| View previous topic :: View next topic |
| Author |
Message |
keeperofpythons
Joined: 28 Jan 2010
Posts: 152
Location: zhu san jiao
|
 Posted: Tue May 21, 2013 8:43 am Post subject: |
 |
|
| GreatApe wrote: |
| After the exchange, I went to a branch of China Postal Savings Bank and wired the money to the USA via the Western Union service in the bank branch itself. It cost me $25 USD to wire $2,000 USD. |
Correct me if I am wrong, but according to my understanding, you took USD cash to a Western Union yourself (ie: NOT with a Chinese national and their ID card) and you were able to do the transfer without having to show where it came from (insofar as your transaction with them did not involve RMB)? I'm wondering because there is a bank about 200m from my apartment building and was wondering if I could get USD cash, with the help of a Chinese national and their ID card, and then go to a Western Union, solo, at a later date that's convenient for me and send the money home without needing a Chinese person (because the cash is USD) to help me bypass the limits. |
|
| Back to top |
|
 |
johntpartee
Joined: 02 Mar 2010
Posts: 3258
|
| Posted: Tue May 21, 2013 9:22 am Post subject: |
|
|
| Quote: |
| had to pay a fee for the privilege |
How much? |
|
| Back to top |
|
|
hochhasd
Joined: 03 Jul 2008
Posts: 422
|
| Posted: Tue May 21, 2013 9:37 am Post subject: |
|
|
| GreatApe wrote: |
I just exchanged 12, 360 RMB this past weekend here in Dongguan for
$ 2,000 USD ... I got a 6.18 exchange rate on the RMB, and had to pay a fee for the privilege. The X-Exchange rate online at the time was 6.13, so I feel like I got a pretty good deal considering the weekend before I was going to transfer the money from an ICBC and they wanted to give me a 7.1 exchange rate.
What I did was find the local Wal-Mart in DG which has a wide variety of clothing stores which also run an exchange business on the side. Don't know if you have anything like that where you live and work.
After the exchange, I went to a branch of China Postal Savings Bank and wired the money to the USA via the Western Union service in the bank branch itself. It cost me $25 USD to wire $2,000 USD.
Hope this helps.
--GA |
Cross your fingers the bills are good. These guys hang out in front of BOC.  |
|
| Back to top |
|
|
roadwalker
Joined: 24 Aug 2005
Posts: 1750
Location: Ch
|
| Posted: Tue May 21, 2013 9:54 am Post subject: |
|
|
| I've recently exchanged and wired to my US bank account (technically, my Chinese friend exchanged my money and wired it to my US account) and the rates at Bank of China haven't changed since the last time: RMB 50 for the exchange, at near the official rate, and 150 for wiring the funds to the US account. |
|
| Back to top |
|
|
johntpartee
Joined: 02 Mar 2010
Posts: 3258
|
| Posted: Tue May 21, 2013 10:02 am Post subject: |
|
|
| Right now the exchange rate for USD is 6.13843 (xe.com) and BoC's exchange rate is 6.1469 with no fees. One of the few areas in which they excel. |
|
| Back to top |
|
|
Non Sequitur
Joined: 23 May 2010
Posts: 4724
Location: China
|
| Posted: Tue May 21, 2013 8:10 pm Post subject: |
|
|
If you factor in the 'fee' you mention plus the US$25 for Western what was the overall cost for the transaction?
The devil.. etc |
|
| Back to top |
|
|
GreatApe
Joined: 11 Apr 2012
Posts: 582
Location: South of Heaven and East of Nowhere
|
| Posted: Wed May 22, 2013 9:19 am Post subject: |
|
|
hochhasd wrote:
| Quote: |
| Cross your fingers the bills are good. These guys hang out in front of BOC. |
You can trust the guys hanging out in front of the BOC if you choose. I wouldn't advise it. Instead, go into a local, established consumer shop and do business with a man (or woman) who runs a currency exchange on the side. Ask other foreigners what they do to exchange their currency (which is how I found the shop where I went). It's NOT brain surgery. Find an established businessman or woman whose store is going to be there next week, next month, next year. It's not difficult.
I had NO problems with either the shop, the owner, or the currency he gave me. Brand new, newly minted $100 dollar bills with pictures of Mr. Franklin on them. Every single one of them was accepted by the young lady at China Postal Savings Bank and the transaction was complete in less than an hour.
People who do large currency transactions and get fooled by a bunch of counterfit bills are careless and don't know what they're doing. It's not difficult to tell when bills (Chinese or American) are fake if you know what you're looking for.
--GA |
|
| Back to top |
|
|
hochhasd
Joined: 03 Jul 2008
Posts: 422
|
| Posted: Wed May 22, 2013 9:38 am Post subject: |
|
|
| GreatApe wrote: |
hochhasd wrote:
| Quote: |
| Cross your fingers the bills are good. These guys hang out in front of BOC. |
You can trust the guys hanging out in front of the BOC if you choose. I wouldn't advise it. Instead, go into a local, established consumer shop and do business with a man (or woman) who runs a currency exchange on the side. Ask other foreigners what they do to exchange their currency (which is how I found the shop where I went). It's NOT brain surgery. Find an established businessman or woman whose store is going to be there next week, next month, next year. It's not difficult.
I had NO problems with either the shop, the owner, or the currency he gave me. Brand new, newly minted $100 dollar bills with pictures of Mr. Franklin on them. Every single one of them was accepted by the young lady at China Postal Savings Bank and the transaction was complete in less than an hour.
