Ask Headmaster Ken

Dear Mr. Hayes:

My scenario: My time working in China is almost finished, and I need to somehow send the money I have earned over the year home.

My question: What is the best way to get the money in a Bank of Nanjing account to my Chase bank account in the States?

My ideas: A) Wire money back home, but I am not 100% how to do this, and there's a fee as far as I know. B) Carry the RMB on me during the flight, and then convert the RMB to USD when I get back to the USA. C) Find a bank, ATM, or some place that I can use my Bank of Nanjing UnionPay ATM card.

Thank you so much, Mr. Hayes!

Sincerely,

Eric

Eric,

I can answer this for you.

Your best bet would be to go to the Construction Bank of China. Although I have never personally done it, I am told by a reliable source that this particular bank supports international bank routing numbers. They should be able to transfer the money directly into your American bank account. There will be a small fee.

Another option would be to send the money to yourself via Western Union, available in most China Post offices, but you would first have to change the currency to U.S. dollars. The easiest way is to give the money to a Chinese national and have him or her do it for you. Western Union charges a fee of $50.00 per $2,000.

If you decide to carry cash, I would convert the renminbi into dollars in China first—you'll get the best exchange rate that way. According to the State Administration for Foreign Exchange, you can carry up to $5,000 in or out of China without declaring it with China customs.

Hello again, Dr. Greg!

I was told today by another foreign teacher the Bank of China can also transfer money to an American bank account. I will probably go with him on Friday and give it a go, and then carry home whatever money is left.

$5,000USD is the magic number; I was wondering what the maximum is.

Thank you very much, Dr. Greg!

Appreciative,

Eric

Eric, let me know how it goes for you at the Bank of China. I have a hunch that their ability to transfer monies into foreign accounts may vary by branch.

We have helped teachers with this before. This was a few years ago. The easiest way was to have a Chinese national wire the money from a Bank of China account. There may be newer, faster ways.

Hi Dr. Greg and Mr. Hayes:

I'll let you guys know how my experience with Bank of China goes on Friday. Another foreign teacher who has already wired money via the Bank of China will go with me to help out.

This is the information that the foreign teacher told me I need to get from my bank:

Account #
Swift #
Routing #
Branch #
Bank code #
Bank Address and Telephone Number

I will let you guys know what exactly is needed after I successfully wire money home.

Thank you both for your help!

Sincerely,

Eric

Conclusion: Bank of China was able to wire transfer directly to my American bank account.

It took 3 days for the transfer to complete, cost 175RMB at Bank of China, and then my bank tacked on another 15USD for the wire transfer fee.

Obviously, I should have to pay my bank a fee to take my money, which they will in turn use to give someone or some entity a loan, and then make a profit in addition to the 15USD fee.