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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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 Posted:
Feb 28, 2009 - 09:07 AM |
 
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| Reggin wrote: |
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| After they call a dozen people and I send another SMS ... I can buy my US$. |
I really really do not udnerstand they limit both sides. I usually need change US$ into RMB and every year have to use limits of everyone I know. But well - this is CHina I guess... |
In a way I can understand. The last thing they want to do is have some dude like George Soros appear and cost them a few billion $ in currency fluctuations. |
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"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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Reggin
Veejay
Joined: Nov 07, 2008
Posts: 2197
Status: Offline
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Feb 28, 2009 - 10:53 AM |
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| Huh? That's not revenge. Revenge is something like burning his house down. |
Revenge is anything which hurts the other person. Now I think this would drive him crazy therefore hurt big time with least effort and costs.
I usually do revenge on customers, I had this idiot who made order, got it, one month later he lost credit card and made pre-emptive chargeback on all transactions even BEFORE he actually lost the credit card. So I put him on my company public shamelist, he was begging, then he was threatening and I was always "HAHAHA next time you will think twice before doing stupid chargebacks asshole". He is there till now. Whoever google for his name, this page comes as one of first results. |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Feb 28, 2009 - 10:58 AM |
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^ I gotta think of a good way to get revenge on the dickbrain who tried to rip me off. |
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"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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Reggin
Veejay
Joined: Nov 07, 2008
Posts: 2197
Status: Offline
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Feb 28, 2009 - 10:30 PM |
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| In a way I can understand. The last thing they want to do is have some dude like George Soros appear and cost them a few billion $ in currency fluctuations. |
Well he could not do shit if only one way would be possible. I.e. considering the huge reserves of USD say they would allow freely change RMB to USD. Now how could Soros do any money on it ? |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Mar 15, 2009 - 11:21 AM |
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| Post subject: Currency Restrictions May Be Eliminated |
It seems that finally China may ease currency restrictions and make moves towards a truly freely convertible RMB. Last year the People's Bank hinted that this was coming, but we may be close to the finish line!
The term capital account is an euphemism that means foreign currency marked as forex in your bank account. [ Hui : 汇 ]
Current account means your normal foreign currency cash savings account. [ Chao : 钞 ] |
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"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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8lrr8
Wonder Wit
Joined: Oct 14, 2004
Posts: 3718
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Mar 15, 2009 - 07:17 PM |
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jeffry3
Reacher
Joined: June 01, 2007
Posts: 238
Location: 中山
Status: Offline
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Mar 17, 2009 - 11:34 AM |
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Underh20, is it possible to exchange my RMB salary to currency other than USD (let say Yen) ?
I have all supporting documents with me ( alien permit, residence visa, work contract, tax receipt) or is it better to ask my Chinese colleague to help me buy?
Thanks |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Mar 17, 2009 - 02:29 PM |
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^ In theory you can buy any freely convertible currency, but generally you'll find it extremely difficult once you want non-major currencies. Whether or not they consider the yen a major currency or not I do not know.
If they have yen, you might find out that they give you an appointment to come back on a certain date because they don't have yen at that particular branch at that particular moment.
One thing you can do easily is buy yen and not take it in cash. Have them post the yen as a deposit to your bank account.
As long as you have the proper documentation, you don't need a Chinese friend to intervene. |
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"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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Itanium
Barker
Joined: Feb 08, 2009
Posts: 176
Status: Offline
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Mar 26, 2009 - 04:06 PM |
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Sounds harsh, hope the money does come back.. even though you'll realise how much time and energy was wasted in calling up banks and doing research just to your money back.. i would also be thinking of sweet revenge too |
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Do you expect me to talk |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Mar 28, 2009 - 10:24 AM |
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I never paid that much attention to the finer mechanics of wiring money abroad since I never had any problems. Recently, however, another forumite told me of their problem and I decided to check it out. Regulations issued by the State Administration of Foreign Exchange are quite complex.
If you walk into a bank with US$ in your hand, the maximum amount you can wire out is $10k per day. If you already have US$ in your bank account, you can wire out $50k. So, why not just deposit the US$ into your account first? Because the maximum cash deposit allowed is $5k unless you can show that you have just withdrawn the amount you wish to deposit from another Chinese bank.
