<![CDATA[How to transfer money to bank accounts outside of China?]]> http://www.gochengdoo.com <![CDATA[How to transfer money to bank accounts outside of China? - Post by aurelia]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#5812
Does anyone have any experience with transfering relatively small amounts of money from Chinese bank accounts to, lets say, Canada?

How about in the form of bill payments to Canadian companies? Is there a way of getting company bank account information and having a Chinese bank account pay it? (for example, Mastercard).. Or, can I pay a Canadian Mastercard account here in Chengdu?

Thanks!]]>
Thu, 24 Sep 2009 19:02:14 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#5812
<![CDATA[How to transfer money to bank accounts outside of China? - Post by Jonason]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#5826 I know American Express didn't work in China.
But I think visa and mastercard can work in China.]]>
Fri, 25 Sep 2009 15:21:50 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#5826
<![CDATA[How to transfer money to bank accounts outside of China? - Post by cnbiz850]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#5902
If you are thinking about re-paying your recurring Canadian bills, I would investigate with your Canadian company and find out if it is possible for them to charge the monthly balance to your Chinese credit card every month. Then you only need to manage your Chinese bank account here every month. That would be the best.]]>
Mon, 05 Oct 2009 22:58:28 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#5902
<![CDATA[How to transfer money to bank accounts outside of China? - Post by Heather S]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#5972 Cheers]]> Mon, 12 Oct 2009 17:09:38 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#5972 <![CDATA[How to transfer money to bank accounts outside of China? - Post by lpm100]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#6041
I have tried to get one MANY times. What happens is: You go to the bank (alone or with a friend, the result is the same). The bank has you fill out some paperwork (they do it in a very half assed way, perhaps because they know you aren't going to get the credit card anyway). Weeks go by, and you don't get the credit card and you don't get any explanation as to why-- or any way to bring the matter to a conclusion. Also, I found that the words for getting a credit card were so techincal that I could not follow what was being said-- nor could my friend find ways to explain them to me in English.

I've tried this at: The Bank of China, China Construction Bank, and China Merchants' Bank. China Merchants' bank was really cute. They told me that I had to own a house in China (like the VAST MAJORITY of even Chinese people don't have) and have lived at the address for 5 years before they could even consider an application for me. In that event, my parents could cosign for the credit card-- but if and only if they were Chinese people.

I also have a friend who runs a book business here, and he has tried to get credit cards MANY times in the Mainland and failed.

You can not even get prepaid credit cards in Hong Kong. I tried to explain the idea of a prepaid credit card to a Chinese bank teller, and she kept reinterpreting the word as "debit card." (Also keep in mind that Chinese bank cards have no visa logo and can't be used outside of China/ Hong Kong/ Macau.)

The purpose of making credit cards so difficult to obtain is to stop people from skirting the capital controls. (You can get a suitcase full of cash and WALK out of China with it, but you can't electronically transfer anything.)

For paying credit cards down (in response to the other post), here is what I have found works:

1. Go to the illegal money changer in front of the Bank of China near TianFu Square and get the money in $20 or $50 bills. Then you can put them in envelopes IN THE PRIVACY OF YOUR HOUSE and with A4 paper wrapped around each bill so that you can't see what is in the envelope if it is held up to the light. Each envelope is $1 to send to Canada/ USA. So, for $300, that works out to 15 envelopes of $20 each. Or 6 envelopes of $50. (Or whatever. Sometimes I even put odd amounts in the envelopes.)

2. Have a check drawn up on the bank of China. I have not done this in several years, but at that time, the fee for a check drawn up on Bank of China New York was about 80RMB. But I sent that check regular mail and it took a month to get there. When I went to the bank to ask if the payment could be stopped (after about 3 weeks, I thought the check had been lost in the mail), they told me that if the check was lost that it could not be stopped and that was just my ass. So, it was really the logical equivalent of sending cash in the mail.

