Job Discussion Forums

[kev7161]

[Moon Goddess]

The easiest way to send money home is your bank card *CUP* CHINA UNION PAY - you can either get a second bank card or open another account with the same bank and send the card home. You can transfer ALL your money if you want and your counter-part in USA, Canada or wherever will have access. The same applies for your annual holidays. No need to exchange money before you travel or bother a friend. Just bring your UNION PAY card home with you and you can access your account. There will undoubtedly be the 'transaction fee' at whichever ATM you use ($1.50 or $2) but that is it. The exchange is the closest to the real exchange without any other fees. The only negative is when spending money at home you will not be able to get a receipt with your balance so you must keep track of this on your own. I used XE.com to keep track from my original balance.

This is how I currently send money home to my husband each month. I transfer the money from my account to my other account (he has the bank card in Canada) There is no need for my husband to go to Western Union or inside his bank- I just tell him how much he can withdraw from the ATM and that's it.

When travelling to other countries you may want to check if their banking system supports Union Pay... I know they do in Thailand, Japan etc...

This is the easiest, most convenient, most cost effective way! + it's instant!!

[kev7161]

I still keep thinking that I should be able to get a Visa card here, deposit as much of my RMB into that account as I need to and then "pay" my US credit card bill something like $1000 a month with it. Then once that transaction has been completed, I can move money around within my own US bank account to serve my needs. My US bank would make a withdrawal off my Chinese Visa card of $1000 and it would automatically convert within internet space. Certain fees may apply but that's okay. What am I not understanding about this theory? I have not actively looked for the Union Pay logo in my small mid-western city, but I will do so upon my next visit home.

Agricultural Bank of China (ABC) update: I went in last week to send money to my US bank via telegraphic transfer (bank-to-bank). They tried to sell me on Western Union, but that is not the same thing. Someone back home would have to pick up the money and physically take it to my bank for deposit.

Here's how it compares and contrasts with Bank of China (BoC).

1. If you bring money in from the outside and deposit it into your bank account, both banks will charge you an extra fee for transferring those funds. Don't ask me why; it's simply not the same as if you exchange money and leave it sitting in your bank account. In ABC, you'd have two USD accounts: "cash", which refers to money you brought in from outside (which I did when I opened my account - - leftover $$ from traveling during the holiday), and "currency", which is money you exchange but don't physically take from the bank. It's important that you specify which type you want when you make an exchange. BoC has this system as well.

2. In both banks, I could still only bring in my passport and exchange the equivalence of up to USD $500 per day. If I want to do more, then I need to bring in my contract, pay receipts, and possibly other documents.

3. The fee to transfer money to my US bank was 200 rmb at BoC and only 100 rmb at ABC. I like that as my bank back home charges $15.00 just to receive money!

4. At my nearby ABC, most of the people that helped me spoke moderate to very good English. Most of the people at BoC spoke very little English almost across the board. Every once in a while I'd get a teller who was pretty good, but not consistently.

5. ABC seemed to take a LONG time to get my transactions done. One person said it was because I was transferring "cash" and "currency" at the same time. Hopefully it will be much easier next time.

6. ABC actually had an "international" service area and the lady who helped me had excellent English. Her counterpart at BoC down the street knew almost no English.

Overall, I found ABC more helpful, certainly easier to understand, and I was also treated to their VIP room for my first go-round in exchanging and transferring. I don't anticipate I'll get that every time, but it was nice to bypass all the other people waiting. Every single person seemed nice and attentive and I didn't always get that at BoC. The positive about BoC of course is that I've banked there for several years so most longer-term employees recognize me and know exactly what paperwork I need when I walk in the door. Service was often faster, but that doesn't mean service won't be just as fast in ABC upon my next, less complicated visit. I think I'll leave my BoC account open, but try doing a majority of my business at ABC, see how it goes.

[TexasHighway]

Moon Goddess wrote:

[Moon Goddess]

[7969]

Unionpay isn't as universal as you might think. I bank with the largest bank in Canada - RBC. My Unionpay card didn't work in their ATMs when I was home last summer (that was in the Niagara region and in a couple of other areas I visited). As for those bank fees, inquire at your bank about getting the fees waived. They will sometimes give you that if you ask. Worked for me before.

[Moon Goddess]

So just use CIBC or Scotia... I'm just sayin... I did the bank thing and the Western Union thing... this is by far the easiest and most convenient.

Good luck to ya ~

[7969]

Yes, good point, I never thought to try another bank's ATMs with the Unionpay card. But then again, I use money from my RBC account when I'm home so I never bother with other banks.