Maximum US$ cash withdrawls are set at $10k per day. You can only transfer US$ between accounts that are either owned by you are by a verified family member.
I'm sure there is a method to this madness, but don't ask me WTF it is. |
_________________
"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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8lrr8
Wonder Wit
Joined: Oct 14, 2004
Posts: 3718
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Mar 28, 2009 - 11:51 AM |
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| underh20 wrote: |
| If you already have US$ in your bank account, you can wire out $50k. So, why not just deposit the US$ into your account first? Because the maximum cash deposit allowed is $5k unless you can show that you have just withdrawn the amount you wish to deposit from another Chinese bank. |
just for clarification purposes: does this apply to overseas wire transfers (coming in as USD forex) that were never withdrawn at any time? because i remember your saying these types of funds can be wired out w/ no restrictions at all. |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Mar 28, 2009 - 12:05 PM |
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^ Yes. My understanding is that any US$ in your account -- forex or cash -- can be wired out without restrictions. That has always been my experience, too.
What I find somewhat strange is the restrictions on deposits. Just last week I deposited a considerable sum without problems. There are also no restrictions -- other than the $50k limit -- on using RMB to purchase US$ that remain in your account. If using a work permit, tax receipts and all that crap, there isn't even the $50k limit. |
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"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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robnot
LoopKicker
Joined: Aug 21, 2006
Posts: 828
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Apr 01, 2009 - 04:59 PM |
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underh20, glad you got your 2k back, I empathize with the desire to crack skull.
You use ICBC online banking right? I have an issue maybe you can help me with: every time I try to send out rmb to a local beneficiary I get to the final step where you take the bold type colored letters to input verification code / password, I do this but then get a pop up saying "wrong password". Assuming I'm not colour blind and DID put in the correct code... what's going wrong? Any ideas? |
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Where there's a will, there's a relative |
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robnot
LoopKicker
Joined: Aug 21, 2006
Posts: 828
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Apr 01, 2009 - 05:03 PM |
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By the way re the guy - do you have his address? Maybe you could open a facebook group that insults (insert ethnic / religious minority here) and give his address out as local headquarters. At the very least you could put his email up there and have him get random hate mail for a few days. |
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Where there's a will, there's a relative |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Apr 01, 2009 - 05:59 PM |
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| robnot wrote: |
underh20, glad you got your 2k back, I empathize with the desire to crack skull.
You use ICBC online banking right? I have an issue maybe you can help me with: every time I try to send out rmb to a local beneficiary I get to the final step where you take the bold type colored letters to input verification code / password, I do this but then get a pop up saying "wrong password". Assuming I'm not colour blind and DID put in the correct code... what's going wrong? Any ideas? |
If I remember correctly, there is the 4-digit color-coded code followed by the next page where you must use your USB key. My understanding is that you must have an USB key for every transfer to an account that is not using the same name, ID type and ID number as the transfer-from account.
When you entered the color-coded code, do you also have your USB key inserted? |
_________________
"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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robnot
LoopKicker
Joined: Aug 21, 2006
Posts: 828
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Apr 02, 2009 - 02:14 PM |
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No I didn't, since they never gave me one... I did tick that I wanted one on my application form when I opened the account... I didn't need it to login so basically forgot about it. |
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Where there's a will, there's a relative |
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robnot
LoopKicker
Joined: Aug 21, 2006
Posts: 828
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Apr 02, 2009 - 02:17 PM |
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So you think if I get that it should be OK?
If the error message said "Pls insert USB key" that would be helpful. |
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Where there's a will, there's a relative |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Apr 02, 2009 - 03:12 PM |
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I'm fairly certain that was the issue. I am completely certain that in order to transfer money to an account that isn't in your name you must either have a USB key or one of those password cards.
