Question: Banking transfers from the US

[nworbmit]

Hi

I'm moving to Zhongshan Guandong - just across the delta from Hong Kong. I will be helping set up a lighting fixture manufacturing/export company that is being launched by my employer's company in California. I will receive my salary in a US Bank in the US and will need to set up a transfer system to China. I currently bank at Wells Fargo - but could change if needed.

My questions.

What is the best, easiest, most efficient, least expensive way to get at my money in my US bank from China?

Which Chinese banks are good to deal with?

Thank you

[felipe]

Bank of America's MyAccess online checking account. You can withdraw money from any China Construction Bank branch without any fees (they don't even charge conversion fees).

Note that you will not have access to all Bank of America services. You can only use the BofA ATM card for withdraws. Because of that, it would be good if you can have a spouse or trusted family member as a co-signer or with a power-of-attorney, in case you need to access other bank services.

[abcdefg]

I was waiting for someone more knowledgeable to reply, but since that hasn't happened I'll just let you know that a friend of mine in a similar situation uses Bank of America to wire funds to China Construction Bank, its partner bank in China. His salary is direct deposited in BOA stateside and he withdraws living expenses from his linked account at CCB in China.

I'm aware that this forum contains a somewhat dated thread sort of bashing CCB, but my friend has not encountered any problems.

[roddy]

Find out which account offers the best rates for a) overseas ATM withdrawals - look for both ATM use fees (ie, USD2 per cash withdrawal from an ATM) and exchange rate loading - ie if the exchange rate at any given time is 1:6 and you withdraw 600Y, you may find that is converted to USD103 (an exchange rate loading of 3%) and you then get charged USD2 for the use of the ATM overseas; and B) international wire transfers.

ATM withdrawals are usually very reliable (although you do hear horror stories) but can work out more expensive depending on your bank. Wire transfers take time and initiating one while you're in China may be a hassle, but they're likely to work out cheaper for substantial sums of money. Partner bank relationships like the CCB and BOA may result in lower charges.

[abcdefg]

I will receive my salary in a US Bank in the US and will need to set up a transfer system to China. I currently bank at Wells Fargo...

It appears that Wells Fargo has an international wire transfer agreement with Agricultural Bank of China that might also be of some help to you. Have a look and give your bank a call. Looks like it will require your opening an account at ABC when you arrive in Zhongshan.

https://www.wellsfargo.com/per/intl_remittance/china

What is the best, easiest, most efficient, least expensive way to get at my money in my US bank from China? Which Chinese banks are good to deal with?

As a businessman, I'm sure you already know that you cannot always have everything on your wish list. Prioritize then Compromise: Zhang Dong's "Art of Modern War." (Caution: humor alert-- animated smiley face, etc.)

Edited November 28, 2009 at 07:36 PM by abcdefg

[taylor04]

Before I moved to China, I opened a BoA account and transferred money into it. It was funny because when I went traveling with Chinese friends, they'd have to pay an ATM fee for using the same bank in a different city, but I could withdrawl from CCB for free anywhere in China. I would recommend this route.

[Brian US]

Anyone hear of partner banks for Industrial and Commercial Bank of China? I think I might go the BoM and CCB route as my American bank is PNC and they told me it was $75 for an international wire transfer. I also notice I am charged .0075 on converting travelers checks at ICB.

So just to clear things up:

Just using a Bank of America atm card at a China Construction Bank will convert cash without any fees at all? I assume I may then deposit the cash directly back into a China Construction Bank checking. I would plan on taking out the max (2000+) to save up for tuition and rent costs.

[trevelyan]

When you transfer funds in they will be put in a special account in the denomination of the transferred funds. Once the funds arrive you will need to convert them to RMB electronically.

I've always had a good experience with the China Merchant's Bank. They have electronic machines that make it possible to do all of the conversions at the bank, and have the shortest waiting lines consistently across branches. I'd suggest avoiding the Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC), just because it will suck up an hour of your time if you ever need to wait for the teller.

[Gibbs]

I found this in the Newsroom section of the Bank of America website...

CHARLOTTE, N.C., March 22 /PRNewswire/ -- The customers of Bank of America and China Construction Bank (CCB) will soon enjoy a benefit of the strategic alliance between the two banks. As of April 1, 2006, Bank of America customers traveling to China will have free access when using debit or ATM cards to withdraw cash from more than 11,000 foreign-enabled CCB ATMs. CCB's "Happy Investor" cardholders will enjoy the same benefit when using one of nearly 17,000 Bank of America ATMs, the largest ATM network in the United States.