worldtraveler88 wrote:ShanghaiDude must be ChinaBrah!!

ATP wrote:

McH0 wrote:
For 50 RMB I can buy a $7,500 US$ demand draft (cashier's check) from Bank of China, use my iPhone to connect to my bank in the US, snap a picture of the demand draft and the funds are instantly -- yes, instantly -- available for use in my bank account.

This is very interesting. To do this, what "components" do you need:

i) smartphone?
ii) particular software? and
iii) how to determine if this function/ability is available at other banks to make deposits into other peoples' accounts??

Thanks.

ATP wrote:

McH0 wrote:Check to see if your bank offers this service. Many major US banks and credit unions do these days. Bank of America offers it. Some banks may want you to be "credit qualified" as they are taking a chance offering you immediate funds availability against a check which may ultimately bounce.

Thanks. You've outlined the process from China (cashiers check/bank cheque?) from you, to the US (your account).

I am enquiring about the process, with a slightly different perspective: bank cheque from China, made out to creditor/service provider, utilising the process as you've mentioned, & payment of said cheque into creditor's/service provider's account. I wonder...?

Thanks.

ATP wrote:

McH0 wrote:

ATP wrote:

McH0 wrote:Check to see if your bank offers this service. Many major US banks and credit unions do these days. Bank of America offers it. Some banks may want you to be "credit qualified" as they are taking a chance offering you immediate funds availability against a check which may ultimately bounce.

Thanks. You've outlined the process from China (cashiers check/bank cheque?) from you, to the US (your account).

I am enquiring about the process, with a slightly different perspective: bank cheque from China, made out to creditor/service provider, utilising the process as you've mentioned, & payment of said cheque into creditor's/service provider's account. I wonder...?

Thanks.

While a business can have an account at an institution that offers a remote deposit service, the business itself needs to handle the process of depositing the check. If you have a business account at, say, Bank of America, you can take checks payable to your business and deposit them remotely.

If, however, you are the consumer then that would not work. What you could do is get the Bank of China check payable to you, deposit it into your US account and do an ACH transfer to the business.

Thanks again. Banks being banks, there is the inevitable question of fees. I know from experience that the BoC bank cheque is RMB50. As I am from Australia, and assuming that an Australian bank has this service, I guess one is likely to be hit 2x--deposit, and then transfer to creditor's/service provider's account. Does this sound right?

ATP wrote:Is any member here able to inform me if Bank of East Asia still operates in Shanghai/China? I have rung several Shanghai branches, and getting repeat recordings or the like. Do they have an operating "hotline/call centre?".

Thanks.