money to china

[Shelton11]

Hi guys,

I have a situation where I need to send 15k sgd to china.
Would any method save me more money than others?
The company exists I've visited. Everything appears above board.

I assumed I'd use a bank but subsequently been told this is the most expensive method.....I have seen dbs is providing 30$ transfers, possibly hiding other costs? Is one bank better than another?

I can't do PayPal with them.

I have heard of several companies remittance types in china town, if they are registered and recognised would this save money, speed up transfer and reduce my expense?

In blunt, I have no idea where to go safely wise rather than uob as normal, but any saving idea would be warmly received.

Thanks

[Strong Eagle]

I have a situation where I need to send 15k sgd to china.
Would any method save me more money than others?
The company exists I've visited. Everything appears above board.

I'll just say that the fact that a company exists means nothing. I am aware of Singaporeans, well versed in real estate transactions were ripped off when investing in China real estate for more than $200,000.

Yes, the company they placed the money with existed. In fact, it was partnered with a Hong Kong firm (only way to do business in China) so they felt safe. What they didn't know was the Chinese company also had a wholly owned subsidiary. When they put the money in, it went to the subsidiary and the Chinese side of the investment company disappeared. Good luck on ever getting something like this into a Chinese court and actually prevailing.

But, let's suppose for a moment that the company you want to send money to actually is legit. The yuan is only partially convertible. It is convertible for things like ATM's and demand deposit (checking) accounts. It is not convertible for capital accounts, ie, shares, bonds, etc.

So, if you are sending the money in as an investment, be aware that you won't be able to take your investment back out. This is supposed to change in 2015... but China has been dragging its feet for decades.

I've heard many horror shows. There is no way I would send cash to a company in China for investment purposes.

[Shelton11]

Ok thanks.

I will be paying in usd. I'm aware of the gamble but going to push on anyway and use the bank, seems easier

Cheers

[qwe7410]

Do it with teletransfer, it won't cost a lot.

You can save a little by going to remittance companies which you can find a lot at Chinatown.

The problem is it's not easy to fill the form with many Chinese Characters

[livingontheedge]

Golden Dragon Remittance at Chinatown Complex. Easy, reliable and cheap.