Thanks for your kindly help !
Best regards,
Carol
Quoting from [CarolYang]:
Which method of payment transferring is the cheapest between North America and China?
Thanks for your kindly help !
Best regards,
Carol
Cheapest means the most unsafe. Alot has to do with how much money is being transfered. If its samples, then T/T is best. For considerably more money in any deal each transaction and the supplier have to be verified independently. What is cheap is not always the best.
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Quoting from [CarolYang]:
Which method of payment transferring is the cheapest between North America and China?
Thanks for your kindly help !
Best regards,
Carol
Dear Carol,
I think it is safe to say that you would be sane enough to not randomly transfer money to shady suppliers. North America : Canada or USA ?
The key in saving on large transfers is actually the offered exchange rate. A lot of banks have the 48 hour service for china transfers, and they might be quite cheap. Interbank T/T have intermediary banks.
Normal Method: I would advice fo you to go with traditonal T/T - not knowing which city you are on is hard. You should ask / negotiate your banker for a deal for the exchange rate offered (Bankers actually have a certain authority to offer your slightly cheaper than their listed t/t rates). Larger banks such as Citi, Chase and BoA are actually intermediaries telex for smaller banks, but strangely enough they actually publish a higher rate than the smaller banks, most probably to protect their interbank customers. Important AND MOST Overlooked: Some banks offer a better T/T rate but they rip you off on the finance charge and/or the full amount charge, call your local bank offices to find out. Every teller and CSO should know the published rate and aso the finance charges for the T/T.
Unrecommended but Cheapest Method: a lot of overseas chinese workers do this, when they want to send money back to their family back home, which is in the form of only hundreds of dollars (which made their 10/20/50 dollar surchage a huge burden) - Money Senders / there should be a few in each chinatown, you should ask some of your chinese friends (waiters/workers @ laundromart etc etc there are heaps of us around).
How they work is that you pss them the amount, they will NOT t/t the amount, but rather have their associate in china deposit the amount (in RMB) to the designated reciever. This is NOT recommended for business usage. I've used them a few times to send money in the form of a few thousand rmb to relatives in china.
Quoting from [CarolYang]:
Which method of payment transferring is the cheapest between North America and China?
Thanks for your kindly help !
Best regards,
Carol
you can Actually just go to your bank and do a wire transfer they will also need a bank account if they do not have one western union is the cheapest good luck:)
![[em1]](http://img.alibaba.com/images/eng/style/icon/emoticons_smile.gif){kind=icon}
Quoting from [CarolYang]:Western Union: cheapest
Which method of payment transferring is the cheapest between North America and China?
Thanks for your kindly help !
Best regards,
Carol
T/T: the most popular in china
Paypal: safer, higher transaction fees
L/C: Safest
Encrow: similar with paypal
Quoting from [CarolYang]:Bank's Transferring
Which method of payment transferring is the cheapest between North America and China?
Thanks for your kindly help !
Best regards,
Carol
Quoting from [CarolYang]:Dear Carol,
Which method of payment transferring is the cheapest between North America and China?
Thanks for your kindly help !
Best regards,
Carol
Breakfast had given you an important thing about cost of Transfer money.
Hope that you get the clear picture.
It is a pitty you did not mentioned what currency that you want to Transfer,
is it CAD - to RMB or 1 currency USD to USD ?
-The exchange rate is the most essential/basic element to know regarding it.
If you use bank's service to do it, You and the receiver/beneficiary will bear a cost
of exchange rate conversion, Buying and selling rate differ, especially if you do not
have that currency account, e.g: USD or Euro bank's account.
Same thing will happen to your counterpart/receiver in China.
- The cost of service, or Bank charges/bank- fee Each bank had a different cost of it.
and the "aware" ones are the provision-fee charge and the Foreign exchange charges.
every bank in every country got a different policy about it.
So, a pre-advise by asking your International bank should be in prior.
# = to anticipate and reduces the cost if by bank, you have to find a China bank or Any bank that having a link/agreement/correspondence with China's bank. maybe HKSBC or Hong Kong and Shang Hai Bank ? but check it first. Normally if you can find one, between thiese 2
bank they have agreement and cooperation, so for using their service to transfer money to china
will be not charged too much, it is as like a normal transfer. Some of banks even "free" of charge ! in underline that it is only in RMB's account. Or in the same currency. i.e.: You transfer
USD to somebody which got an USD account.
Whilst by western Union, in fact more bigger the money, more charges/cost that you will got!.
they have the tariff and it is in percentage scale. a progressive tariff rate cost not Flat rate.
The cheapest way to do (another option) is the money is 3 thousand USD above.
You go find to the freight forwarder office, that operating between N.AMerica to China v.v.
between these 2 ports, in freight we knowing the C.A.F. surcharges (Currency Adjustment Factor). By selling Your CAD to some(reliable/reputable) office in Canada. And instruct them
to their branch in China to pay (call on) the agreed amount to your beneficiary in China.
Then you just call your partner in China to contact that office in China and take the money/cheque in that office & ctc person.
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