International Banking (US to China)

[dumpling_libre]

Hi everyone,

I have a bank account and a savings account in the US. The two are linked so I can transfer money back and forth. I have Wells Fargo for my checking account and they aren't international.

How is everyone transferring money so they can get it in China? Is there a US bank with a branch or partnership in China so that I can link it up with my savings?

Thanks!

[Xiao Kui]

For withdrawals, far as I know:

It doesn't matter whether Wells Fargo has a branch in China or not. what's most important is that the ATM card they issued you is part of one of the major international networks. I think most cards issued in the US are.

My Wachovia card has a bunch of networks printed on the back like Visa plus, Cirrus, etc. (don't have it handy and can't remember exactly) i'm not sure which one enabled me to withdraw in China but probably quite a few of them.

I think I could only withdraw from Bank of China ATMs though - that was 2 yrs ago, perhaps you can withdraw from other Chinese banks as well - when I arrived in 99 it was just Bank of China so I just stuck with it.

[mr.stinky]

are you here long-term or just visiting?

i have WF also, set up an international savings account with them for this purpose.

mainly so that i could have cash wired without being present in the us to initiate.

if i recall there is a $300 min in the account, and wire fees are either $10 or $25.

contact their customer service to set up an account through the mail. (i found my

brokerage account would wire free, so....)

any chinese bank you set up an account with will have a correspondent bank in the

us. you fax instructions to your bank to wire to the correspondent bank, which in turn

will wire to your account in china. currently BofC charges $10 to accept the wire.

[Qcash3]

I have a Bank of America account, and I know that they have a brach in Beijing. They also just bought a part of the China Construction Bank so I think that I can manage my account from there, but what really matters is my ATM card. It is a Visa ATM card so I can use it pretyt much at any ATM.

[woliveri]

I set up an free checking account in HSBC before I left the states and put some money in it. Then, every time I need money I just go to one of the ATM branches here in Shanghai and pull some out. The only cost is the converstion rate "might" be a bit lower than normal but I haven't calculated it out.