Comments | torakiyoshi: Chinese money is irritatingly difficult to move out of the country

torakiyoshi

Chinese money is irritatingly difficult to move out of the country

Jan 16, 2018 11:11

China is happy to bring all kinds of money in to the nation. But as soon as you want to move money out, the smiles go away, as do the minutes, hours, days ( Read more... )

china, money

Comments 8

makovette January 16 2018, 05:44:08 UTC

Try a Swiss or Singapore bank, those are happy face with the Chinese.

torakiyoshi January 17 2018, 03:12:37 UTC

If I can find a brick and mortar connection from Harbin, I will try that. Swiss, I should at least find someone who speaks German to help me, too. That will be a big boon.

thewayne January 16 2018, 12:38:14 UTC

Many countries limit how much of their money that you can take out, so you might need to check in to that.

Does your mom's bank have a SWIFT code? Could you transfer the money directly to her? I know Capital One doesn't charge foreign currency conversion fees, but I don't know if you could use it as a transfer conduit.

torakiyoshi January 17 2018, 03:14:29 UTC

My mom also uses a small CU located in Cheyenne. Apparently, they are merging soon and will gain SWIFT codes with the merger, but that's later this year. I need to pay bills now.

If I make it home in February, I'll set up a Capital One account.

The limit per transaction for a Chinese foreigner is US$500, with a 180元 transaction fee. With a Chinese ID, I could send up to $10,000 per transaction.

ccdesan January 16 2018, 12:42:13 UTC

That's a bit of a bummer. I hope you can get things sorted. It won't help now, but it seems like one answer would be to get an account with a bank that has a swift code for future transfers which would allow you to move money to your credit union, when you have a chance to get back for a while.

torakiyoshi January 17 2018, 03:15:10 UTC

That's the plan when I get back to the US, next. I'll set up a joint account with my Mom, so she can move money out while I move it in.

c_eagle January 18 2018, 07:57:44 UTC

Wow... best of luck getting this successfully worked out!

torakiyoshi January 19 2018, 01:54:14 UTC

Fortunately, I'll be going home for the winter holiday. Which means I can set up an account at a bank with a SWIFT code. I need to look up which one, but I'm told there is a bank that doesn't charge for international transfers, so I can send the money in RMB and they'll automatically convert it to dollars. That will make things a LOT easier.