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J.C.
Joined: 08 Dec 2013
Posts: 29
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 Posted: Fri Jan 10, 2014 4:59 pm Post subject: |
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| CHINOISE wrote: |
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 |
Yes, sometimes there is a $500 per day currency exchange limit. It depends if you wish to jump through all the hoops and provide tax documentation and related junk. I've never heard about a $2,000 per month remittance limit, but you could be right.
Yes, you can save ¥300 by having your friend buy a US$ demand draft (hui piao) at Bank of China. Tell her to have your name as payee on the draft and you are all set. You then log into Chase's online banking and using your iPhone (I think you can also use a scanner or Android phone, but not sure) it will walk you through the process. It really is simple. I have deposited Bank of China demand drafts to Chase and never had problems. It is really easy.
I would advise going online and reading the Chase remote deposit FAQs first. I usually deposit less than you and never had problems. Still, you need to make sure what their daily transaction limits are. If it's less than $7500 then you can always mail the check to them for deposit. |
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J.C.
Joined: 08 Dec 2013
Posts: 29
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| Posted: Fri Jan 10, 2014 5:03 pm Post subject: |
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Chase FAQs:
Is there a limit to the amount I can deposit in one day or one month?
Yes. You can deposit up to $2,000 per day per account, and up to $5,000 per month per account using Chase QuickDeposit. |
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Welcheronymus
Joined: 08 Aug 2009
Posts: 49
Location: The Middle Kingdom
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| Posted: Tue Jan 14, 2014 3:52 pm Post subject: |
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| J.C. wrote: |
Yes, sometimes there is a $500 per day currency exchange limit. It depends if you wish to jump through all the hoops and provide tax documentation and related junk. I've never heard about a $2,000 per month remittance limit, but you could be right.
Yes, you can save ¥300 by having your friend buy a US$ demand draft (hui piao) at Bank of China. Tell her to have your name as payee on the draft and you are all set. You then log into Chase's online banking and using your iPhone (I think you can also use a scanner or Android phone, but not sure) it will walk you through the process. It really is simple. I have deposited Bank of China demand drafts to Chase and never had problems. It is really easy.
I would advise going online and reading the Chase remote deposit FAQs first. I usually deposit less than you and never had problems. Still, you need to make sure what their daily transaction limits are. If it's less than $7500 then you can always mail the check to them for deposit. |
J.C., thanks for all the very helpful info on this. I have been in China a few months teaching and have started to look into how to do transfer money back to America. What you've described is much easier than the option I have been told about which involves swift codes and the like.
Just so I understand how this works, I start by going to the Bank of China (where I have an account) with a Chinese colleague/friend. I give them RMB which they convert to US $. They then get a demand draft (hui piao) with me as the payee. After that, I follow my US bank's process for scanning and sending the check. Is my understanding of this correct?
If so, looks like I need to find a US bank that has remote deposit (I don't have a smart phone). |
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J.C.
Joined: 08 Dec 2013
Posts: 29
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| Posted: Wed Jan 15, 2014 1:01 am Post subject: |
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| Welcheronymus wrote: |
| J.C. wrote: |
Yes, sometimes there is a $500 per day currency exchange limit. It depends if you wish to jump through all the hoops and provide tax documentation and related junk. I've never heard about a $2,000 per month remittance limit, but you could be right.
Yes, you can save ¥300 by having your friend buy a US$ demand draft (hui piao) at Bank of China. Tell her to have your name as payee on the draft and you are all set. You then log into Chase's online banking and using your iPhone (I think you can also use a scanner or Android phone, but not sure) it will walk you through the process. It really is simple. I have deposited Bank of China demand drafts to Chase and never had problems. It is really easy.
I would advise going online and reading the Chase remote deposit FAQs first. I usually deposit less than you and never had problems. Still, you need to make sure what their daily transaction limits are. If it's less than $7500 then you can always mail the check to them for deposit. |
J.C., thanks for all the very helpful info on this. I have been in China a few months teaching and have started to look into how to do transfer money back to America. What you've described is much easier than the option I have been told about which involves swift codes and the like.
Just so I understand how this works, I start by going to the Bank of China (where I have an account) with a Chinese colleague/friend. I give them RMB which they convert to US $. They then get a demand draft (hui piao) with me as the payee. After that, I follow my US bank's process for scanning and sending the check. Is my understanding of this correct?
If so, looks like I need to find a US bank that has remote deposit (I don't have a smart phone). |
Yes, that's it in a nutshell.
Remember that not every Bank of China can issue a demand draft and some have a $1000 limit. This is due to signature authorization restrictions of the branch managers. You will encounter smoother service in larger branches.
Some US banks only offer the remote deposit service with smartphones. Some allow traditional scanning, also. Check out various US banks to see which one is best for you. Check out their deposit limits, too. Alliant Credit Union is pretty good and you can join online.
But whatever you do, go through the remote deposit terms and conditions very carefully! Some have limits (such as Chase, above) and some have limitations for new customers. |
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Welcheronymus
Joined: 08 Aug 2009
Posts: 49
Location: The Middle Kingdom
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| Posted: Sat Jan 25, 2014 3:51 pm Post subject: |
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| J.C. wrote: |
Yes, that's it in a nutshell.
Remember that not every Bank of China can issue a demand draft and some have a $1000 limit. This is due to signature authorization restrictions of the branch managers. You will encounter smoother service in larger branches.
Some US banks only offer the remote deposit service with smartphones. Some allow traditional scanning, also. Check out various US banks to see which one is best for you. Check out their deposit limits, too. Alliant Credit Union is pretty good and you can join online.
But whatever you do, go through the remote deposit terms and conditions very carefully! Some have limits (such as Chase, above) and some have limitations for new customers. |
Thanks, again, J.C. for the follow up and additional reminders! When I call around to various banks I'll know what to look for and ask about. |
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choudoufu
Joined: 25 May 2010
Posts: 3325
Location: Mao-berry, PRC
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| Posted: Mon Mar 03, 2014 3:43 am Post subject: |
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***********
***FAIL****
***********
great! got my brokerage account set up for remote deposit.
they'll accept checks up to $25K, but only use mobile aps.
great! got a new checking account with capital one set up.
no fees, earns some interest, no transaction fees. they only
accept checks up to $3K, but can use computer/scanner for
remote deposit.
great! got my two accounts linked, can transfer money back
and forth instantly with no fees. hooray!
great! fao will help me with the demand draft, no need for
tax forms.
....but this is china. living in a modest village in the countryside,
with a population of barely a quarter million....
....neither BofC nor ICBC offer demand drafts here. gotta go
to haikou for that. spend the better part of a day, dragging the
fao along.
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mw182006
Joined: 10 Dec 2012
Posts: 310
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| Posted: Mon Mar 03, 2014 4:46 am Post subject: |
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| Oof that sucks...reminds me I still need to go to BoC. Less of a priority now that I burned most of what I had saved in Thailand/Laos haha. |
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