transferring rmb to a us bank account
- Joined: Nov 24th, 2008
- Posts: 2
I'm trying to transfer rmb to a us bank account. What is the easiest way of doing this? Would it be best to open up a citibank or hsbc account in the states?
- Mon Feb 13 2012
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maturin
Re: transferring rmb to a us bank account
hi, did you find out anything?
I'm working on the same issue (even if to Europe and not US but I guess won't be that different): I will check to open an HSBC account and then, as a foreigner, no limits should be applied. Anyway the fees for wire transfer will be quite high (still to be verified but they mentioned me something 220 RMB/operation)
cylon
Re: transferring rmb to a us bank account
What do you mean by transferring rmb to a us bank account? The RMB cannot be transferred overseas.
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coco-nuts
Re: transferring rmb to a us bank account
You can do this at both Citibank and HSBC although it is a more simple process at the latter.
Monkey King
Re: transferring rmb to a us bank account
If it's not too late, I can answer your question.
If you already have a U.S. account, you needn't open another one.
Almost any of the large Chinese banks can do this, although possibly only at certain branches.
You should have a Chinese national come to the bank with you and let them make the transaction, as there are restrictions on foreigners doing so. Chinese can transfer 50000RMB per year out of the country, if I remember right.
Like someone else said, you would have to convert the RMB to USD first, but I assume you knew that.
Finally, there are other threads on this forum dealing with the same topic; you might find additional useful advice there.
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slonios
Re: transferring rmb to a us bank account
I came here and found so many people asking this question.
the easiest way I found is:
1.make sure that you have open the e-banking service of your chinese（CCB/CMB/BOC is better） and foreign bank accounts
2.register on pingten.com
3.follow the process
it seems not many people knows it.....
dawgstarman
Re: transferring rmb to a us bank account
Has anyone tried using Paypal to send money back home?
jtre
Re: transferring rmb to a us bank account
I was told by an HSBC clerk that you can exchange/transfer money without a Chinese person if you have a work visa. You need however some papers showing your money's been taxed before you can do this but those papers can your employer provide.
Haven't tried it myself though.
gdbill
Re: transferring rmb to a us bank account
Good idea only if you like getting raped. They charge somewhere in the range of 5% in fees.
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gdbill
Re: transferring rmb to a us bank account
First you need to convert the RMB into US$ and then you can easily wire the US$ anywhere you'd like.
If you have a work visa and a ton of paperwork, you can buy US$ at most Bank of China branches and branches of most other banks.
"Truth is not a commodity in short supply: The problem is, there's very little demand for it." -- ???