Wire Transfer Limit?

Posted Jan 29, 2012 10:52am by charlie1984

charlie1984

Joined: Jan 29th, 2012
Posts: 2

Hello everyone,

New to Beijing and the site. I was reading about ways to send money home in the history section, but I wanted to get a clear answer about something.

My financial obligations in the USA require me to send about $725 USD a month to my home bank account. I know there are Demand Drafts that are cheaper, but I need the money in my account a.s.a.p., so I may be subjected to using wire transfers. So, I am wondering what is the limit on the amount of money I can transfer at one time? I am currently signed up with ICBC.

Thanks in advance for any advice!

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jhonsonpiter

Joined: Feb 6th, 2012
Posts: 4

Re: Wire Transfer Limit?

Posted by: jhonsonpiter on Feb 6, 2012 11:11pm

You can transfer unlimited money by Demand draft. There are no any limitation for money transfer at one time. If you have some specific account problem then it may be some limit in transfer money at one time.

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gdbill

Joined: Feb 11th, 2007
Posts: 1,494

Re: Wire Transfer Limit?

Posted by: gdbill on Feb 25, 2012 9:58am

jhonsonpiter wrote:

You can transfer unlimited money by Demand draft. There are no any limitation for money transfer at one time. If you have some specific account problem then it may be some limit in transfer money at one time.

No, you cannot.

You are generally limited to $50,000 per year.

"Truth is not a commodity in short supply: The problem is, there's very little demand for it." -- ???

gdbill

Joined: Feb 11th, 2007
Posts: 1,494

Re: Wire Transfer Limit?

Posted by: gdbill on Feb 25, 2012 10:02am

charlie1984 wrote:

Hello everyone,

New to Beijing and the site. I was reading about ways to send money home in the history section, but I wanted to get a clear answer about something.

My financial obligations in the USA require me to send about $725 USD a month to my home bank account. I know there are Demand Drafts that are cheaper, but I need the money in my account a.s.a.p., so I may be subjected to using wire transfers. So, I am wondering what is the limit on the amount of money I can transfer at one time? I am currently signed up with ICBC.

Thanks in advance for any advice!

If your bank in the US has a Remote Deposit service or equivalent, then you are pissing away good money on wire transfers, mate. You can have $10,000 in your US bank account in 5 minutes all for a RMB 64 fee. Try that with a bank wire.

There is an annual limit in China of $50,000 that you can wire out.

"Truth is not a commodity in short supply: The problem is, there's very little demand for it." -- ???