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monkey_magic
Talker
Joined: Aug 07, 2007
Posts: 91
Status: Offline
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Mar 05, 2008 - 02:01 PM |
 
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| Post subject: re: Money transfers (again) what went wrong?? |
Ok.
Recently, I asked a branch of China Construction Bank (CCB) how to transfer money to a Hang Seng Bank account I have in HK. They told me:
1. I can't transfer RMB to anywhere outside China
2. But I can change my RMB into HKD and transfer it to HK as long as I have the proper documentation. i.e. tax receipt, payslip, contract, employment permit.
and with this information, I gathered the required docs, and went to a different CCB branch to get this done. The answer I got was, no I cannot transfer my money to HK. I cannot exchange my money to HKD.
And then they suggest that I ask another bank. ..... 
I asked Hang Seng bank in HK.. and it was like... 'i dunno, as long as you can get it out, we'll take it'
Can someone please shed some light? I don't want to be queuing 45mins at ICBC or BOC only to get not much closer to the solution.
Thanks.!!! |
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MoonOverMiami
Raver
Joined: Jan 07, 2008
Posts: 461
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Mar 05, 2008 - 03:36 PM |
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Well, go to the first branch you talk to in order to get it done.
If you want to go to a different branch, then the next time ask for a manager. Teller's don't have the whole story, and sometimes event the manager is clueless. Had asked a teller at BoC about exchanging for USD$500 as allowed and he said it couldn't be done. Asked another teller, who also said the same but I had someone who spoke Chinese there tell them that it could be done. So the second teller asked the manager, who eventually called his superior who then confirmed it could be done.
Long story short, tellers here don't know all the rules and regulations. |
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"One who falls asleep with an itchy backside, will wake up with smelly fingers..." |
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Cylon
Rocker
Joined: Mar 28, 2006
Posts: 719
Location: Hongkou, Shanghai
Status: Offline
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Mar 05, 2008 - 03:44 PM |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar
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Mar 05, 2008 - 07:17 PM |
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They are right in that nobody can transfer RMB outside of China through the international banking system.
If you have the proper documentation, you can exchange RMB for US$ or HK$. Perhaps your documentation was flawed? |
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monkey_magic
Talker
Joined: Aug 07, 2007
Posts: 91
Status: Offline
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Mar 05, 2008 - 07:32 PM |
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mm... yeh.. well. they wouldn't even look at my documentation. that's the strange thing. they just outrightly said, they can't do it, which stumped me.
i mean, surely BOC can't be the only ones that can change RMB to other currencies right? and surely i don't need to go to SAFE just to change less than 100k rmb into hkd.. it's like less than 15k USD.. .right?
i hope my documentation isn't flawed, i mean, i did what they told me to. I have copies of my chinese payslip, my alien employment permit, tax receipt for the 07 year, and my employment contract in english though and my passport with me. hmm.... |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar
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Mar 05, 2008 - 07:35 PM |
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| monkey_magic wrote: |
mm... yeh.. well. they wouldn't even look at my documentation. that's the strange thing. they just outrightly said, they can't do it, which stumped me.
i mean, surely BOC can't be the only ones that can change RMB to other currencies right? and surely i don't need to go to SAFE just to change less than 100k rmb into hkd.. it's like less than 15k USD.. .right?
i hope my documentation isn't flawed, i mean, i did what they told me to. I have copies of my chinese payslip, my alien employment permit, tax receipt for the 07 year, and my employment contract in english though and my passport with me. hmm.... |
Not every BOC branch can handle foreign currency transactions. I bet the branch you went to is not authorized to exchange currency. |
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بارك الله ، بارك الله |
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Ikbal
Reacher
Joined: May 27, 2007
Posts: 200
Location: Shanghai
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Mar 05, 2008 - 07:41 PM |
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| monkey_magic wrote: |
| i mean, surely BOC can't be the only ones that can change RMB to other currencies right? |
I exchange RMB to Euro via ICBC (since I have bank account with them) and send it to the Netherlands via wire transfer.
As long as you have proper documentation, there is no way they will tell you can't send IF you convert them to foreign currency before sending.
Tip: in the ICBC bank there was an English service, try to see if your bank has it too. |
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monkey_magic
Talker
Joined: Aug 07, 2007
Posts: 91
Status: Offline
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Mar 05, 2008 - 07:43 PM |
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maybe they're not allowed to change rmb to other currencies? i've actually changed AUD into RMB in that branch before.
it's the CCB at the center i.e. where Ernst & Young is. you'd think with l'oreal, goldman sachs, and all these other foreign companies in there, it'd have that sort of service. oh well.. i guess this is China, nothing should really be surprising me. |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar
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Mar 05, 2008 - 07:46 PM |
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In order to exchange RMB into other currencies each and every branch of a bank needs individual approval from SAFE. Many branches do not have this. |
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monkey_magic
Talker
Joined: Aug 07, 2007
Posts: 91
Status: Offline
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Mar 05, 2008 - 07:53 PM |
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Thanks.
That probably explains why I got a 'in the box' answer.
Well.. then I'll go back to the branch that gave me the 'how to' instructions then.
see how it goes... |
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