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Post by Becster79 on Sept 3, 2006 12:30:39 GMT 7
Hey everyone,
I would SO DEARLY love to hear anyone's experiences about wiring money back home, or more specifically, wiring money to a Western (Aussie) bank account. I have to do this as I will have some bills to pay during the year and they simply cannot wait until I return next summer for a holiday.
Being in Shaanxi I assume I will need to head to Xian to do this. I have also heard that there is a Western Union facility at the main post office. This will be a pretty big wad to wire, like over 10,000RMB- how much is it to do? Are there English speakers there to help me? Yesterday my FAO discussed with me the possibility of opening a Bank of China account to make it easier to pay me- would this help me at all? Oh yeah, and what's the daily withdrawal limit from an ATM? On the receipt, will it give you a balance like back home?
Thanks all for the help ;D
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Post by Lotus Eater on Sept 3, 2006 13:40:22 GMT 7
Daily withdrawal limit depends on the bank - usually 2000 -2500 RMB. If you are quick - ie before it registers on the banking systems computers - you can get another 2 or 2.5 out at the same time.
Having money put into a BoC account is handy - you don't have to carry cash or hide it in your apartment, and only once have I needed money and not been able to find a BoC bank - Xiahe if you're asking. Needed to go to Linxia to get money. Beijing has them - you just have to know where!
I haven't wired money from China home, but only from my bank account in Oz to another bank account in Oz, plus cash to a Chinese bank account. The latter was easiest when I could do it through the post office - those guys are really good at this. Through the bank seemed to take a lot more mucking around.
Found the other day I can also use my Oz cards at the Bank of Communications. China is moving more to international banking - yippee!
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Post by Dr. Gonzo on Sept 3, 2006 13:44:07 GMT 7
Can't speak for the BOC, but the Industrial and Commercial Bank ATM spoke English and gave a receipt that gave a balance. Lotus should be up to speed on Xi'an. My Shanghai advice wouldn't really help. I'm sure they can handle Y10K, which isn't much in western moolah.
Yes, getting your salary paid into a local bank account is a good move. They may even become helpful in terms of transferring $$. Most bigger BOC branches have someone moderately competent in ESL.
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Post by Raoul Duke on Sept 3, 2006 17:59:28 GMT 7
Stick with Western Union!
Will try to add more later...meanwhile, this subject comes up A LOT and there's already 2 threads on it in the Library. I bumped them to the top to make them easy to see...
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Post by Becster79 on Sept 3, 2006 19:00:40 GMT 7
Hi Raoul, read the other threads (I can't figure out why this was moved...) but Western Union is OUT of the question as I said in the OP, it MUST go to my bank account to pay the bills I need.
Thanks for all the info everyone, I think Bank of China will be it, hopefully I can find a moneychanger here. Not too concerned about 200 Y fee, I figured it would be about this.
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Post by Dragonsaver on Sept 3, 2006 19:33:19 GMT 7
I used the Bank of China last year to transfer money to my bank account.
You will need a copy of your contract and receipts showing that you paid Income tax on the salary.
You need an international routing code from your bank. I e-mailed my bank and they gave me all the numbers needed to have the money go into my account.
The BOC charged 200RMB to do the money change and transfer. It was quite painless and straight forward. (At least in Wuxi). I had to go to the Main Branch of the BOC.
My bank then charged me$20 to accept the transfer. It was 'almost' overnight. The exchange rate they gave was the daily amount. I don't think using a money changer outside the bank would save you any money as the exchange and transfer fees were set.
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Post by Becster79 on Sept 3, 2006 20:00:20 GMT 7
Dragonsaver, thanks for that- is the International code the same as a 'Swift' code? This is what my bank has given me.
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Post by Dragonsaver on Sept 3, 2006 20:40:58 GMT 7
Dragonsaver, thanks for that- is the International code the same as a 'Swift' code? This is what my bank has given me. Yes  |
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Escaped Lunatic
Barfly
Civet Burger? Sounds tempting. Can I get fries with that?
Posts: 567
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Post by Escaped Lunatic on Sept 3, 2006 21:36:33 GMT 7
Anyone ever considered moving the money via PayPal? There is a currency conversion fee.
“When I was young, I thought that money was the most important thing in life; now that I am old, I know it is”
- Oscar Wilde
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Post by Raoul Duke on Sept 3, 2006 22:00:03 GMT 7
If it has to go to the bank, and you can't send it to anyone who can deposit it for you, Bank of China is pretty much your only option. And may God have mercy upon you...  Bec, I'm trying to make the Library exactly that...a collection of information. This (Going Gets Weird) is the place to ask questions, as it says in the section description. But I can understand your confusion...the Library needs some SERIOUS weeding which will come as time permits. You're new here. It ain't no big thang.  |
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Post by con's fly is open on Sept 5, 2006 12:17:15 GMT 7
Becster: What Lotus said. Between the flat-rate service fees both here and at your bank, though, you want to make as few transfers as possible. My first year, I held on to all my cash, then transferred a few days before I went home- and paid the fees just once as a result.
