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A question for those who have lived abroad...
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Meneldil
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Join Date: Jul 2002
Location: Singapore
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Oct 24, 2003, 05:11 AM
 
I'm working in China right now, and am just about caught up financially so that I can actually start saving money. Stupid student loans. I have a bank account at Wells Fargo, and I'm trying to figure out a way to move my money there in a more efficient and less expensive way than via Western Union and my mother. Western Union costs something like $15 for every $100 sent, which sucks. Has anyone ever dealt with a situation like this before? I can't just save the money until I come back, both for security reasons and the fact that it's hard to turn RMB into dollars. Anyone have any ideas?
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Macfreak7
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Oct 24, 2003, 05:42 AM
 
Money order? Or travellers checks?
     
Meneldil  (op)
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Oct 24, 2003, 05:50 AM
 
Originally posted by Macfreak7:
Money order? Or travellers checks?
I don't how Chinese money orders work, but I'll look into that. I'd feel reasonably safe mailing them home, but it's still a lot of trouble, plus the Chinese postal service has been eating things of mine lately, so I don;t want to depend on them. Traveler's checks are basically cash equivalent, so I don't want to be storing those up or mailing them home. I just thought of something- has anyone here had a bank account in two countries before, and if so, was it possible to send money from bank to bank without withdrawing it?
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Mastrap
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Oct 24, 2003, 05:55 AM
 
I do my international banking with HSBC should you have access to them where you are. They are excellent. Transferring money internationally is pretty much just a phone call. Each transaction costs a set fee regardless of the amount moved so I suggest that you transfer large-ish sums at a time.
     
Meneldil  (op)
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Oct 24, 2003, 06:18 AM
 
Thanks, they look pretty good. I'll have to wait till I get to civilization again, but they ought to be much better than trying to deal with the Bank of China.
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mitchell_pgh
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Oct 24, 2003, 09:24 AM
 
Stacks of money... as long as it's under 20K, they aren't going to hold you up...
     
Meneldil  (op)
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Oct 24, 2003, 09:38 AM
 
Originally posted by mitchell_pgh:
Stacks of money... as long as it's under 20K, they aren't going to hold you up...
Problem with that is, the RMB isn't freely traded, or whatever it's called. The Chinese government objects to large amounts leaving the country, if I remember correctly,and since I'm paid in RMB, I can't just change it into dollars- that only works if I had dollars in the first place. Plus I feel a bit nervous carrying a year's savings around with me when I travel.
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