Sending Money Home

[Decurso]

I was wondering if anyone had any tips about sending money home.I need to start sending 2000 RMB a month to my in-laws in Canada in order to cover the bills we left behind.Something tells me that no matter what the answer is it's going to be a chore.

[con's fly is open]

I had to convert my money to American funds to send it to Canada- I got a good deal privately, but there's always a skim.

The bitch of it is the transfer fee: 200 RMB per transaction. So I waited until my last paycheck to do it. So, assuming the same holds true for you, you'll get skimmed every time- 2400RMB a year. Of course, if you send twice as much, every other month, the fee drops to 1200 a year.

But get a second source. That was 2004, in Dashiqiao. On the other hand, it was the Bank of China, one of the big boys, so I doubt the deal varies too widely.

[Raoul Duke]

Decurso,

Look into a Western Union transfer via the Agricultural Bank of China. You'll have to locate your local provincial-level bank; can't do this just anywhere. You should be able to find a sign (usually bright yellow but keep an open mind- TIFC) out front that says 'Western Union'.

This method only transfers money to an individual, not a bank account. However, it is MUCH faster, cheaper, easier, and safer than a standard bank transfer. If I remember right, it's US $15 to send up to US $500. You are given a confirmation code when you complete the transaction- just e-mail or call this code to your recipient at home, and they can take to local places and get their money quickly and easily.

You'll need to take your passport with you for this one.

I recommend that you find your local Ag Bank offering this service- a neighborhood Ag Bank should be able to tell you. Go talk to them and get the latest details. This originally only worked for transfers to the USA, but my understanding is that some of you Commonwealth types are able to use it now as well. Also, you may have to use US Dollars rather than frostbacks.

You cannot use RMB for any of this, whether you use Western Union or a bank transfer. You must first convert your Chinese money to a hard currency. Another fight for another day...to make a long story short, consider asking Chinese friends to connect you with a "currency exchange consultant" rather than using the long, slow, frustrating bank route.

Much has been written on this; the Search function up in the toolbar may give good results...

[Decurso]

Just like I thought..it sucks Panda C**k , no matter how you look at it.I'll try to follow this advice and report back on how, it works.

[Raoul Duke]

Good luck, Dude. If you can get a good currency dealer, and use Western Union, the process isn't so bad...

[Dragonsaver]

Question

Those who do send money home, on average, how much can you send in Canadian $. Providing you don't go the the pub every night etc etc. I need to plan a budget.

[con's fly is open]

Last year, with room and board covered, and never going to the bar, i found it impossible to spend over 1000 yuan a month. I'd have come back with far more money, except I travelled around China a lot.

[Decurso]

I live on 800 RMB a month...not including travel expenses.I go out literally every night,but I don't eat western foods and only go to the nightclubs a couple times a month.I would say someone who stays in a lot and has no vices could live on has little as 600.

[con's fly is open]

Depends on the size of the city, of course, but that sounds about right.

Raoul's right about Western Union: the transfer fee is much lower. Nonetheless, savings can be had if you could send two months' worth of money in one go, save up in the next two months to send 4 or 5 months' worth, etc.

[Dragonsaver]

Thanks for the advice.

I was hoping to be totally out of debt before I came, but my daughter needed a new clutch in her car last month and the transmission just died in my car yesterday. And the major renovations/repairs to my house is going to be significantly higher than planned. I will know the bad news next week, but I have to have a heating system in the house before I fly away.

[Mr Nobody]

Yo, I hear ya. I managed to get away with only about 5K owing, combining credit cards and left-behind debt. It was hard getting it down to that level. ANd needing about 4K buffer for the kung fu school, then, plus some spending money for 3 months in China, and airfares etc.

Ah, the struggles of the idle rich. How I wish I could share in them.

[Decurso]

Thanks so much for the advice Raoul.While I haven't actually sent money yet,I'm well on my way.I asked my FAO for help and she said we could only do it through the Bank of China.I told her about the Western Union Transfers and she made some calls and was surprised to find I was right!

Changing money at the Bank of China required a ton of paperwork,so our FAO hooked us up with a private moneychanger who gave us a great rate.Now all we need is an ID number for the recipient and we're good to go.Thanks a million...next beers on me!

[gengrant]

next beers on me!

I may have already said this, but I prefer mine in tall, frosty mugs (or catheter bags!) - but thanks for the offer.