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Q: Cheapest, smartest way to transfer overseas money to China?
CHEAPEST, smartest, way to transfer money, from overseas to China. let's say $10,000. Can it be done without being converted to USD on it's journey. that is what is pissing me off. coming from Canada, why does it have to go to USD, before coming here, as either Canadian dollars or Chinese RMB.
I know I used to be able to do it... somebody has changed, do not know who (Canada or China?) can you get australian dollars, or UK pounds without going through USA?
like to have a little more knowledge, before I approach the local bank.
7 years 7 weeks ago in Money & Banking - China
You can do it through CMB Gold account with Visa/Mc logo. You can hold any currency you want.
Currency withdrawal is a bit tricky: you must announce foreign currency cash withdrawal and come back to Bank to get cash.
I guess, if you hit big CMB they might hold enough foreign currency cash, but at smaller CMBs is by announcement only.
I suggest you lower the amount as 'several $ 3000 transfers' over 10k in one shot. 10k and above hit the 'alarms' of withdrawal .... at (any) Gov.
Link foreign account with Chinese (CMB) account and transfer it over the puter.
CHEAPEST, smartest, and SAFE way:
Have used them many times.
Can go direct into a Chinese bank account but the USD or other currency facility must be setup by going to the branch and applying for it proir to the transfer
All details must be accurate!
a little under 10k, eg 9800 works just fine as does over 10k perhaps with the exception of your bank.
One can go to the Chinese bank and withdraw cash USD, AUD, EURO or exchange it to RMB cash
I suggest SPD [Shanghai Pudong Development Bank] bank as it works for me
Takes anywhere from one hour to 3 days for the transfer to complete
