depositing money into a US bank account from inside China

[hidden12345]

Seeking advice:

I have a stash of RMB here in Beijing, where I live, that I want to deposit into my US bank account, as USD; my US banks are Wells Fargo and HSBC.

What is the best method for accomplishing this task?

Thanks

[imron]

Take a Chinese friend with you to a bank (ICBC worked for me), and have them transfer it to your US bank account. You will need your bank account number, SWIFT code etc, and your friend will need to take their ID card with them. Banks will allow Chinese citizens to transfer large amounts of money no questions asked out of the country, but have a limit of USD 500 per day for foreigners without any supporting documentation (letter from employer, copy of contract, foreign expert certificate etc).

[hidden12345]

1.) If the money to be transfered is sitting inside a BOC account under my name and passport number, can I transfer it directly -- without involving the Chinese friend -- to one of my US banks, provided I keep within the 500 USD limit?

2.) If I have to withdrawal the physical cash; hand it to a Chinese friend; and instruct them to transfer it to my US bank, do they need to be an account holder at the Chinese bank that initiates the transfer?

[imron]

1) I'm not sure. When I've transferred money this way, I've always wanted to transfer more than USD 500 at a time. Bear in mind that each time you transfer, there will be bank fees charged, so you're better off to make one large transaction rather than several smaller ones.

2) No. I have an ICBC account and I take a friend with me to the ICBC closest to me that handles international transactions (smaller branches can't do it). We both sit in front of the teller while my friend fills out the form with their name and ID number and signs it. I hand over my ICBC card and type in the PIN. The bank withdraws the amount I want to send, and 3-4 days later it's in my overseas account.

[kdavid]

FYI: If you're looking to do this on a regular basis, 邮政银行 is by far the cheapest option out there for transferring money home. You pay a flat fee of 70 RMB + a very small percentage of the total amount being transferred. This bank is much cheaper than Western Union and Bank of China.

[hidden12345]

Thank you for the replies.

1.) Taking the Chinese friend is a way of bypassing the 500 USD limit as well as bypassing the need for any supporting documentation (letter from employer, copy of contract, foreign expert certificate, etc.), correct?

2.) How much does ICBC charge and how long does the transfer take to complete (i.e., reach the US account)?

2.) Does 邮政银行 require a Chinese citizen to do the transferring? How long does the transfer take to complete?

[imron]

1) Yes

2) Not sure of the exact charge, but I don't recall it being objectional. In addition however, keep in mind that you will almost certainly be charged by intermediaries and your bank. ICBC also makes you select that all fees are paid by the receiver because they state they do not know how much the intermediaries or the final bank will charge in fees in advance, and so can't get you to pay that amount up front. Each time I've done it, it takes about 3-4 days.

[kdavid]

2.) Does 邮政银行 require a Chinese citizen to do the transferring? How long does the transfer take to complete?

No, but it makes it easier. Whenever I've gone alone, 75% of the time I'm delayed because the person behind the counter doesn't know how to enter my passport information.

Money transfers in 3 - 4 days.

[hidden12345]

Awesome; thanks for the reply, guys.

[sju310]

Question: I have a US Paypal account. If I add my China Merchant Bank Account to Paypal as well, is it possible to transfer my Chinese money to my American account?

Thanks

[jobin]

if china 'ups' the value of the yuan, local money, then you would be wise to hold that cash until the 'up value' happens. then those rmbs will be worth more usds. my advice, put the cash in a dirty sock under the bed, wait for a month or two, maybe the CCP will change the value of the rmb. if yes, then carry the sock to HongKong, cash in the rmb for us dollars at the HSBC and deposit into your account. if not, go to plan B.