Wire transfer from US to Bank of China

Wire transfer from US to Bank of China

Postby MikeA » Fri Oct 29, 2010 2:29 am

Any experience on how long this should take? I initiated my first one from Bank of America to Bank of China a week ago today. My US account shows the transfer as complete and has confirmation numbers, but the money has not appeared in my Bank of China account yet. I was told to expect delays, just trying to get an idea of how much of a delay is normal.

Much thanks
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Re: Wire transfer from US to Bank of China

Postby justinbirm » Fri Oct 29, 2010 3:43 am

It shouldnt take long at all, during business days should be there within 10minutes. i just transfered some from New Zealand. I have also transfered money on a weekend and that wont appear till the monday in the china account, I would be double checking all the bank accounts are correct. Unless your transfering a significant amount of $$$$$ then it may take longer.
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Re: Wire transfer from US to Bank of China

Postby MikeA » Fri Oct 29, 2010 4:42 am

hmmm.... now I'm a bit nervous! Checked the account numbers, everything appears to be OK. May have my bank in the US initiate a trace.

Thanks
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Re: Wire transfer from US to Bank of China

Postby justinbirm » Fri Oct 29, 2010 4:48 am

When you transfered the money did your bank in the US ask for the branch of the bank you opened your account etc? if they didnt ask for this it might be the course in the delay
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Re: Wire transfer from US to Bank of China

Postby Renovator » Fri Oct 29, 2010 4:50 am

BOA US to BOC China we usually figure on 12 hours for accounts that are set up. Probably that is due mainly to time difference. First time transfers can take more time as I believe there is a manual review process at both ends and often there is a minor error in an address or SWIFT or Acct or other number that needs to be corrected. Many people in the process first time around and each person has ability to cause an error in the process.
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Re: Wire transfer from US to Bank of China

Postby MikeA » Fri Oct 29, 2010 10:07 am

ok, thanks. Sounds like I should give it a bit longer. I'm sure there was something that didnt match, especially with the way BoC lists my name.
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Re: Wire transfer from US to Bank of China

Postby bbc74 » Fri Oct 29, 2010 1:13 pm

A couple of other things that have happened to me when I have been transferring money from the UK to CCB is that as the UK banks can't transfer RMB it has to be transferred in Pounds and then I have to go to the bank and spend a few minutes transferring it into RMB. But even though it has arrived in my bank account here it won't show up on my bank balance unless I specifically enquire about foreign currency balance. Also, as you said, the name thing could've caused a problem as the bank will have you listed as per your passport whereas your bank might have a different permutation of your name. Although if this was the problem you would think that your bank in the US would've contacted you and let you know that the payment had been declined by the receiving bank.
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Re: Wire transfer from US to Bank of China

Postby greeneyedlady » Fri Oct 29, 2010 1:54 pm

Has anyone transferred from a US Bank to ICBC in China?

I want to transfer from my B of A account to ICBC. Someone told me it's better to use Bank of China.
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Re: Wire transfer from US to Bank of China

Postby y0h0h0 » Fri Oct 29, 2010 2:21 pm

^Seems if there is not big matter what a bank. OverH20 may correct me if any wrong.
First go to your local branch and ask for paper with details:



BANK: BANK OF CHINA, BLAH-BLAH SUB-BRANCH


SWIFT CODE: COFFEMOKKA888


ADDRESS: DA LU 8888


ACCOUNT NUMBER: 88888888888888888


NAME: Greeneyedlady


PHONE OF RECEIVER: +86-155555555555555
bye-bye.
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Re: Wire transfer from US to Bank of China

Postby MoonOverMiami » Fri Oct 29, 2010 3:08 pm

Make sure your BoC account name is Mike A, and you wired to a Mike A. If your BoC account name is A Mike, chances are they won't credit your account and it would be returned to your BoA after some time.

One of our customers wired funds and didn't enter our entire company name on the form, and the transfer was rejected by the bank.
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Re: Wire transfer from US to Bank of China

Postby p1atl10 » Fri Oct 29, 2010 7:36 pm

greeneyedlady wrote:Has anyone transferred from a US Bank to ICBC in China?

I want to transfer from my B of A account to ICBC. Someone told me it's better to use Bank of China.


I did it several times when I was there. BoA to ICBC.
- I needed to open a Foreign Currency (USD) Account at ICBC.
I could not just drop it into RMB...need to drop it into the USD account and then convert it into the RMB Account.

- MOM is correct....Insure that the names are exactly correct on the paperwork at both ends. The first time I transferred, ICBC had mistakenly enterd my middle name as my first name on the account.


- Took about a day for the funds to appear in the USD account


Other than that...everything went slicker than cat poop on linoleum.
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Re: Wire transfer from US to Bank of China

Postby MikeA » Fri Oct 29, 2010 8:36 pm

Good advice all, thanks!
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Re: Wire transfer from US to Bank of China

Postby bleepingbleeper » Sat Oct 30, 2010 4:24 pm

i believe if you wire more than 10k usd at a time, there's a possibility it could get delayed due to customs or homeland security investigating your transfer. something about possible funding of terrorism overseas.
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Re: Wire transfer from US to Bank of China

Postby Renovator » Sun Oct 31, 2010 5:15 am

^We have also had the delay from time to time with the tracer finding the transaction sitting in that extra trip to NYC BOC office, but have only experienced that delay on first transaction. Subsequent transactions go through promptly.
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Re: Wire transfer from US to Bank of China

Postby KentWang » Sun Oct 31, 2010 8:38 am

Can you tell us what fees they charged? Wire fee, and exchange fee.
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Re: Wire transfer from US to Bank of China

Postby Renovator » Sun Oct 31, 2010 8:59 am

^There are fees on both end of the transaction (US and China) Fees have recently changed so I am not sure what they all are right now and accounting office is closed on weekends so can't tell you at this time.
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Re: Wire transfer from US to Bank of China

Postby y0h0h0 » Sun Oct 31, 2010 9:43 am

Guys, one friend ask me "why BOC charge $12 for incoming transfers ?" Really, wtf ?
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Re: Wire transfer from US to Bank of China

Postby justinbirm » Mon Nov 15, 2010 9:42 am

overh20 wrote:
justinbirm wrote:It shouldnt take long at all, during business days should be there within 10minutes. i just transfered some from New Zealand. I have also transfered money on a weekend and that wont appear till the monday in the china account, I would be double checking all the bank accounts are correct. Unless your transfering a significant amount of $$$$$ then it may take longer.


10 minutes will never happen from US to China. There is a minimum 12 hour time difference and transfers simply do not happen outside of normal banking hours.

In my experience, Bank of China is THE worst. HSBC is great only because a large number of wires go through HSBC as the correspondent bank. If that is not an option, ICBC has been really fast for me. One problem, though, is that although ICBC or Bank of China is a national-level bank, they do not operate as such. Each province has their separate Bank of China or ICBC kingdom and they work differently. For example, if I place an online wire from ICBC Guangzhou at 3 pm, it is in my US account within 1/2 an hour of the bank opening -- and that's considering I have to use a correspondent bank. From ICBC Beijing it can take an extra day -- and is often more expensive.

Whichever of the big banks you use, it should not take longer than 3 working days after you take into consideration time differences.

Also, IME, the name issue isn't so strict. Of course, it is best to have your name exactly as it appears on your passport, but this is seldom practical. I have had wires arrive problem-free missing middle names and with the order of names in a mess.


Well im not transferring huge amounts of cash but it does certainly end up in my China account straight away.

Also regarding them charging fees i haven't been charged any fees either side of the transaction.
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