Job Discussion Forums

gabeltron · Joined: 09 Oct 2007 Posts: 21

This has really been stumping me. Now, I know there are various ways to do this, but I was hoping to get a conversation going about what the best all around way is. What has the least amount of work and best rate in the end.

Personally, I'll be in a situation where I won't be able to say how I got my RMB or prove that I paid taxes on it, because I haven't. But, I will need to send rather large amounts of money back to the US. When I say large, I am a teacher, so...

Some ideas are:

Normal transter from the bank (BOC)
I heard that for this you will have to show all sorts of documents and in the end you'll have to pay about 300 RMB + fees from your bank to transfer around 3,000 USD.

Western Union:
This I've heard is rather simple, but comes with a limit and someone on the other side has to help you.

Paypal
Yeah, that's right, Paypal. I read that it's possible to get an international credit card here in China where you can deposit RMB into it. The money you deposit is the maximum, like a secure credit card in the west. Then you can send the money via paypal to your own paypal account. Now, I know that paypal charges a 3% fee for accepting money (i think) but I don't know how the exchange would work.

Any long term China folks have their system down?

Robin53 · Joined: 24 Oct 2008 Posts: 74 Location: New Zealand

The easiest way is the following:
1. Check out the rate of exchange on the day you want to send the money. Do this at www.currencyconverter.com
2. Get your Yuan and find a big bank. Inside the lobby or at the entrance find a bunch of guys who do money exchange. Remember the rate of exchange and change your money. If you are worried you are getting fake notes, the bank teller will happily run it through a machine for you to check.
3. Take your dollars to a Western Union agency. These are often located at large central post offices at a special small office on the side. Fill in the form, and pay the $20 fee. You have to give the name of the person receiving the money in the other country. It has to be exactly the same as on their ID - passport or driver's license. The Western Union office will then give you a secret number.
4. Email the secret number to the person picking up the money. They can immediately go to their local Western Union office and pick up the money that day. They have to show their ID and the secret number you sent them.

I've done this many times and there have never been any problems.

kev7161 · Joined: 06 Feb 2004 Posts: 5880 Location: Suzhou, China

gabeltron · Joined: 09 Oct 2007 Posts: 21

Thanks for the advice:

What is the fee that the guys at the bank charge?

What is the maximum that you can send with western union?

Do you know of a bank that has "these guys" and Western Union for the whole shebang?

Finally, in your experience is this a better option than doing an actual transfer of funds through BOC?

Appreciate it.

stillnosheep · Joined: 01 Mar 2004 Posts: 2068 Location: eslcafe

The 'guys' don't charge a fee. They just have a rate. (which will be better than the official rate offered by the bank).

The rate plus WU fee should be better than the official BoC rate plus fee, and the BoC may limit how much you can exchange.

PattyFlipper · Joined: 14 Nov 2007 Posts: 572

I believe Western Union in China have a limit of US$ 2000 per transaction, but all this really means is that if you want to send more than that, you have to make two transfers. As others have said though, this may depend on location, who you deal with, and whether or not there is an 'R' in the month.

I always seemed to pay a fee of $25 (substantially cheaper than the WU agencies in Hong Kong, by the way). I found Western Union to be infinitely preferable to the alternative of hassling with the BoC. Quick and simple, and if you use the same agency - I always went to the same branch of the Agricultural Bank of China - they get to know you and it becomes even easier.

killian · Posted: Thu Nov 13, 2008 4:33 am Post subject:

sending money with BOC: what a headache.

xiong20 · Posted: Thu Nov 13, 2008 7:02 am Post subject:

Without a doubt...Western Union...available at most China Post offices (usually there is a sign posted) and I have used it at an Agricultural Bank as well in Hebei,Guangdong,and Hunan provinces.I always had to pay in US dollars which now can be obtained from the bank.
Oddly enough in Canada, although I had US dollars, I had to pay in Canadian dollars even though the payout was in a US city in US currency.I guess "someone" makes on the exchange rate plus cost of transfer.
I don't think you can send Chinese money out of the country and I believe there is an annual limit on foreign currency as well.Check with your bank.