Job Discussion Forums

Lorean · Joined: 21 Dec 2006 Posts: 476 Location: Beijing

Anyone done an overseas-to-China banking wire-transfer?
How long should it take for the fund to appear in the recipients account?
Thanks.

Anda · Joined: 16 Jan 2003 Posts: 2199 Location: Jiangsu Province

If a Swift bank number has been used it should be one or two days. Otherwise something like a week.

I've never sent money out of China without a problem. You sound like you are receiving the money here however.

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

The Bank of China will probably have the most experience at this. Just be sure to confirm the details with your local "main branch." In addition to the SWIFT code already mentioned, you will need the name of the beneficiary (presumably, yourself), the bank account number, and the branch's name, address and phone number. If the bank from which the transfer will originate requires written instructions (for security reasons), you will have to add that on to your time calculation -- but the wire transfer itself should only take a couple of days to appear in your account.

Anda · Joined: 16 Jan 2003 Posts: 2199 Location: Jiangsu Province

The other bank here that is good to deal with is the Agricultural Bank. The Agriculture Bank deals with Western Union as well as doing TTs.

CHINA: WESTERN UNION IN GROUND BREAKING CHINA DEAL.(Western Union ...CHINA: WESTERN UNION IN GROUND BREAKING CHINA DEAL.(Western Union, Agricultural Bank of China, and China Post to develop new money transfer system for ...

http://findarticles.com/p/articles/mi_hb6465/is_/ai_n25794714

dragon777 · Joined: 05 Oct 2005 Posts: 163 Location: Christmas Island

Shouldn't take more than five days. You should be able to track it with the issuance number. Just ask the bank which has done the transfer.

Craig! · Joined: 23 Jan 2005 Posts: 202

2 days, in my experience, with Bank of China...
Except this time -- "These things can take up to 6 weeks..." said the [American] bank clerk, the same gringa, i think, who wired my funds WITH MY NAME INCORRECTLY SPELLED! now because name and number do not match, the funds are inaccessible and must be returned (she says) before they can resubmit. But my China Banker VP says they can correct it on their end. WTF?!!!
'still waiting for the manager of that Bank to reply, hoping for good news.
If i do have to return -wire it ( a LARGE sum), i will have to wait another 10 days for my passport to return from visa renewal process.

i am fit to be tied! and afraid of become a Evil or Very Mad

and lose face. Help! Don't let this happen to me!

i emphasize China.Pete's good advice: Check the details; have the sender check carefully the numers, name, address..

How did it work for you, Lorean?

jibbs · Joined: 02 Feb 2003 Posts: 452

For a friend it took a few days. He had to visit the bank to get them to change the USD into RMB. An ATM doesn't show it's there. It's a stash of foreign cash you need to ask to be exchanged.

Lorean · Joined: 21 Dec 2006 Posts: 476 Location: Beijing

jibbs, that had not occurred to me. I will go check with BoC ASAP.

Craig!, I'm still waiting on my funds unfortunately.

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

And a word of warning: if you're getting funds wired to you, make sure that the sending party writes "Personal Funds" in the comments section.

I've had wires rejected by my branch of the BOC because they assumed the funds were for business purposes and I do not have a business account.

Cheers!