International banking transfers

[nazreal]

Hiya,

I'm not sure if this is the right place for this so please move if not!

But I just wanted to enquire: how much would the international banking transfer fee be for Bank of China money into a foreign account (specifically thinking my HSBC UK account)?

I know that if I transfer HSBC UK money into my BOC account it's 17GBP but not sure what it's like the other way round.

Any help would be great - thanks!

[skylee]

I think this is relevant (found it by browsing the Bank of China website), take a look -> http://www.boc.cn/en...81024_7800.html

Tariff for Personal Outward Remittance

·Commissions: One per thousand of the amount remitted, with the highest at RMB 250 and the lowest at RMB 20.

·Spread charge: about 3% of the amount remitted for cash foreign banknotes (no such charge for spot exchange)

·Telegraphic charge: RMB 150 yuan (RMB 80 for remittance to the Hong Kong and Macao regions).

[jbradfor]

Note that some banks change a fee for receiving such wire transfers as well.

[889]

If you're not in a rush, you might opt for the "D/D" outlined in the Bank of China schedule. In this case, the Bank of China issues you a Sterling draft payable in London, and debits your BOC account for the countervalue in RMB plus commission. You then endorse the D/D and mail it to London for deposit in your account there. Since it's a draft payable in London, there shouldn't be any extra charge from HSBC for the deposit, nor should you be charged the 150RMB BOC fee for a telegraphic transfer. The draft should clear in a few days just like any other London draft.

[nazreal]

Thanks guys - I'm trying to wade through the banking jargon (I'm really terrible with stuff like this) and it's making sense!