Paypal for international transfers
I access my Canadian bank account through ATM machines here, as do several other expats I talk to. The amount of each withdrawl is limited. I just read that Paypal allows one to transfer money from their Canadian bank to a Chinese bank. I believe the limit is about $2,500 each transaction. The Paypal web site does not explain it in great detail. I just wonder how it works at this end, in China.
Wondering if I could use Paypal to get my money here instead of using the ATM machines with a CND bank card.
Does anyone have any experience doing this?
I don't, but I wish that I did! The bank machine outside of my apartment ate my BMO card just last week, so until I return home I'm stuck with a (basically useless) Canadian credit card.
Is your figure in CAD or RMB? The withdrawal limit for bank ATMs is already 2 500 RMB, so the Paypal transfer might not be too helpful. Let us know what you find out!
actually paypal allows you to credit your paypal account from your Canadian bank. It is best to contact them for more details but from what i gathered so far Getting your money out in China will be a real pain. First you need to associate your paypal account with a local debit card. Then have it confirmed - there is a description how but it didn't work so they sent me details on how to do it manually and I'm yet to try cause requires some paper work. Anyway it seems that the % you end up paying for getting your money out is quite high.
Have you tried wiring money from your bank back home to your Chinese bank via online banking or something?
Matt:
The bank will have your card. Just take your passport inside ad ask for it back. Or they might send you to a central location to retrieve your card. It has happened to me twice!
I've been using my Bank of America debit card to withdraw RMB at any one of the China Construction Bank ATM in China, HK and Macau. They allow me to withdraw maximum of 4,000 RMB each day at 1,000 RMB increment for each transaction. The money then would be deducted from my account in US based on the exchange rate of that day. I checked, and it’s always better than cash exchange rate. The only thing you need to have is an opened account with China Construction Bank. Account balance doesn’t matter. I found it's really convenient not having to bring lots cash with me when I go to China. All I need to bring is my debit card and some cash. Oh, a Capital One credit card (no international transaction fee) for major purchases.
Yes, it should be working. but you need add a Chinese bank account into your Paypal account first. and the withdraw fee is quite high, about $50 per transaction. it takes 4 or 5 days to reach your Chinese bank account. Another problem is the limitation. if you transfer quite often, I am afraid Paypal will freeze your account to investigate it, I am not sure about it, just heard about it.
better not use PAYPAL for transfer. Ur PP acc would likely to be frozen.
you don't need to transfer X times, even after one transaction Paypal can "limit" your account. It is their way of using your money for 3-6 months.....don't even consider this route. Can you afford to have Paypal freeze your money? Prolly not.
Open an account in HK. Write yourself a check and deposit it into HK bank. Apply for a "Union Pay" debit card there and you'll be able to charge it all all over China.
Don't ever mix and match your RMB accounts with other accounts and leave traces. Uncle Mao will one day want to tax you on your global income. Bet on it.
@ toby
I panicked and cancelled my card after it was eaten (figuring that it might be a scam of some sort.) Thanks for the information, though - I'll keep it in mind in the future.