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CHINOISE
Joined: 09 Dec 2012
Posts: 62
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 Posted: Tue Jul 23, 2013 6:20 am Post subject: How much do you pay to transfer money back home |
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I haven't transferred any money from China yet. I'm waiting for my next paycheck here soon. I know I'll need a native to help me send more than 500$. I was wondering how much other teachers are spending on this end to wire money home.
Is it more than 100 RMB? |
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mwaltman
Joined: 07 May 2013
Posts: 78
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| Posted: Tue Jul 23, 2013 8:59 am Post subject: |
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| Ask your bank. They have their own fees as a percentage or flat fee of the amount transferred. |
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Bud Powell
Joined: 11 Jul 2013
Posts: 1736
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| Posted: Tue Jul 23, 2013 3:20 pm Post subject: |
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Are you going to wire it or transfer it to your home bank account?
If your school hasn't begun paying your income tax, you may not be able able to transfer any amount from a Chinese bank to out of the country. I just read up on that. Do a search here. There were a few people who had problems making transfers of any amount and (worse) converting rmb to another currency without the help of a native Chinese. The conversations go back a few years, but I don't think things have changed much. Most of it depends upon your location and if your FAO/employer is remitting income tax. If you work for a public school or university, it's unlikely that your FAO is remitting income tax.
I hope that things have changed. I intend to return to the PRC next spring.
YOUR MILEAGE MAY VARY! |
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roadwalker
Joined: 24 Aug 2005
Posts: 1750
Location: Ch
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| Posted: Tue Jul 23, 2013 9:59 pm Post subject: |
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I wired money to my US bank in the spring of 2013 (this past spring). My bank wouldn't or couldn't do it before so I didn't bother asking. I just withdrew the RMB from my bank and asked a Chinese student to come with me to Bank of China, which may be the only bank in town that will change money. (Your area may be different.) The cost for the exchange (rate was near or equal to xe. com) was 50 RMB and the cost of the wire transfer was 150 RMB. You have to exchange for dollars before the transfer.
Bear in mind that your home bank will likely charge a wire transfer acceptance fee because, well because they can. $15 or more is common. |
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KopiKopi
Joined: 01 May 2011
Posts: 49
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| Posted: Wed Jul 24, 2013 4:11 am Post subject: |
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Paypal? I did not try it, but from a logistical POV it seems possible. I opened a PayPal account in China and one in the US. Linked my banks. I am currently in the US and PayPal lets me send funds to my Chinese PayPal email and send from the Chinese paypal email to the American one. I have not yet tried to FUND my Chinese PayPal from my Chinese bank, but if I can, I don't see why I cant transfer funds that way...
Oh, my US PayPal account is my BUSINESS account, so it may make a difference. |
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Non Sequitur
Joined: 23 May 2010
Posts: 4724
Location: China
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| Posted: Wed Jul 24, 2013 5:05 am Post subject: |
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This topic has been well traversed in recent times, but using a local Chinese student or colleague to lend their name to the transaction at BOC, seems to be as straightforward and economical as any other.
Having to use a local as a 'go between' at your local BOC, seems a bit laughable, given the statement in many contracts that you are allowed to remit 70 percent of your salary home.
Western Union is another possibility, but conversion to US is necessary and if you don't live or bank in the US, a further conversion cost ie US$/AU$, should be built in as well as a foreign currency fee and a document fee of some kind. This is in addition to the flat WU fee of $25 per transaction.
Taking it out in RMB notes, avoids all but one conversion but the security issue then arises.
In my country, airport banks and currency exchanges, take pretty well any amount of RMB notes, so you can offload it as soon as you hit the ground. |
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chinatimes
Joined: 27 May 2012
Posts: 478
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| Posted: Wed Jul 24, 2013 5:49 am Post subject: |
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I have gone into banks showed them the money with my Chinese friend that I wanted to transfer, they look at me and say they can't do it or they will only do about 3,000 RMB with 10% fee. But if I just hand the money (with the teller looking) to my friend and he does it the teller doesn't bat an eyelash and quickly gets the forms out 
Also check out the China Postal banks for cheaper fees (about 90). |
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Non Sequitur
Joined: 23 May 2010
Posts: 4724
Location: China
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| Posted: Wed Jul 24, 2013 8:40 am Post subject: |
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| chinatimes wrote: |
I have gone into banks showed them the money with my Chinese friend that I wanted to transfer, they look at me and say they can't do it or they will only do about 3,000 RMB with 10% fee. But if I just hand the money (with the teller looking) to my friend and he does it the teller doesn't bat an eyelash and quickly gets the forms out
Also check out the China Postal banks for cheaper fees (about 90). |
Yeah it's crazy.
I recall when I first sent money home (2004) it was a rigmarole but I could do it without a Chinese and in my BOC branch.
We've now become 'non persons'
So much for China's 'opening up'. |
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kev7161
Joined: 06 Feb 2004
Posts: 5880
Location: Suzhou, China
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| Posted: Wed Jul 24, 2013 2:27 pm Post subject: |
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| Quote: |
| I'll need a native to help me send more than 500$. |
Really? Why is that? I send home $1500.00 every month with nary a Chinese friend around. The lady who is usually behind the counter speaks English (unless you are in some backwater town, then I'd guess you'd be able to find SOMEONE who can speak and understand English). I go to the same bank every time so I am recognized and the other lady upstairs who takes my wire transfer paper also recognizes me. Unless the government is doing something screwy with banks that day, I'm usually in and out in less than half an hour.
| Quote: |
If your school hasn't begun paying your income tax, you may not be able to transfer any amount from a Chinese bank to out of the country. |
I assume my school pays the taxes they take out of my pay (I just negotiate for a net pay and don't worry about them). However, I never have had to submit some proof of income tax in order to wire money out. One may have to do that to exchange larger amounts of money. I only exchange $500.00 at a time, 3X a month, which is the maximum amount allowed by just showing your passport. For some that may be a pain, but my bank is close enough to my home that it doesn't bother me. It's not like I have some hugely busy life in the afternoons.
| Quote: |
Bear in mind that your home bank will likely charge a wire transfer acceptance fee because, well because they can. $15 or more is common. |
I bank with China Construction Bank and they charge a fee of 90 rmb to wire $1500.00. If I want to wire, say, $2000.00, the fee will increase a bit more. My Credit Union at home will charge a $10.00 receiving fee, so I'm paying roughly $22.00 a month to send home $1500.00.