People who do large currency transactions and get fooled by a bunch of counterfit bills are careless and don't know what they're doing. It's not difficult to tell when bills (Chinese or American) are fake if you know what you're looking for.
--GA |
There was a similiar types of places in a country that can't be mentioned,but starts with S and the second words letter starts with a K. The difference was I had no limits on what I could exchange there. |
|
| Back to top |
|
|
GreatApe
Joined: 11 Apr 2012
Posts: 582
Location: South of Heaven and East of Nowhere
|
| Posted: Thu May 23, 2013 12:22 am Post subject: |
|
|
hochhasd wrote:
| Quote: |
| There was a similiar types of places in a country that can't be mentioned,but starts with S and the second words letter starts with a K. The difference was I had no limits on what I could exchange there. |
I understand.
To get around the exchange limit, I send money myself and have the wife --who is a Chinese National-- send money too. It works out pretty well, although it's a few hours time during the weekends, but the wife and I basically turn it into a "shopping day" and just try to enjoy it.
If you're not married, it would work just as well with a trusted friend who's a Chinese National.
--GA |
|
| Back to top |
|
|
wangdaning
Joined: 22 Jan 2008
Posts: 3154
|
| Posted: Thu May 23, 2013 12:59 am Post subject: |
|
|
I just give my wife the RMB. She puts it in her ICBC account. At home, online, she purchases the dollars through online banking and then transfers it to the account in the US.
Simple, especially if you are near an ATM that accepts deposits. |
|
| Back to top |
|
|
GreatApe
Joined: 11 Apr 2012
Posts: 582
Location: South of Heaven and East of Nowhere
|
| Posted: Thu May 30, 2013 12:31 am Post subject: |
|
|
keeperofpythons wrote:
| Quote: |
| Correct me if I am wrong, but according to my understanding, you took USD cash to a Western Union yourself (ie: NOT with a Chinese national and their ID card) and you were able to do the transfer without having to show where it came from (insofar as your transaction with them did not involve RMB)? I'm wondering because there is a bank about 200m from my apartment building and was wondering if I could get USD cash, with the help of a Chinese national and their ID card, and then go to a Western Union, solo, at a later date that's convenient for me and send the money home without needing a Chinese person (because the cash is USD) to help me bypass the limits. |
I took the USD to a Western Union SERVICE which was located in a China Postal Savings Bank and they wired the money to the states to a stateside Western Union. I used my passport as I.D. and filled out the paperwork myself. I did not have to show the people at China Postal Savings Bank any documentation as to where the USD came from.
--GA |
|
| Back to top |
|
|
Non Sequitur
Joined: 23 May 2010
Posts: 4724
Location: China
|
| Posted: Thu May 30, 2013 8:57 pm Post subject: |
|
|
| GreatApe wrote: |
I just exchanged 12, 360 RMB this past weekend here in Dongguan for
$ 2,000 USD ... I got a 6.18 exchange rate on the RMB, and had to pay a fee for the privilege. The X-Exchange rate online at the time was 6.13, so I feel like I got a pretty good deal considering the weekend before I was going to transfer the money from an ICBC and they wanted to give me a 7.1 exchange rate.
What I did was find the local Wal-Mart in DG which has a wide variety of clothing stores which also run an exchange business on the side. Don't know if you have anything like that where you live and work.
After the exchange, I went to a branch of China Postal Savings Bank and wired the money to the USA via the Western Union service in the bank branch itself. It cost me $25 USD to wire $2,000 USD.
Hope this helps.
--GA |
GA. What process and cost (rate and fee) did you go through to get the US$? |
|
| Back to top |
|
|
Fanyi
Joined: 01 Nov 2011
Posts: 47
|
| Posted: Sat Jun 01, 2013 12:13 pm Post subject: China Union Pay |
|
|
| What about just withdrawing the money back home in the States? I'm pretty sure I saw the ChinaUnionPay symbol in my local Chinatown's ATM, and read online that they are expanding their network, has anybody tried this/know the exchange rate you get/ if ordinary UnionPay bank cards work for this? |
|
| Back to top |
|
|
kungfuman
Joined: 31 May 2012
Posts: 1749
Location: In My Own Private Idaho
|
| Posted: Sat Jun 01, 2013 1:15 pm Post subject: Re: China Union Pay |
|
|
| pbdecker04 wrote: |
| What about just withdrawing the money back home in the States? I'm pretty sure I saw the ChinaUnionPay symbol in my local Chinatown's ATM, and read online that they are expanding their network, has anybody tried this/know the exchange rate you get/ if ordinary UnionPay bank cards work for this? |
Works just fine. Downside is there is some fees involved. Hell, I even used my China UnionPay atm card at a US Walmart to pay AND get cash back with no problem at all.
Plenty of US banks take UnionPay now.
Fees could add up over the long term. Over the short term it's the best idea for accessing your money out of China. |
|
| Back to top |
|
|
GuestBob
Joined: 18 Jun 2011
Posts: 270
|
| Posted: Sat Jun 01, 2013 1:18 pm Post subject: Re: China Union Pay |
|
|
| kungfuman wrote: |
Fees could add up over the long term. Over the short term it's the best idea for accessing your money out of China. |
Second this, do it if you can. I change money myself at my local BOC (legally, what witchcraft!) and taking it out through an international withdrawal is still cheaper than wiring it home. Obviously this doesn;t work if you don't go "home" so... |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
