This is the true account of a conversation occurred within Troublemaker Members on how to send money to China within 1 hour.
- Go here for the long story
- In brief:
The takeaway is:
You can transfer money in less than 1 hour from many different countries and currencies to many other countries in their local currency. The transfer process itself is just a matter of minutes and takes less than one hour, including registration and ID validation. And with ridiculously low fees.
This is a very handy solution for personal use and petty cash, but the provider also offers high end business services with the same outstanding performance.
Of all the financial providers out there, in this case TransferWise has given proof of being better than their own claims.
We welcome you to share your experience on the matter. With feedback from other people with personal experience, it will be possible to build a comparative analysis.
Troublemaker WeChat Group Thursday 2020-03-26
JY – 19:42
Hey gang, one of my assistants bought masks and shipped them to friends for me. When I tried to pay her back from a Hong Kong business account, her bank refused the transfer because she lacked proof of what the money is for, even though she showed them receipts and all that. ***k the bank. Anyway, what are some other ways to get money to her? Is Western Union equally problematic? She was so nice to pay for all the masks and shipping and now might end up missing some money to pay on her mortgage. Stupid situation. Any advice and recommendations on how to get money to her ASAP would be great.
How much, roughly?
You can send from a TransferWise account (business or private) to a Chinese in China (not to business). The receiver must have Chinese ID with a personal Chinese account.
And she can definitely pick this up, yes?
No stupid bank issues?
Zero. I send money to my wife. She receives RMB, of course.
(note: RMB = RenMingBi, the Chinese currency also known as CNY)
Yes, please send me that link.
I recommend TransferWise too.
Cool, good to hear this is working.
Make sure to send in RMB (local currency), no other currency though.
Does setting up things on my side take long?
As in… days to get approved and whatnot.
Personal very short, hours.
Yes, it takes time.
You need to get the money in your account there first too…
And I fund it with a bank transfer to the TransferWise account, right?
Link to TransferWise.
Ok yeah, that’s fine though.
At least then there is a pipeline.
I’d say she should get the money within a week.
I was through the first time in less than 24 hours with money to destination.
Try it. I am not kidding.
Do people need to pay tax on the money coming in that way?
I don’t believe so, as you are sending to her private account.
But the limits apply of course – 50k per year.
cool cool 🙂
Please let us know because I might have been lucky so far and it would be bad not to know of bad experiences.
JY – 19:55
(following this JY started the registration with TransferWise.
JY – 20:57
Well guys… she just received 15k RMB on her account (equivalent to 2,000 US$)
Better than I reported!
Basically, it took me 15 minutes, and it was all done.
20 minutes after that she received it on her account.
I let TransferWise deduct the money from my Mastercard / debit card.
Crazy fast, who would have expected that!
Ah, you didn’t bank transfer to them, that’s the trick! But how did you verify your identity then?
Credit Card is verified enough for the banks.
1. use the link
2. enter details
3. confirm email
4. set up transfer to private person in China, to her UnionPay card
5. upload photo of passport
6. choose debit card as funding source (MasterCard in my case)
7. do the transfer
So they did check your passport… Still, crazy fast!
Ok guys, you all got the link, right? Every 3 people who join I get 50 GBP reward, just to let you know what is my share of it.
PP do! With your referral link, haha.
For petty cash is perfect. I am not sure yet I would leave relevant amounts with them, but I wouldn’t with anyone at this precise time anyway.
It’s great to be part of a community and help each other in a simple way. Which service provider did you use to transfer money to China? Let us know in the comments!