| International money transfer | |
|---|---|
| Apr 8, 2008 06:20 | #11   |
 | APAULT has a very good suggestion, in fact this is how I get rmb in China as it is tough for a friend of mine to wire or bring rmb out of China, we just do a currency swap. I just do a bank transfer between our singaporean banks, and when my money is in his account, my friend will pass me his rmb. But nowadays transferring money into China is much easier in Singapore, now it cost less than 10USD and the money will reach its destination in 2 working days. |
| Apr 8, 2008 13:03 | #12 |
| I'm not sure I understand Paul's suggestion completely. I wanted to send money to a friend. Why would I go through a 'trusted' third party when I trust my friend to begin with? It would just take more time that way. Plus, I don't see how it would save money? The money would still have to get from my bank account into the third party's and then into my friend's account. |
| Apr 8, 2008 22:57 | #13 |
| Because the third party maintains 2 bank accounts, one in China and the other where you are. The arrangement is for that party to accept your money in his account in for example, Canada, and use his money in his China account to pay your friend in China. There will not be any cross border fund transfer in this case. |
| Apr 8, 2008 23:14 | #14 |
| OK now I get it. Thanks Claudius for the explanation! Yes, if you know a friend who has a bank account in your country, this arrangement could work very well. It's basically the same thing that Paystone is doing, except it's on a personal level, and your friend wouldn't be charging you anything to do it (hopefully). |
| Apr 9, 2008 11:51 | #15 |
| Well if your friend has problem wiring his RMB savings back from China, you're actually helping him. But then nowadays, its much easier to wire money out of China, so you might want to try harder. |
| Apr 30, 2008 13:35 | #16 |
| GUEST17769 | Thanks Canadaguy to introduce Paystone service. I tried it last week. It was very good. Many people don't know that it is illegal to sending money through a 'trusted' third party in China. I called Paystone and they said they were one of three foreign companies who got approval from Chinese government. They also said they would launch the service to other 13 Chinese banks soon. |
| May 2, 2008 11:23 | #17 |
| Its illegal where anti money laundering laws are prominent, I guess, coz this is an apparent loophole between economies and one of them have stronger investment force. |
| Jul 19, 2008 09:14 | #18 |
| I have one pointer for anyone who is trying to transfer money to China. Be careful on the exchange rate quoted. I used a CurrencySource.com (same as another web site called Orderwires.com) It clamed to make the transfers for a $55 fee. But the exchange rate they quoted was way out of reason. It ended up costing me more than a round trip ticket to Beijing and it took weeks for my wife to receive the money. So be careful. Now I use am ATM card and it works great. |
| Feb 12, 2009 19:50 | #19 |
| Paystone closed down as of December |
| Feb 13, 2009 23:04 | #20 |
| Thanks for the heads-up Scottt, I didn't know about it. That's too bad, but not a surprise with the way the economy is today. |
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