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Xfer money -> US

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Silk_Road_Seth

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Joined: Sep 08, 2006
Posts: 43
Location: Shanghai near Jing'an Temple
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Posted: Apr 28, 2008 - 11:11 AM
Post subject: Xfer money -> US

I am looking to change RMB to USD and then wire it home. I know the process of changing RMB to USD, but it is the wiring part that has me confused. I was wondering if anyone knows the cheapest bank/method for wiring money to a bank in the US. I have heard that BOC will use its New York branch as a middleman and thus will double charge me for the transfer, which is what I want to avoid.

I know that changing RMB to USD isn't the really the best thing right now, but I have student loans that need to be paid in the US.

Thanks for any help. . .

ThomasCaron

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Joined: Dec 11, 2006
Posts: 472
Location: Shanghai
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Posted: Apr 28, 2008 - 12:27 PM

Western Union. Wire your money to a relative or trusted friend and ask them to deposit it for you.

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pat_togo

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Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
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Posted: Apr 28, 2008 - 12:39 PM

BOC using its branch in NY doesn't mean the charge will be double. No matter the bank there is a need to have a corresponding bank, and actually using one that is related will result in a faster transfer. For larger amounts of money BOC is still the best option available. If you are sending a smaller amount however you can use Moneygram to send it to someone home who will deposit it to your account.

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MoonOverMiami
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Joined: Jan 07, 2008
Posts: 461

Posted: Apr 28, 2008 - 01:11 PM

^Actually, they do. I've got charged from BOC here for the TT fees, and BOC-NY deducted a $15 commission fee before forwarding it to my bank (who deducted another $15 fee).

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YariGuy

LoopKicker

Joined: July 13, 2004
Posts: 874
Location: Puxi
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Posted: Apr 28, 2008 - 01:27 PM

If you're wiring to yourself it's easy. I wire all the time from my HSBC to Bank of America, and it's $26 + $10 up to $5000.

underh20
Shanghai Royalty

Joined: Sep 27, 2006
Posts: 9900
Location: EOA Seminar

Posted: Apr 28, 2008 - 06:16 PM

I once tried MoneyGram and was shocked when ICBC quoted my $35 for a transfer.

You can use ICBC's online banking and send a wire to the US for about 115 RMB. Going into the branch will cost you about 160 RMB. Bank of China is prioced about the same, but they do not offer this function via their online banking system.

I have never been charged more because of either bank using a correspondent bank. In fact, even domestic transfers within the US can go through correspondent banks. Chase is a good example.

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Silk_Road_Seth

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Location: Shanghai near Jing'an Temple
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