3. It also works to send the money EMS (and I have sent thousands of dollars back this way), with the caveat that you have to get the blue EMS envelope at one post office and fill out the address label and SEAL IT before sending it to the post office. The last time I tried to send cash in an EMS envelope, I didn't think to seal it and the bitch at the post office looked in the envelope and told me that she could not accept it because it was cash. So, I took exact same envelope and walked it to the next post office (500 feet away) and had the good sense to seal it. I asked for another label to make it look like I was writing something there in the post office and put the other label on the envelope. I registered it and sent $375 in the mail. It arrived in the United States 6 days later, intact. (Usually for amounts over $300, I just use the EMS.)

I can't remember how much it is to wire money to a bank, but I do remember that the expense was such that it made better sense to pay the 180RMB to just send it EMS.

Also: If you want to wire money, it cannot be done in Chinese RMB. So, you will have to buy from the black market (where you will lose money on the exchange rate) and then lose money again wiring. The US$ exchange rate is 6.85RMB:$1, but on the black market the best I have been able to get was 7.1RMB to the dollar.]]>
Sat, 17 Oct 2009 21:58:45 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#6041
<![CDATA[How to transfer money to bank accounts outside of China? - Post by lpm100]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#6042 Sat, 17 Oct 2009 21:59:27 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#6042 <![CDATA[How to transfer money to bank accounts outside of China? - Post by Aireline]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28802
You need a chinese bank account that can do online transactions.
A chinese paypal account and a UK/US paypal account.

First connect your bank account (I used ICBC) to your chinese paypal account.

Then send money to your UK/US bank account.

Login to your UK/US paypal and select 'withdraw' (which is free of charge.)

My money was in my Lloyds TSB 5 minutes later and ready to spend.

Transfers are 3%.

Easy!]]>
Fri, 29 Mar 2013 23:19:32 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28802
<![CDATA[How to transfer money to bank accounts outside of China? - Post by chengduJeff]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28815
If you work for a Fortune 500 company, or own a house in China (use ICBC or B of China) you can get a credit card with very little trouble.

Another option, which takes some forward thinking but may be your best option is to use a bank that operates both inside and outside China. I know you can do this with HSBC, without issues and I assume Standard Chartered and Citi would be similar if not the same.

1. Open a local HSBC at one of the branches in Chengdu.

I think they have 5 now. Also open another HSBC 'multi currency' account either in HK or in your home country. You can open a free "HSBC advance" account, which has few charges and less customer service or a "HSBC Premier" which might be the most flexible bank account in the world with relatively good customer service.

2. Transfer your money via online banking from your RMB account, to your other account. This can be done for free, with almost no currency spread, instantly online.

That's it! Either apply for a credit card using the account outside of China or pay directly from that account to wherever you need to send the money.

BIG ISSUE - You need to be in HK or your home country to open the local HSBC account there. If you take a trip to HK, all you need is your passport and a few thousand RMB to open the account, You can immediately go to the ATM and withdraw that money once its open. (about 5 mins later)

Need other financial advice? send me a PM and I'll set you up with a financial advisor in Chengdu.]]>
Tue, 02 Apr 2013 16:22:13 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28815
<![CDATA[How to transfer money to bank accounts outside of China? - Post by chengduJeff]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28816
foreigners are allowed to legally remit 100% of their earnings in China, so long as they pay local income tax. Meaning, you are not subject to capital controls as long as you, or your employer, are paying the proper taxes!]]>
Tue, 02 Apr 2013 16:23:40 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28816
<![CDATA[How to transfer money to bank accounts outside of China? - Post by Brittney]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28933 Sat, 27 Apr 2013 16:54:15 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28933 <![CDATA[How to transfer money to bank accounts outside of China? - Post by Marky]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28936 Sat, 27 Apr 2013 20:32:35 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28936 <![CDATA[How to transfer money to bank accounts outside of China? - Post by Brittney]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28943 Sun, 28 Apr 2013 15:12:27 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28943 <![CDATA[How to transfer money to bank accounts outside of China? - Post by Aireline]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28945 Sun, 28 Apr 2013 23:20:02 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28945 <![CDATA[How to transfer money to bank accounts outside of China? - Post by ggggg]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28946
I sent some money twice to my spanish account in this way, I paid about 5% as transfer fee. For me seemed to be an expensive way of money transfer. A simple bank transfer should be cheaper.]]>
Mon, 29 Apr 2013 12:17:43 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28946
<![CDATA[How to transfer money to bank accounts outside of China? - Post by Marky]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28948
I'd recommend you ask the bank to turn on the SMS notifications... You can msgs every time money goes in or out of your account and if you make a transaction online they message you the password to enter on the website rather than always having to carry a USB device around with you.

