transfer money to Your US Bank Account From China ?
From foreigners working in China, you may want to sometimes send your earnings here back to your bank account in the US in order to pay off your bills there. Of course you can always go to almost any branch of any bank in China to wire your money back to your account, however the fee is a lot. Banks in China charges a fee for international money transfer, and your bank in the US typically charge you again for receiving a wire usually about 16-20 USD. To avoid the fee and as well to move your money more efficiently, I figured out a solution myself. That is, bank draft + mobile check deposit.
First, you need to by a bank draft from a bank in China. A bank draft is a check written by the bank and pay to your appointed receipient. This method is very commonly used for international transections. In
this case, you pay the bank to write you a check under the bank’s name. For example, for China construction bank, the fee for buying a bank draft is 0.1% of the amount.
Second, enable your mobile banking with your US bank account and download the apps from the appstores respectively. Write done “For Deposit Only” at the bank of the bank draft you have just brought in the first step. Open the bank app and deposit the bank draft in the check deposit section.
Third, wait for the bank to process the request. Usually it will take one business day for your deposted amount to be availabe in your US bank account.
In this way, you saved the incoming wire receiving fee, and a lot of other fees charged by the Chinese banks.
One more thing, currently, foriegners are not allowed to buy USD with RMB exceeds the limit of 500 USD. If you have legal income in China, you need to go to the HR to have them write you a letter indicating your income and tax payment,before you can actually buy USD with your RMB earned in China.