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U99A
Joined: 12 Jan 2013
Posts: 64
Location: P.R.C
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 Posted: Mon Jan 06, 2014 7:23 am Post subject: |
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OMG this sounds too good to be true!
I've been wondering how the heck to get my money out of here. |
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mw182006
Joined: 10 Dec 2012
Posts: 310
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| Posted: Mon Jan 06, 2014 12:57 pm Post subject: |
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| So, any update OP? I still need to make the trip to a BoC... |
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J.C.
Joined: 08 Dec 2013
Posts: 29
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| Posted: Mon Jan 06, 2014 1:12 pm Post subject: |
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It worked last Friday.
It cost me ¥50 to get a $3,050 demand draft, which was in my US bank account within 5 minutes of getting home. |
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chinatimes
Joined: 27 May 2012
Posts: 478
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| Posted: Mon Jan 06, 2014 3:00 pm Post subject: |
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Use a bank, transfer. In 3 days or so it will show up in your account, voila!!!
Why do people have to make things so complicated?  |
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mw182006
Joined: 10 Dec 2012
Posts: 310
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| Posted: Mon Jan 06, 2014 3:13 pm Post subject: |
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| chinatimes wrote: |
Use a bank, transfer. In 3 days or so it will show up in your account, voila!!!
Why do people have to make things so complicated? |
Adding nothing to the conversation as usual.
Discuss. |
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JoeKing
Joined: 30 Apr 2008
Posts: 519
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| Posted: Tue Jan 07, 2014 12:36 am Post subject: |
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| mw182006 wrote: |
| So, any update OP? I still need to make the trip to a BoC... |
I have not tried it yet - have not needed to. Other funds(insurance claim check) I was not expecting were deposited into my account so there was no rush to send money over or set up the accounts suggested by others.
I still plan to....... |
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J.C.
Joined: 08 Dec 2013
Posts: 29
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| Posted: Tue Jan 07, 2014 12:58 am Post subject: |
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| chinatimes wrote: |
Use a bank, transfer. In 3 days or so it will show up in your account, voila!!!
Why do people have to make things so complicated? |
Finding it complicated says more about you than the process.
Is it really that complicated to use your iPhone, Android or home scanner to capture an image of a check for you? And why wait three days when you can get the money posted to your account in 5 minutes at less than half the cost? |
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choudoufu
Joined: 25 May 2010
Posts: 3325
Location: Mao-berry, PRC
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| Posted: Tue Jan 07, 2014 1:35 am Post subject: |
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| chinatimes wrote: |
| Why do people have to make things so complicated? |
demand draft 50 rmb
photo/scan 0 rmb
text/email 0 rmb
deposit 0 rmb
TOTAL 50 rmb
swift/TT fee 200 rmb
intermediary 90 rmb (15 usd)
wire accept 90 rmb (15 usd)
TOTAL 380 rmb |
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J.C.
Joined: 08 Dec 2013
Posts: 29
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| Posted: Tue Jan 07, 2014 1:45 am Post subject: |
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| choudoufu wrote: |
| chinatimes wrote: |
| Why do people have to make things so complicated? |
demand draft 50 rmb
photo/scan 0 rmb
text/email 0 rmb
deposit 0 rmb
TOTAL 50 rmb
swift/TT fee 200 rmb
intermediary 90 rmb (15 usd)
wire accept 90 rmb (15 usd)
TOTAL 380 rmb |
Excellent analysis! 
May I add:
Demand draft: 5 minutes
TT: 3 days
This really does appear to be a nobrainer. |
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choudoufu
Joined: 25 May 2010
Posts: 3325
Location: Mao-berry, PRC
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| Posted: Tue Jan 07, 2014 1:58 am Post subject: |
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| J.C. wrote: |
| May I add...... |
you may.....but you'll be making it more complicateder!
next thing, you'll be calculating the savings assuming sending
half a dozen wire transfers per year.
lessee, sending money quarterly, and........oh, my head hurts!
math is hard!
ah, well......i can still teach engrish..... |
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ben.detw
Joined: 14 Feb 2013
Posts: 41
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| Posted: Tue Jan 07, 2014 2:33 am Post subject: |
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Currently, I have bank accounts at China Merchants bank, SPD, and China Commercial bank.
Also, in the US I have a Chase account with the application on my phone for scanning and sending the check.
Can I use the bank draft from China merchants bank. Or does it have to be BOC?
Thanks,
Ben |
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J.C.
Joined: 08 Dec 2013
Posts: 29
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| Posted: Tue Jan 07, 2014 2:51 am Post subject: |
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| ben.detw wrote: |
Currently, I have bank accounts at China Merchants bank, SPD, and China Commercial bank.
Also, in the US I have a Chase account with the application on my phone for scanning and sending the check.
Can I use the bank draft from China merchants bank. Or does it have to be BOC?
Thanks,
Ben |
China Merchants Bank does not sell bank drafts. At least up until recently, the only banks which sell bank drafts are Bank of China and ICBC.
By the way, I have used Chase's app and deposited checks. It's pretty good. |
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ben.detw
Joined: 14 Feb 2013
Posts: 41
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| Posted: Tue Jan 07, 2014 3:00 am Post subject: |
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I see, thanks for the confirmation.
I opened two accounts at China Merchants in my name. One account is for me here in China, and the other for my mom in America.
My plan is to make monthly transfers between my accounts (10RMB) and have my mom withdraw the money with the China Merchants ATM card I give her and have her deposit the cash into my Chase account physically at the Chase branch.
What do you think of this plan? What are the fees associated with withdrawing money in the US from a Chinese ATM card? What is the maximum I can withdraw from the US ATM machine using a Chinese ATM card (China Merchants)? |
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J.C.
Joined: 08 Dec 2013
Posts: 29
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| Posted: Tue Jan 07, 2014 3:28 am Post subject: |
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| ben.detw wrote: |
I see, thanks for the confirmation.
I opened two accounts at China Merchants in my name. One account is for me here in China, and the other for my mom in America.
My plan is to make monthly transfers between my accounts (10RMB) and have my mom withdraw the money with the China Merchants ATM card I give her and have her deposit the cash into my Chase account physically at the Chase branch.
What do you think of this plan? What are the fees associated with withdrawing money in the US from a Chinese ATM card? What is the maximum I can withdraw from the US ATM machine using a Chinese ATM card (China Merchants)? |
Your plan may work.
At one point China UnionPay had reduced their fees to encourage overseas use. I don't remember exactly, but it was something like just ¥10 per ATM transaction. I'd be more worried, though, about the fees your local ATM operator will charge.
I think maximum is something like $600 per day in ATM withdrawals. You'd have to ask China Merchants Bank about that. If it is $600, it will take her three days to drain the account. It'll likely cost you more in fees that getting a bank draft, but on the positive side you wouldn't have to deal with the pain-in-the-neck foreign currency exchange crap in China. |
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CHINOISE
Joined: 09 Dec 2012
Posts: 62
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| Posted: Fri Jan 10, 2014 3:34 pm Post subject: |
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I believe there is a 500 dollar per limit currency exchange limit for foreigners and a 2000 per month remittance limit.
This is great because it seems to by-pass the monthly remittance limit.
In my case, I have 7500 dollars to send home, so I was planning to make use of my Chinese friend by transferring the money to her, and having her exchange it and remit it to my account back home all in one visit to the bank.
But could I save 300RMB by simply having her get a BOC USD bank draft made out to me and then take a photo of the check and upload it to my Chase checking account in the US?
I guess if it didn't work, she could just deposit the check back into her account and we could do my original plan...
seems too easy |
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