Singapore Expats

Transferring money to Shanghai

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riiya_15
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Transferring money to Shanghai

Post by riiya_15 » Thu, 10 Apr 2014 7:33 am

I will need to transfer funds regularly to people in China. At the start, the amounts will not be big so I need to find an efficient way to transfer with racking up SGD 30-50 dollars of transaction charges each time.

So I'm wondering if it is possible to do either of the following:

1) Set up a foreign bank account with a Singapore bank that has a Shanghai branch, which I can use to do bulk fund transfers between my domestic and foreign bank accounts (and hence lower transaction fees), then ibank money to the people in Shanghai.

2) Set up a domestic and foreign bank account with a Chinese bank that has a Singapore branch, that I can use to do bulk fund transfers between my domestic and foreign bank accounts (and hence lower transaction fees), then ibank small amounts regularly to the people in Shanghai.

3) Set up a domestic and foreign bank account with a Chinese bank that has a Singapore branch, whether I can use to do a direct cash deposit in RMB into my foreign bank account, then ibank money to the people in Shanghai.

Or are there any other ways? Thanks for any advice!

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maneo
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Post by maneo » Tue, 15 Apr 2014 1:58 am

If there's someone in SH you trust (and who trusts you) couldn't you deposit funds in his account outside CN and have him deposit the RMB equivalent in your SH bank?

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zzm9980
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Post by zzm9980 » Tue, 15 Apr 2014 5:54 am

Citibank SG and Citibank CN. You can link and transfer instantly I believe. You can between all of their other banks, not sure if China has any unique laws which would hamper this.

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maneo
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Post by maneo » Mon, 21 Apr 2014 11:12 pm

Moving money into CN should not be a problem.
Trying to get money out will be.
The State Administration of Foreign Exchange (SAFE) regulates this, so check into the conditions that must be met.

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