Transfer money from China to USA options?

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    I recommend going through fidelity. schwab is nice, but they are picky **** who LOVE closing out accounts if anything flags, then you’re stuck with nothing for 4-6 weeks till they send you a check for your balance. fidelity… they’ll do remote checks basically without limits as long as you call em. I’ve done a series of 2ks and a pair of 100ks, never an issue.

    Going the other way round, on ATM… fidelity hits a 1%, schwab is a theoretical 0, but it works out to about 0.7%, but the risk isn’t worth the hassle. The 3% brigade (more or less all the other majors) are a complete joke. For wires, there’s HSBC, but their premier ain’t all that great, as you’re stuck with their shitty shitty rates. HSBC is worth it for the online wires without much in the way of limitations for like $30 a go due to lack of middleman fees. At a 1% rate vs. ATMs, eh, basically anything over $3k just do a wire unless you’re tapped.


    Hi, I am looking at transferring about RMB 50,000 monthly or RMB 150,000 every 3 months for my mortgages back home. I am more interested with those underground or black market way to save my hassle. Just for information all my money is legal and will have tax receipts. Anyone can recommend me one? Would be most appreciative. I have still not started working in Shanghai yet but would like to make early preparation before I come. Thanks guys


    The problem with us forex is I will be losing alot on the multiple exchange rates ( I might be wrong) and its not an option for me. Have anyone tried the “Non-Conventional” method of wiring money abroad? Are they reliable? What is the difference as compared to the conventional banks or places like western union?


    /profile/42-henry78/?do=hovercard” data-mentionid=”42″ href=”<___base_url___>/profile/42-henry78/” rel=””>@henry78 What are you talking about?

    You have RMB, you exchange it for US$. Where do you get “multiple” exchange rates out of this?

    And just how do you figure that a black market operation uses a more favorable rate than a legal one?

    “Non-Conventional” methods of wiring money abroad? You mean like sticking the cash in a bottle sealed with a cork and throwing it in the ocean? Seriously, Homer, you’ve been watching too many cartoons. You either go through a bank or bank-like entity or give the cash to some stranger who will promise to deliver the money to your bank in the US. Just which do you think will cost more, the legal method or the illegal method? Oh, wait … don’t think, it’s going to hurt. Even if it were cheaper to go the underground route, you are talking about sending piss-ant amounts so you’d probably save something like $5.

    Something smells fishy here. Was it a long trip from your planet to Earth?

    You’re an English teacher, right?


    /profile/35-lucylez/?do=hovercard” data-mentionid=”35″ href=”<___base_url___>/profile/35-lucylez/” rel=””>@LucyLez Hi Moron,

    Thanks for your reply. Why do you people always assume the whole world comes from America? The multiple exchange in rates that I was referring to when using your forex method is that I have to change it to US dollars and changing it back to the currency from the whatever planet I came from.

    I asked the question with much sincerity and I believe if an informative reply with personal experience can and will help many new visitors to this website.

    I have 0 experience with wiring money in China and hence my question. But from the few other countries that I have previously worked or studied in before, I/we use to send money via the Indian muslim money changer and they are so cheap and efficient. In some case, the day I send the money (in cash), within the next hour or so the money is delivered by hand to my family’s home for a mere cost of RMB 30 equivalent. Can a conventional bank do that?

    And thanks for your compliment but No I’m not a teacher. I’m not that qualified.

    I hope someone with real experiences can lend a helping hand here??

    Thanks in advance


    There is absolutely no multiple currency conversion involved. If you have RMB then you can change it to whatever currency you want directly. I am from England and the rates are almost market rates, certainly much better than back in England.

    I think you may have been confused by credit card payments in foreign currency because there I do believe it is converted to USD.

    Hope that helps and please ignore our rather rude friend who thinks she knows everything and that everyone else should know what she knows.

    It’s the internet and even pleasant people often become a**holes when they start interacting online.


    Thanks for the info and rather assuring there are nice people left in Shanghai and the internet.

    I admit that I am a total fool in forex or any modern edge finance kind of stuff. Im still stuck in the era of traveller’s cheque and the normal banking kind of stuff. But like many I had fears with the black market ways of sending money, but those Indians money changer prove reliable and efficient to me and I do hope they exist in Shanghai. If it was local Chinese that handles the black market money wiring then I would not be bothered by sending even a single cent. I somehow don’t trust the local Chinese there. But the Chinese elsewhere outside china especially the english speaking ones are great so far.



    I recently moved back to Shanghai where I am now living and working. I am looking for the most efficient way to convert my RMB salary from my Chinese bank (bank of communications) to USD and my home bank account. I am looking to explore other options to international wire transfer between to two banks. Any ideas or input would be appreciated. I read through most of this post and hoping that there may be more current stratagies to this problem


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