You can transfer up to 1000$ before you need to verify your PayPal account - so just try to transfer a small amount to start off with and then you can verify your account later.]]>
Mon, 29 Apr 2013 21:01:43 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28948
<![CDATA[How to transfer money to bank accounts outside of China? - Post by Gosunkugi]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28949 Tue, 30 Apr 2013 14:16:35 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#28949 <![CDATA[How to transfer money to bank accounts outside of China? - Post by Brittney]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#29138 Sat, 25 May 2013 16:52:57 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#29138 <![CDATA[How to transfer money to bank accounts outside of China? - Post by Aireline]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#29139 Sat, 25 May 2013 17:29:34 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#29139 <![CDATA[How to transfer money to bank accounts outside of China? - Post by Aireline]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#29140 Sat, 25 May 2013 17:29:45 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#29140 <![CDATA[How to transfer money to bank accounts outside of China? - Post by WhiskyDill]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#29143
For larger sums chinese people are allowed to send 20,000/year abroad tax free. If you want to send a large sum, give it to your friend (who you trust) and ask them to TT it to your bank account abroad. There is a transfer fee of a couple of hundred RMB rather than 3%.]]>
Sun, 26 May 2013 14:37:46 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#29143
<![CDATA[How to transfer money to bank accounts outside of China? - Post by WhiskyDill]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#29144
For larger sums chinese people are allowed to send 20,000/year abroad tax free. If you want to send a large sum, give it to your friend (who you trust) and ask them to TT it to your bank account abroad. There is a transfer fee of a couple of hundred RMB rather than 3%.]]>
Sun, 26 May 2013 14:37:48 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#29144
<![CDATA[How to transfer money to bank accounts outside of China? - Post by Brittney]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#29161 Wed, 29 May 2013 14:27:05 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#29161 <![CDATA[How to transfer money to bank accounts outside of China? - Post by Aireline]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#29164
Wikipedia says: "China Construction Bank is a member of the Global ATM Alliance, a joint venture of several major international banks that allows customers of the banks to use their ATM card or check card at another bank within the Global ATM Alliance with no transaction fees when traveling internationally. However, handling costs and VISA processing fees may be applied." I've heard this fee is just 1%.

Yeah, withdrawals are limited to 1000 rmb per transaction but you can make unlimited withdrawals in a day. Seems like the most cost effective way to go.]]>
Wed, 29 May 2013 23:21:48 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#29164
<![CDATA[How to transfer money to bank accounts outside of China? - Post by invisible]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#32751 Mon, 22 Jun 2015 17:12:39 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#32751 <![CDATA[How to transfer money to bank accounts outside of China? - Post by WildKid]]> http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#32780
1. You can go to the bank with specific evidence of your employment (contract etc), hours worked, earnings, and tax paid (the last on official forms). All of these have to agree to the letter. You'll almost certainly need a good deal of cooperation from your school, or whatever organization is paying you. Also, the Tax Bureau is very late to supply tax receipt forms to employers, and even when they do, they very really agree with the employers' records - and won't be changed. So, you could fight your way through all that, as I have done several times. Reserve an entire afternoon even if all goes well.

2. Any Chinese national can wire money abroad so long as it is for 'shenghuofei' (living expenses). So if you have a Chinese national you know well, they can do this for you. They fill out the Chinese part of the form, you fill out the English (SWIFT code, routing number etc). Last time I and my wife did this it took us 25 minutes, and the money was in my bank the same afternoon. Fees are modest (100 yuan) and the exchange rate is almost the international middle rate. In my experience ABC has been a good and friendly bank for international transfers.

3. There is a separate form for transfers of $500 or less, which can be done with no problem.]]>
Fri, 26 Jun 2015 07:02:34 +0000 http://www.gochengdoo.com/en/forums/thread/1846/how_to_transfer_money_to_bank_accounts_outside_of_china#32780