies.
To do this, you need:
– Passport
– Work Permit
– Resident Permit
– Company employment contract
– Salary certificate
– Tax receipts
To cut down on the fees, try cutting down on the frequency of transfers. Instead of 12 yearly transfers, do 3 or 4.
Wire transfers cost so I’d suggest just doing a few a year. The good news is that you can, when in the US, use your Union Pay card. I think ICBC has a Union Pay logo on it. You can use this at your Wells Fargo bank and take out the money there in USD (they might only allow you to do this using the ATM) and deposit the cash into your Wells Fargo bank account.
For those of you without a Wells Fargo account you can only use the Wells Fargo ATM, which has a daily maximum withdrawal of $800USD, and will then charge your account in China $5USD.
I did this with a Bank of China (also Union Pay) card recently and was only charge 19 RMB per daily $800USD withdrawal. This helped me take out the other 30% of my salary that I couldn’t legally electronically transfer.
The Agricultural Bank of China is cooperating with the West Union to do the remittance between China and the US. Most of the big branch offices of the Agricultural Bank of China can do that business.
Man, you guys are Neanderthals.
If you use remote deposit capture you can have your money sitting in your bank account in the US in minutes. The fee depends on the amount, but the maximum is something like ¥200. Sending $7,000 costs about ¥50.
/profile/35-lucylez/?do=hovercard” data-mentionid=”35″ href=”<___base_url___>/profile/35-lucylez/” rel=””>@LucyLez I’d like to know which banks in Shanghai offer international remote deposit capture for consumer accounts. Since personal checking accounts aren’t even offered in China, I’m curious to know.
You are confused.
No bank in China offers remote capture deposit. We are not discussing moving money to China. We are discussing moving money from China to the USA or other foreign country.
Learn to read.
/profile/35-lucylez/?do=hovercard” data-mentionid=”35″ href=”<___base_url___>/profile/35-lucylez/” rel=””>@LucyLez I wrote “international remote deposit capture,” meaning from China to the US. After all, this thread is about overseas money transfer and I didn’t say I wanted to move money into China. To clarify, I wanted to know where you got the check to remote capture for instant deposit to the US bank since consumer checking accounts aren’t offered in China. I’ve since figured that what you’re likely doing is buying a Demand Draft payable in US dollars from Bank of China, CCB, ICBC, or China Merchants Bank (or any other Chinese bank that has a branch in the US and is a member of the Federal Reserve).
Some US banks do not offer remote deposit capture for their consumer accounts. In that case, you would have to mail in the Demand Draft.
PS You are free to enlighten us, but personally I could do without your tone of superiority. Just give us the useful details and spare us the insults.
How about setting up a HSBC premier account here and in the US so that it’s free to transfer? Then if you transfer from HSBC US to a US local bank, I’m assuming it’s cheaper.
/profile/36-letsdoit/?do=hovercard” data-mentionid=”36″ href=”<___base_url___>/profile/36-letsdoit/” rel=””>@letsdoit My mistake. Learn how to write.
First of all, of the banks you mentioned, only ICBC and Bank of China offer foreign currency bank drafts.
You obtain a demand draft, and then use you US bank’s remote capture deposit app to have the funds deposited into your account. Of course, not every bank in the US offers this service, but most of the big banks do. If yours doesn’t, then you need to open an account at one that does. You can open accounts online.
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