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Bud Powell
Joined: 11 Jul 2013
Posts: 1736
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 Posted: Sun Jul 20, 2014 8:54 pm Post subject: |
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Thanks for the reply.
Unfortunately, I have never been able to buy AE Travelers Checks in BOC in any of the cities I've lived in with either dollars or rmb. To my knowledge, there is no Chinese equivalent. |
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Hatcher
Joined: 20 Mar 2008
Posts: 602
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Alien abductee
Joined: 08 Jun 2014
Posts: 527
Location: Kuala Lumpur
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| Posted: Mon Jul 21, 2014 12:45 am Post subject: |
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| Why did you choose that method? Bank to bank transfers exist in every country with banks, and even though the transfer can take a few days it's still got to be faster and safer than sending anything through the mail. Even registered mail gets lost. |
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Hatcher
Joined: 20 Mar 2008
Posts: 602
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| Posted: Mon Jul 21, 2014 12:55 am Post subject: |
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as i posted above, if i can wire money, then i will.
as i also posted above, in some cases, they limit your transfers, as they did in korea and as i was told they do in china.
it is way to send out extra money from the country. |
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Alien abductee
Joined: 08 Jun 2014
Posts: 527
Location: Kuala Lumpur
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| Posted: Mon Jul 21, 2014 1:27 am Post subject: |
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| No-one posted that there was a limit in Korea also, which made me curious. Thank you. |
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golsa
Joined: 20 Nov 2011
Posts: 185
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| Posted: Mon Jul 21, 2014 1:34 am Post subject: |
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SWIFT transfers cost upwards of $80+ these days after intermediary banks take their slice. Do your really want to cough up $80/mo in transfer fees on a FT salary?
Western Union currently offers $10 transfer fees for in country pick ups. Send the dough to your home country for $10, get on the plane, land, collect money, and put it in the bank. Nothing could be simpler.
edit: It's well known that SWIFT transfers for foreign experts in China are limited to $500 day minus SWIFT fees. Be sure you think about that before paying $80/pop to send money out of the country. |
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Shroob
Joined: 02 Aug 2010
Posts: 1339
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| Posted: Mon Jul 21, 2014 5:56 am Post subject: |
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| golsa wrote: |
SWIFT transfers cost upwards of $80+ these days after intermediary banks take their slice. Do your really want to cough up $80/mo in transfer fees on a FT salary?
Western Union currently offers $10 transfer fees for in country pick ups. Send the dough to your home country for $10, get on the plane, land, collect money, and put it in the bank. Nothing could be simpler.
edit: It's well known that SWIFT transfers for foreign experts in China are limited to $500 day minus SWIFT fees. Be sure you think about that before paying $80/pop to send money out of the country. |
I did it last year and sent around £10k home to the UK, I think the total cost was around £25. The fee didn't seem bad at all. |
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Alien abductee
Joined: 08 Jun 2014
Posts: 527
Location: Kuala Lumpur
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| Posted: Mon Jul 21, 2014 6:03 am Post subject: |
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| golsa wrote: |
| SWIFT transfers cost upwards of $80+ these days after intermediary banks take their slice. Do your really want to cough up $80/mo in transfer fees on a FT salary? |
The key is to not do it every month, and not everyone needs to. Some people send the money home at the end of each term or at the end of the year. And the cost for such transfers will vary, I sent $5,000 home last summer and it cost me $30.
| golsa wrote: |
| edit: It's well known that SWIFT transfers for foreign experts in China are limited to $500 day minus SWIFT fees. Be sure you think about that before paying $80/pop to send money out of the country. |
A $500 per day limit isn't really going to affect ESL teachers, even the rich ones. |
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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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| Posted: Mon Jul 21, 2014 1:44 pm Post subject: |
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| Bud Powell wrote: |
Thanks for the reply.
Unfortunately, I have never been able to buy AE Travelers Checks in BOC in any of the cities I've lived in with either dollars or rmb. To my knowledge, there is no Chinese equivalent. |
Yeah. Theory and practice. I don't know. Maybe at BOC in major cities?
One another note not responding to Bud but just in general. Reasons to use TC
1. Fees can be high depending on where you're sending money and they add up
2. Some people need to send money home monthly. Like for student loans.
For the land of the morning calm you can't transfer more than you make. I've been told anything over 10k usd gets flagged. But it won't necessarily get you in trouble. If you make 3k a month and transfer 10k a year fine. But if you're making 3k a month and transferring 10k every week or month you're probably doing something fishy. |
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