How to Transfer Money to China?

Lradradrobotank on 14/04/2017 - 18:26

Hey guys,

I want to buy a property in China, but all my money is in Australian dollars in a Commbank account. What is the cheapest way to transfer money to my Bank of China account, (or an alternative). I will need to convert to Remb, but that can be separate from the transfer if that makes it easier/cheaper. I figure that lots of ppl are trying to do the opposite (transfer money out of China); are there any currency swap/trade websites which are scam proof? I need to transfer the equivalent of $160 000 AUD preferably in the next couple of weeks.

Thanks for your help! I

Financial

Comments

  • chazfg on 14/04/2017 - 19:12

    Bank transfer is fine. You just need Bank of China SWIFT code, address and your account details.
    Check the exchange rate first. If you are not happy with the Commonwealth bank exchange rate, then use external money exchange (I use OFX.com)

  • Innately Incognito on 14/04/2017 - 19:48

    Just find a foreign exchange provider (ideally not the banks) that gives a reasonable rate.

  • [Deactivated] on 14/04/2017 - 19:50
    +2

    Get a roll of C notes, a tub of vaseline, a China Eastern direct flight and shelf those bad boys. No questions asked money transfer.

    • radradrobotank on 14/04/2017 - 21:38
      +1

      By my calculation $160 000 in $100 bills would have a volume of 1699 cm^3 which isn't that much smaller than a 2L milk carton.

      • [Deactivated] on 14/04/2017 - 21:42
        +2

        Better get one of those doughnut pillows for the flight then

  • Findo on 14/04/2017 - 20:13

    Do you have any friends or family in China that have money they want turned into AUD?

  • railspider on 14/04/2017 - 22:32
    +2

    Buy 160k of baby formula in Aus. Ship it to China. Sell it for yuan. Buy a concrete Chinese house.

  • Clivey In Space on 15/04/2017 - 07:13

    Have a look at ofx and transferwise. I've just completed the opposite with transferwise and a similar amount into Australia, and from signing up and sending the funds it was received within 24 hours. Exchange rate was also much better than the banks rates.

    • radradrobotank on 15/04/2017 - 18:13

      Sadly OFX dont to AUD to RMB, and Transferwise maxes out at 6000 AUD when transfering to RMB.

  • ACTdealchaser on 16/04/2017 - 09:35

    http://superforex.com.au/en/contact-us/

    Superforex is a specialised AUD/CNY exchanger. I use their Sydney office before.

    You have to call/visit then to do business. They require 100pojnts of ID

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