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dan sullivan · Guest

hello all
could someone please advise me on how to send USD from China to America?

or: is it possible to purchase a plane ticket while in China for someone in the states to fly to the PRC? confusing, i know... a friend is going to purchase my ticket for me FROM China for me to fly over, but we're not sure how to go about doing this. thanks again, dan

xiaoyu · Posted: Tue Mar 18, 2003 10:49 pm Post subject:

depending on where you are you may be able to contact an international bank .... in beijing and shanghai there are bank of america's which (i have been told) will transfer your money for a very nominal fee to an american acct .... which could help facilitate your money transfer... however, it is pretty expensive and sticky otherwise.... there was an earlier posting about banks in china that could help you... otherwise i would recommend using a credit card that you can deposit money on to and will change currency depending on usage....

good luck
xiaoyu

smarts · Joined: 24 Feb 2003 Posts: 159 Location: beijing

why dont you just go to any major Bank of china branch and remit the money thru them...its not that difficult really. There is no restriction or legal impediment to doing that.

The banking sytem in China is actually quite advanced if you know what your doing......particlarly when it comes to foreign currency exchanges and remitting money overseas.

there's no mystery to it

Roger · Joined: 19 Jan 2003 Posts: 9138

Disinformatsyia! Don't believe the hype!
There are no foreign banks in China as yet, only "representatives". We had a lengthy thread on this subject recently, involving the HSBC.
The best bet is, of course, to transfer your funds through the Bank of China, but you can do this only if you have foreign currency. They will NOT convert your RMB into American dollars unless you are legal and suitably documented!

Some people suggest courier services, but they too are subject to China's currency export restrictions. None can carry cash out of the country (legally).
If you live close enough to Hong Kong, you can transact money transfers more easily from there. You can also enlist WESTERN UNION to carry your cash to some overseas destination. WU seems to be the exception - others will refuse to do this!

yaco · Joined: 03 Mar 2003 Posts: 473

If you have a reliable friend in the USA, I would use Western Union. You can send $ US directly to the person for collection on the day. The transaction cost will be between $ 15 - 25 US.

You may use Western Union service at any branch of the Bank of Agriculture. You will need to complete a form with the receivers name and address in USA for collection. You will be provided with a 10 digit number which must be passed on to your friend before collection.

ChinaLady · Posted: Thu Mar 20, 2003 4:23 am Post subject: Money Transfers?

hummm, well, last summer I went to the states. wanted to take some USD with me. got the paperwork from my school, little red stamps and all, went to the bank of China (with an official from my school in tow), 3 1/2 hours later I had Bank of China/American Express travelers checks. NOT USD CASH. and only 70% of what I had made could I take out. there is a way to wire, so I have been told - again with the Bank of China - but I have not tried that as yet. The big hurdle is the conversion from RMB to USD. If you have noticed there are machines all over Shanghai that you can feed a $100 USD into and it spits out Chinese RMB. BUT it does NOT work the other way.
O, and keep those little receipts if you do change USD for RMB. You need them at the airport to change your money back.
Per "old China hands." Fly home via Hong Kong. the money changers in the Hong Kong airport will change anything into anything, and the fees are reasonable.
If you come across another way (legal, please) we would all be interested. Most certainly!!

smarts · Joined: 24 Feb 2003 Posts: 159 Location: beijing

yes well the problem being to change money from RMB to USD..

if you already have USD, then its no problem to remit it out of the country

but converting your RMB into USD can be problematic...
i did suggest a legal way to do it..but it was deleted by the mods...
but thats another story...

well anyways send me a PM if you want to know how to change your RMB into USD

delete it

arioch36 · Joined: 21 Jan 2003 Posts: 3589

Let me guess Smarts, we just send our RMB to you, and you will take care of it for us???
The moderators may or may not be wacko pinko commies, but I don't see them deleting legal ways to convert RMB to USD. You wouldn't belong to that group sending me e-mails about getting money from a Nigerian gold mine, would you?

You say "why dont you just go to any major Bank of china branch and remit the money thru them...its not that difficult really. There is no restriction or legal impediment to doing that. "

You're a funny man, Smarts.

Dan, the fact is, it is a hassle sending USD to the states, no if and or buts.

Your plane ticket idea has merits. Are you at a school with a decent FAO? They can help you with the plane ticket. Do not expect them to be able to give you much help sending money home, they don't know.

Bank of China is too expensive for me. I save it up in a US dollar account, and take it home. Like China Lady said, keep all receipts for USD, and keep in in a USD bank account separate from your RMB bank account

gmat · Joined: 27 Jan 2003 Posts: 274 Location: S Korea

Hi Chris,
Do you get paid in US dollars or do you convert RMB to US and then deposit in your US $ account? Curious.

arioch36 · Joined: 21 Jan 2003 Posts: 3589

every school i have been at, the FAO has been willing to help me get as much US dollars as I have needed. The rate they (or a friend of their's ) gives me has always been okay. And as long as the FAO is doing it, I don't feel like I am being dishonest or breaking any laws. Hope not.
I have a US account with Bank of China, in case there is an emergency, and I want to pay their fee for wiring money home. I have separate US and RMB accounts in a different bank (not HBSC).
With a separate US money account, I don't have to worry so much about keeping or getting reciepts. I have sent money home once with a friend. Luckily my mommy helps me . I borrowed 1,00 from here, which I'll pay back when I get home in July. So I have cheated. I have not yet paid the exhorbinant fee to send money home. I just stuff it in my pocket on the way to the plane

noyb · Joined: 22 Feb 2003 Posts: 93

Roger,

What is the difference between a foreign bank and a representative office?

Roger · Joined: 19 Jan 2003 Posts: 9138

noyb,
Foreign banks are not yet allowed to provide banking services denominated in RMB. From my understanding they can't even serve ordinary customers yet. Many representative offices have hardly any business to do - they are waiting for China to give the official green light in compliance with WTO rules.
For instance, I thought I could open an account with HSBC in GUangzhou. I was even e-mailed a positive answer, but when I went there I was politely turned down (this happened last year, and I have heard it has not changed so far).
Once foreign banks can run current accounts in RMB or other currencies, they will no longer be "representaives', but genuine bank branches!
Or so I was told.

noyb · Joined: 22 Feb 2003 Posts: 93

By your definition, HSBC is no longer a representative office. I thought this was taken care of in another thread, but maybe you weren't following that thread.

Roger · Joined: 19 Jan 2003 Posts: 9138

As a matter of fact they once sent me an e-mail informing me they were a "foreign" bank entitled to operating representative offices only.
That was last year. I don't know of the latest developments.

noyb · Joined: 22 Feb 2003 Posts: 93

Didn't we cover "latest developments" in another thread?

By your own definition, HSBC is a foreign bank at this time.