Transfer Money from Chinese Bank Account to Australian Bank Account

Hi All,

Just wondering if anyone has any suggestions for the cheapest way to transfer from a chinese bank account (China Construction Bank) to an Australian bank account.
I've had a look at using transferwise and ofx but both don't seem to support this currency transfer.

Does anyone have any recommendations? The amount to transfer is around 60,000 Yuan (~$12,000AUD)

Thanks

Comments

  • +2

    ATM withdrawal in Australia, at a bank branch ATM to recover the card if taken, using the Chinese Union Pay card. 6x$2k wdls, or 12x$1k wdls, one or two a day subject the withdrawal limits on the card, it might take a week or two to complete the full amount.
    Deposit the $ back into the ATM if using same bank ATM as your Australian account.

    • Currently don't have a union pay card. Only the online banking details. Do you have another recommendation?

      • open a bank account in HKG, transfer the RMB, swap into HKD. Transfer out to AUD.

      • +1

        get a Union Pay card??

      • A quick google search suggests a transfer with Alipay from your bank in China might be possible, $2000 a day ??

  • +2

    Take the RMB to Macau and buy chips. Play all the chips and cash out into USD. Take a flight from 🇨🇳 to 🇦🇺. Declare the USD to the ABF as 🎰 winnings. FX the USD to AUD when the price is right.

    Or just use the RMB to buy digital assets and send it straight to your mobile device without leaving your sofa.

    • bitcoin?

  • What options did “China Construction Bank” give you? Typical international bank transfer between banks is done via swift

  • +1

    Just go into the branch and withdraw over the counter? I don’t know which city you’re in, but if even Brisbane has a branch, I’m sure there is one local to you.

  • There are groups on wechat that will swap you Chinese money for Australian money.

    • Hint for searching? I need some…..

  • Go to small money transfer and not go to banks
    Banks have higher fees

  • -1

    Sounds a little Suss. One would think a direct transfer would be best/easiest. Break it up into 2 transfers if you’re that worried about being over the 10k threshold.

    What’s wrong with the normal way?

  • +1

    Just get a bank card, whilst in Aust, simply transfer via ATM.

  • RMB is not available with transferwise and the like cause of the extra trouble dealing with it, you need to go to a bank.
    First I would open a Bank of China Australia RMB deposit account. Then transfer it into there.
    You can spend it on a linked unionpay card.
    If your question is actually about transferring it into AUD as well.
    You can try call 2-3 larger banks Bank of China Australia, CBA, HSBC and the like for a FX rate quote. Don't bother with small banks as they just route through big banks.
    Unfortunately your amount is considered a bit small in the FX world you might just have to accept that your rate might not be that great.

  • Going the other way, what’s easiest way to transfer to china for 10k aud?