Tonight I'll try to transfer money to another person's account and go through the whole sequence except for inserting my USB key. I'll let you know what error messages I get. |
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"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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robnot
LoopKicker
Joined: Aug 21, 2006
Posts: 828
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Apr 02, 2009 - 04:01 PM |
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thanks, you're awesome. |
_________________
Where there's a will, there's a relative |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Apr 02, 2009 - 06:06 PM |
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| robnot wrote: |
| thanks, you're awesome. |
Just tried. I do have the USB software installed, but I did not plug in my USB key and tried making a transfer to another person's account.
After I clicked through to the confirmation page I received the following pop-up message:
Please insert certificate as signature transaction!
I clicked ok to close the message and entered the four colored digits before clicking on the continue button. I then got the following pop-up message:
ActiveX cannot find USB-Shield in your computer. Please check if you have inserted one.
I clicked ok to close the message and then clicked on the continue button. Then the following pop-up error message appeared:
Prompt: you are making a repeated submission. Please enquire balance of intraday details to confirm the transaction just now is successful or not! |
_________________
"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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robnot
LoopKicker
Joined: Aug 21, 2006
Posts: 828
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Apr 04, 2009 - 11:39 PM |
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| underh20 wrote: |
| robnot wrote: |
| thanks, you're awesome. |
Just tried. I do have the USB software installed, but I did not plug in my USB key and tried making a transfer to another person's account.
After I clicked through to the confirmation page I received the following pop-up message:
Please insert certificate as signature transaction!
I clicked ok to close the message and entered the four colored digits before clicking on the continue button. I then got the following pop-up message:
ActiveX cannot find USB-Shield in your computer. Please check if you have inserted one.
I clicked ok to close the message and then clicked on the continue button. Then the following pop-up error message appeared:
Prompt: you are making a repeated submission. Please enquire balance of intraday details to confirm the transaction just now is successful or not! |
Hmmm, still a mystery then... but thanks for trying. |
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Where there's a will, there's a relative |
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MoonOverMiami
LoopKicker
Joined: Jan 07, 2008
Posts: 862
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Apr 05, 2009 - 04:29 PM |
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underh20, have you been able to do an interbank transfer to someone else's successfully on ICBC? Been trying for the past week to transfer money to someone's account (one I have done successfully in Jan/Feb) and I keep getting a systems error, please try again at a later time message each time. Ended up calling the ICBC hotline and they did say that the USB is not supported under Windows XP Pro SP3...which was weird since I was able to do an International Remittance a couple of weeks earlier. |
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"One who falls asleep with an itchy backside, will wake up with smelly fingers..." |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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| Posted:
Apr 06, 2009 - 10:19 AM |
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| MoonOverMiami wrote: |
| underh20, have you been able to do an interbank transfer to someone else's successfully on ICBC? Been trying for the past week to transfer money to someone's account (one I have done successfully in Jan/Feb) and I keep getting a systems error, please try again at a later time message each time. Ended up calling the ICBC hotline and they did say that the USB is not supported under Windows XP Pro SP3...which was weird since I was able to do an International Remittance a couple of weeks earlier. |
Yes, I have been able to do interbank transfers without problems as recently as yesterday. I just checked and I am using Windows XP Professional (Version 2002) SP3.
Perhaps it is a problem with your USB key? Try using the USB key "Token Manager" to see if your USB key has problems. Or stop in at a branch and have it replaced.
If you want, you can give me the banking coordinates of your intended recipient and I'll try to transfer them 1 RMB. You are transferring RMB, right? |
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"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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MoonOverMiami
LoopKicker
Joined: Jan 07, 2008
Posts: 862
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Apr 06, 2009 - 12:53 PM |
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Thanks for checking underh20, and the offer. I appreciate it. Yes, I'm trying to send RMB to the Shenzhen account. What I'll do is drop by the bank tomorrow to have them check on the USB key, or to issue a new one. Weird why its not working suddenly...and no indication from the Token Manager there is an error.
As always, thanks for your help! |
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"One who falls asleep with an itchy backside, will wake up with smelly fingers..." |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Apr 06, 2009 - 01:08 PM |
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I transferred money yesterday to an account in a different bank and there was no problem.
I can't imagine why you would have problems. I know for a fact that Win XP Pro SP3 is not the problem unless you have a unique configuration. |
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"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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