You might be able to save money by using Western Union, but of course someone will have to physically pick up the money for you and deposit it into your bank account. I was having a relative do that for me before when I first moved here, but decided paying a fee to have a direct deposit was easier for her and simpler for me.
Everyone's experiences with this issue will vary depending on where in China you live and which bank you use, but I still maintain that a majority of us can exchange and wire money on our own with the proper documentation (your passport being the #1 item). It might be a bit confusing the first time out and a Chinese friend could prove very helpful in this case, but after that one should be fine on their own. |
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Non Sequitur
Joined: 23 May 2010
Posts: 4724
Location: China
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| Posted: Wed Jul 24, 2013 7:41 pm Post subject: |
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| kev7161 wrote: |
| Quote: |
| I'll need a native to help me send more than 500$. |
Really? Why is that? I send home $1500.00 every month with nary a Chinese friend around. The lady who is usually behind the counter speaks English (unless you are in some backwater town, then I'd guess you'd be able to find SOMEONE who can speak and understand English). I go to the same bank every time so I am recognized and the other lady upstairs who takes my wire transfer paper also recognizes me. Unless the government is doing something screwy with banks that day, I'm usually in and out in less than half an hour.
| Quote: |
If your school hasn't begun paying your income tax, you may not be able to transfer any amount from a Chinese bank to out of the country. |
I assume my school pays the taxes they take out of my pay (I just negotiate for a net pay and don't worry about them). However, I never have had to submit some proof of income tax in order to wire money out. One may have to do that to exchange larger amounts of money. I only exchange $500.00 at a time, 3X a month, which is the maximum amount allowed by just showing your passport. For some that may be a pain, but my bank is close enough to my home that it doesn't bother me. It's not like I have some hugely busy life in the afternoons.
| Quote: |
Bear in mind that your home bank will likely charge a wire transfer acceptance fee because, well because they can. $15 or more is common. |
I bank with China Construction Bank and they charge a fee of 90 rmb to wire $1500.00. If I want to wire, say, $2000.00, the fee will increase a bit more. My Credit Union at home will charge a $10.00 receiving fee, so I'm paying roughly $22.00 a month to send home $1500.00.
You might be able to save money by using Western Union, but of course someone will have to physically pick up the money for you and deposit it into your bank account. I was having a relative do that for me before when I first moved here, but decided paying a fee to have a direct deposit was easier for her and simpler for me.
Everyone's experiences with this issue will vary depending on where in China you live and which bank you use, but I still maintain that a majority of us can exchange and wire money on our own with the proper documentation (your passport being the #1 item). It might be a bit confusing the first time out and a Chinese friend could prove very helpful in this case, but after that one should be fine on their own. |
That is so weird..
Anyone bank with Construction Bank and can do likewise?
By $1500 Kev you mean around 10K RMB? |
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Big Worm
Joined: 02 Jan 2011
Posts: 171
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| Posted: Thu Jul 25, 2013 12:12 am Post subject: |
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| Protip: Get an extra atm card for your account. Send it to someone at home. Find an atm with minimal/no fees (yes, they do exist). Take out usd. Deposit into your account. |
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kev7161
Joined: 06 Feb 2004
Posts: 5880
Location: Suzhou, China
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| Posted: Thu Jul 25, 2013 1:59 am Post subject: |
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| Quote: |
| By $1500 Kev you mean around 10K RMB? |
Actually, these days it's closer to 9K. |
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chinatimes
Joined: 27 May 2012
Posts: 478
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| Posted: Thu Jul 25, 2013 2:26 am Post subject: |
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| Big Worm wrote: |
| Protip: Get an extra atm card for your account. Send it to someone at home. Find an atm with minimal/no fees (yes, they do exist). Take out usd. Deposit into your account. |
You can only do 500 USD at a time. Each time, they charge a fee.
If you have a lot, it is better to transfer once. |
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rogerwilco
Joined: 10 Jun 2010
Posts: 1549
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| Posted: Thu Jul 25, 2013 2:36 am Post subject: |
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| Big Worm wrote: |
| Protip: Get an extra atm card for your account. Send it to someone at home. Find an atm with minimal/no fees (yes, they do exist). Take out usd. Deposit into your account. |
My account is at ICBC, and they told me that it is not possible for them to give me an extra ATM card. |
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Big Worm
Joined: 02 Jan 2011
Posts: 171
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| Posted: Thu Jul 25, 2013 2:52 am Post subject: |
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They are full if carp. Not possible, as in against the laws of physics? I'm pretty sure if Bill Gates or Donald Trump showed up, the laws of physics would magically change. Open an account with another bank (BoC will do this,I know), move your money once a month. A lot of ppl do that.
Regarding the limitation, I'm not sure about that. I don't actually do that trick, but a few of my coworkers do. Makes sense there would be a daily limit on atm withdrawls tho. All depends on fees, AND how much of a pain it is to transfer opposed to doing the atm thing. Fees involved in transfers, headaches from dealing with chinese banks have to be figured in. |
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