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Thread: International money transfer
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[quote=CANADAGUY,275390]The subject heading sounds simple enough but I'm having a really tough time finding a simple, fast, and cheap means of sending money to a friend in China. It's a bit ironic to read all of the posts about China being number one now in the world in many areas. In terms of moving a small amount of money from outside China into China, I would have to quibble about the number one status. I went to two large banks today in my hometown of Guelph, Canada and neither of them were able to make out bank drafts in RMB. Sure they could get RMB in cash, (that would take several days) but they didn't have the ability to make out a bank draft in RMB so I could mail it to my friend. So far I've investigated Western Union ($50 service fee), PayPal ($50 service fee) and wiring the money bank to bank ($30 service fee). As mentioned above, bank drafts in RMB just don't exist here. I could send a bank draft in $U.S. or $CAN, but the downside to that is that by the time the mail arrives with the cheque (two weeks plus), the conversion rate between $CAN and RMB could have changed enough to screw up the initial RMB amount. Sending cash in the mail is risky as we all know, especially large amounts of RMB. The amount in question is 2500 RMB. Would anyone here have advice on the simplest, fastest, and cheapest way to send this money to China? Thanks![/quote]
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