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spunkmonkey · Joined: 16 Jun 2009 Posts: 93

How easy or difficult is it to transfer money overseas from China. What are the best ways to do this?

Many thanks in advance.

Sinobear · Joined: 24 Aug 2004 Posts: 1269 Location: Purgatory

The best way is to read through the HUNDREDS of posts that deal with this topic. Barring that, you send all of your money to me and I'll take care of it.

Cheers!

China.Pete · Joined: 27 Apr 2006 Posts: 547

"How easy or difficult is it to transfer money overseas from China." -- Spunk Monkey

One of the larger Bank of China branches should be able to accomplish this for you. There will be a modest fee involved, and perhaps another, smaller fee charged by the receiving bank. More complicated is obtaining the foreign currency for the transfer. The formal way will require the close cooperation of your FAO to help you to assemble all of the required documentation, and perhaps a trip or two back and forth between your school and the bank because you're missing something. The easier way would be to bring an accommodating Chinese national with their ID card to convert it for you. They can convert $50,000 or its equivalent in another currency per year just by filling out a simple one-page tick-box form.

chengdu4me · Posted: Mon Jun 22, 2009 1:33 pm Post subject:

Send it to yourself via Western Union. In the transmission paperwork, you can elect to collect it in RMB. It is the cheapest way to send funds anywhere. Keep your paperwork and receipt that you receive when you send it. It will have Sender Name, Receiver Name, Control Number. These things and your passport is all you need to collect the money. You can collect it at any China Post Bank and some BoC branches. Make absolutely sure that the name of the Sender and the name of the Receiver are exactly as is printed in your passport. This is how I send money every trip I make. Simple, Easy. Cheap. Secure.

JGC458 · Joined: 30 Jan 2006 Posts: 248 Location: Shanghai

chengdu4me · Posted: Tue Jun 23, 2009 7:11 am Post subject:

I don't know where the OP is from, but here is the U.S, it is $14 to send up to $1,000 and $26 to send up to $10,000 and if you collect at Postal Savings Bank of China , there is no charge at the receiving end. I do it about three times a year and have for many years. It is definitely the cheapest way to send money from the U.S. to China securely and quickly. The current exchange rate is 6.84. WU exchange rate is 6.80. That is a .01% exchange fee.

Sorry JGC...I don't get that confused! Razz

Perhaps Ag Bank has a little different agreement. I don't know. I don't use them.

JGC458 · Joined: 30 Jan 2006 Posts: 248 Location: Shanghai

chengdu, isn't the OP asking about sending money FROM China and collecting it overseas...??

(A few after lunch as well? Very Happy

)

spunkmonkey · Joined: 16 Jun 2009 Posts: 93

Hi - thanks for the responses.

I want to send money out of China to Indonesia (where I have property that is in need of paying for).

When I do this from the UK, I simply transfer from one bank to another using a SWIFT code (and a fee) and the pound is automatically converted to the Rupiah.

From China, will I have to physically exchange the cash then send it?

Thanks

JGC458 · Joined: 30 Jan 2006 Posts: 248 Location: Shanghai

spunkmonkey · Joined: 16 Jun 2009 Posts: 93

I've taken a look at the Western Union FAQ. It appears that you take in local currency, send it and it is converted to receivers local currency (for a fee). Does this apply in China, also? Or are there restrictions on how much money can be sent within certain time frames?

Many thanks.

JGC458 · Joined: 30 Jan 2006 Posts: 248 Location: Shanghai