Job Discussion Forums

[JoeKing]

When I was in the ROK a few years back, one of the cheapest ways to send money home was to send either a money order, traveler's check, or cashier's check directly to my bank. It was relatively safe but it's only an option if you have the luxury of time, as it takes 7 to 14 days to reach the US(for example). The costs for buying said checks was only a few bucks at most, as was the cost to send it.

This worked quite well for me in the ROK to avoid the excessive transfer fees. Is there anything that will prevent me from doing this in China? Banks there sell those types of checks, right?

[johntpartee]

I've seen exactly ONE check since I've been here, I got it at a middle school last summer (the headmaster handed me a stack o' cash and the check, I signed it and he took it away).

Everyone else with whom I've had occasion to mention monetary transactions via paper has been totally confused.

So I guess the answer is I don't know, but I'd be interested to find out.

(This probably should have been Off-Topic, OP.)

[JoeKing]

[Non Sequitur]

Like job offers - think package.
Compare total costs from RMB in your account here to US$ (or whatever) in your bank at home.
Foreign exchange fees or stamp duties are part of the deal too.
Often your home bank will debit your account with a foreign currency fee separately and sometimes not on the same day as the money turns up.

[JoeKing]

[Non Sequitur]

The devil is indeed in the detail!

[sui jin]

If you are sending money home for another person to use there, you could ask your bank here to make two (Unionpay) cards, and then send one card home, and the person there could withdraw cash directly from an ATM. .... (not sure how much the ATM fee would be, though.)

[JoeKing]

[JoeKing]

Ok, it's been over 3 months since I posted and I never really pursued sending money home using some kind of bank draft because a)no one seemed to think it could be done, and/or b) it seemed it would be more trouble than it was worth even if it could be done. This just boggled my mind that you could not walk into a bank and buy some kind of "bank draft" to send home.

But I went on my bank's website (ICBC) a few days ago to see what I needed for a electronic transfer and stumbled upon this:

"Option 2: Demand Draft

☆ Introduction
If you need to pay for overseas individual/organization in foreign currency, buy foreign currency draft at ICBC, then have it in hand and withdraw abroad or pay to overseas individual/organization, or mail the draft directly to overseas individual/organization as payment. "Foreign currency Draft" refers to a bank note issued by ICBC as you require, amount marked in foreign currency. Customer can have the draft in hand during travel, and use it to pay or draw cash in foreign currency while overseas.

☆ Features
1. Multi-currency, wide coverage: Draft issued in 9 currencies. Draft can be paid at banks in countries and regions around the world.
2. Low cost: Low fee to buy and collect the draft.
3. Safe and convenient: After draft is opened, services of refund, report loss, and stop-payment are also available to protect your money."

I'm telling you, if you have to send money home every month, this adds up to a big savings on fees. But again, it only works if you have the luxury of time - the week or two that it takes to mail.

However, I still have one BIG concern. I never ever had a problem mailing home from South Korea in my three years there, but from what I have read, mailing from China, which I have not tried yet, is pretty much hit or miss. Yes, ICBC offers stop-payment service.....but still. Any one know if the P.O. has registered mail or the equivalent??

[mw182006]

Speaking second hand, yes. My colleague just had a dispute with the post office and they told him that in the future he should send his items insured, but it had to be from a specific branch. A demand draft reads just like an official check, which I may be interested in doing myself. It would seem much easier to just have them cut me a check for my remaining balance before I leave for the summer...assuming I would be back the following term in case of any issues. That way it's a one time thing and I wouldn't have to a) involve a student, b) pay more in fees, c) transfer on a regular basis, d) do much paperwork, e)tc. I imagine your local bank in the states(?) will probably put a longer hold on the funds compared to a domestic deposit. Let me know how it works out for you.

[JoeKing]

[mw182006]

Cool. I have no bills to pay back home so this would not be a monthly thing for me. I'd just have them cut me a check before I fly home for the summer. Seems MUCH easier to go this route for me.

[JoeKing]

[J.C.]

Why would you even waste time and money with the post office?

With the demand draft, your iPhone and your bank's app you can usually do a remote deposit. Your bank's app will instruct you how to endorse the check, position it for photograph of front and back and within ten seconds the money is sitting in your US bank account.

It's called remote deposit or remote capture and all the big banks and credit unions have it now.

[JoeKing]