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pist-agn
Ranter
Joined: Nov 16, 2004
Posts: 501
Location: Canada - soon to be Shanghai
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 Posted:
July 17, 2006 - 08:59 PM |
 
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| Post subject: How long does it take to wire $ from US to Bank of China? |
Just realized that I am going to have to stand in line at the bank just to find out if the wire went through (no internet banking or English telephone banking). It's really going to piss me off if I stand in line for an houur just to find out it didn't go through yet, only to just come back 2 days later.
Hope someone knows... |
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jackofalltrades
Lurker
Joined: July 14, 2006
Posts: 38
Status: Offline
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July 17, 2006 - 10:04 PM |
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I had wired money to Chinese bank for several times, I will say no more than 5 days. |
_________________
Your Loco Guru |
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pist-agn
Ranter
Joined: Nov 16, 2004
Posts: 501
Location: Canada - soon to be Shanghai
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July 17, 2006 - 10:46 PM |
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Thank you
Did you run into the Intermediary Bank name and routing number problem? This is sooooooooo frustrating!!!! |
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duguup
Barker
Joined: Mar 19, 2006
Posts: 172
Status: Offline
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July 18, 2006 - 01:13 AM |
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Hey pist,
I just did several wires from various US banks to the Bank of China and each took 3 days. I didn't run into any problems like you described. If you're wiring money to another Chinese bank, then I believe it does take longer because it still has to route through Bank of China and then to the other bank (at least that's what Shanghai Everbright Bank told me). They recommended that I open an account at Bank of China to receive wire transfers, withdraw the cash, and then deposit it into my preferred account at another bank. This is only if you can't wait for the 2-3 extra days for the money to transfer from Bank of China. |
_________________
The problem with designing something completely foolproof is to underestimate the ingenuity of the complete fool. |
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Dean
Seeker
Joined: July 04, 2003
Posts: 46
Location: Shanghai
Status: Offline
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July 18, 2006 - 03:25 AM |
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My bank also takes about 3 days. However, I did have an unusual experience in February of this year. I had a transfer held up by the US Treasury's Office of Foreign Assets Control (OFAC). Neither Bank of China nor my local branch received notification of the hold, each blaming the other for the transfer not arriving. After waiting 10 days and then one week of inquiries, someone was able to connect me to a compliance office where I was able to get it straightened out. In the eight years that I have been transferring money to Chinese accounts, this was a first. I doubt that this is your problem, but if you haven't received your funds after a week, you might think about checking with your US bank. |
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pat_togo
Raver
Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
Status: Offline
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July 18, 2006 - 05:21 AM |
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There IS an internet banking system for bank of China. In Shanghai you can access it from www.sh.bank-of-china.com>Online Trading>Private user login. You need to register at the bank first to use that service, and then it is very convenient to check your account. Phone banking also is available in english.
If you find both complicated, you still can check your booklet from a special machine that usually is next to the ATM at medium and largest branches, it is the same people use to pay their bills. No need to queue up just for checking whether your money has arrived or not. |
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Sinoinvest.biz-Offshore Company Registration (BVI, HK etc.) & China Company Formation |
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pist-agn
Ranter
Joined: Nov 16, 2004
Posts: 501
Location: Canada - soon to be Shanghai
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July 19, 2006 - 08:24 AM |
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thanks - the money has finally left the bank back home and we will see if it arrives safely....
Pat_togo - I was told by the Bank of China just last week that there is no English on-line services yet, ony Chinese. I checked the site you gave and sure enough there is! How did you set it up? (and why the hell would the bank tell me it didn't exist?) |
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