But I assume you have monthly payments on something back home. If you can send 2 or more months worth of payments home, then you can wait and save up until a week before your next deadline, and handle several months more.
In short, try to send the most money possible, the fewest times possible.
And try to find a private moneychanger- they give better rates than the banks.
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Post by mich on Sept 5, 2006 20:47:02 GMT 7
this question is a little off the topic..but I was just wondering if anyone knows if you can use 'bank of China' and 'Agricultural Bank' ATM key cards in Australia?
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Newbs
SuperDuperBarfly! 
If you don't have your parents permission to be on this site, naughty, naughty. But Krusty forgives
Posts: 2,085
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Post by Newbs on Sept 6, 2006 3:25:27 GMT 7
Never tried it, but would kinda doubt it, mich. Some ATMs have about 50 dozen logos stuck next to their machine, telling people what cards they can use. Can't ever recall seeing a Chinese one. If I go near such a machine in the next few days I'll let you know. If the Chinese card has Cirrus Maestro, Plus or similar it might work.
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Post by Mr Nobody on Sept 6, 2006 9:38:36 GMT 7
If they use Cirrus or some such, then they will. If not, then no.
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Post by mich on Sept 6, 2006 17:30:14 GMT 7
They coth have "maestro' on the back as does Chris' 'Commonweath Bank' ATM card....
so you think that will be okay?
and thanks Newbs, much appreciated...
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Post by Mr Nobody on Sept 6, 2006 23:02:10 GMT 7
yeah, maestro is one of the some such. I think Cirrus and Maestro have the majority of the international network thing globally, and they should work. I mean, why would a bank bother to have maestro if it doesn't work outside the country？
However, TIFC. I do recall that one of my HK friends say there was an issue with Chinese credit cards being used outside of China, but not sure that applies.
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Post by Raoul Duke on Sept 7, 2006 15:20:54 GMT 7
I think it depends on the credit card. I'm pretty sure some banks offer credit cards that are only good within China. I know ICBC can issue true international credit cards that can be used pretty much like any other; not sure about the other banks.
The trick is to know exactly what card you're getting when you apply for it...
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Post by Miss Motz on Sept 7, 2006 16:50:19 GMT 7
As I don't plan on taking wads of money into China... is there any particular Australian Bank that is better to keep my funds in so they're more accessible in China? I currently Bank with the Stgeorge bank cos they give me a debit VISA card..which is really handy and I was fine to use it in Bali last year didn't have any problems
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Post by Mr Nobody on Sept 7, 2006 19:33:22 GMT 7
I use the National, and it has never been an issue getting money in the 8 visitst to China. However, can only withdraw international money from the Bank of China cash card machines. Good exchange rate, the best, no commission but you do get a fee of 5 bucks, but never ever ever get a balance or go over your limit for the day, or you get hit with a 5 dollar international service charge each and every time.
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Post by Dragonsaver on Sept 7, 2006 19:41:40 GMT 7
CCTV tonight had a story about an official agreement with Australia where you can use your bank cards (chinese) in Australia. They also said there were agreements with other countries as well. USA was mentioned (but Canada wasn't). Of cours we could be one of the 'several' not mentioned  So maybe the story will be in the China Daily or I suppose we could go to the CCTV website and get the info. |
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Post by con's fly is open on Sept 13, 2006 14:24:16 GMT 7
Rumours going around town of a credit card with a 20,000 kwai limit! Easy for foreigners to get. Everybody's abuzz, but nobody seems to know exactly which credit card it is, or where to apply. I'd get one in a Shanghai minute- nothing bails a body out of a crisis like instant imaginary money.
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Post by Raoul Duke on Sept 13, 2006 18:46:22 GMT 7
Try ICBC. They seem to be well ahead of the other Gang of Four banks when it comes to credit cards. Let us know what you find!
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Post by Becster79 on Oct 1, 2006 17:43:47 GMT 7
Sorry to bring this up again and annoy everyone with this topic, but....
Re. Western Union- someone said that you can only send money via W.U. to a person....so how does this actually WORK? How do they get money at the other end? I.e. If I wanted to send money to myself back home, why can't I just send it to my bank account back home?
I'm just a bit worried because if my FAO isn't able to get me an FEC I desperately need to send money back to my home b/a for bills but without showing the FEC at the Bank of China for a transfer it could be a problem?
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Post by Raoul Duke on Oct 2, 2006 0:51:02 GMT 7
Western Union indeed only works to a person. You send that person a code (e-mail has always worked fine for me for this) and the recipient takes the code to the nearest WU office and gets the money.
If you don't have the FEC, you can buy dollars informally somewhere (which I do even with an FEC...) and then take those dollars to the WU counter, which doesn't care if you have an FEC or not.
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