# Cheapest way to send money to china and setup an account



## redex (Jun 12, 2012)

Hello Everyone

I will go to Guangzhou china for 4 or 5 months, maybe longer if I can get a job

I have a Barclays UK bank account so I need to change my Sterling £ into RMB.

Ive seen on Barclays website they will charge a 3% fee if I with draw from cash machines in china plus if I use a wrong brand of machine there may be a further £1.50 for each withdrawal. 

what is the best and cheapest way to send money to china? Would I be able to setup any sort of bank account? or use prepaid money cards?

I have heard of *******in the newsapers has anyone used this service? It seems to have the cheapest fees but if it is a new company I am unsure what to do if it goes bust etc.

Thanks for your help. I will look around the internet and post any useful links I find to this thread


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## Zhongshan Billy (May 18, 2014)

Having been here for more than 5 years I have had some mixed experiences with the ATMs here. I no longer use them at all since one closed down during a transaction and the 250 quids worth of RMB never arrived. But after months of hassle the Bank of China decided that someone had the money and it was finally deducted from my account. Plus a couple of times my card was gobbled up by the machine and it took four or five days to get the card back from the branch who controlled the ATM. This could leave you with a lack of cash for long periods. Plus you will probably find you may get away with using the card the first time in China but on the next or subsequent attempt to take out money you find the card blocked by a UK security check. 

It was lucky that I had Skype installed as the long calls to London can be expensive.
*(If using skype nor similar make sure that your bank give's you an overseas number to call them on.)* 

In the first year or so my card was blocked by the banks auto security system every 5 or 6 weeks or so.

Since then I use internet banking only. I do an online transfer from my London Lloyds Bank to my account at the B of China here. I can transfer up to £5000 a time by internet. the cost is £10. I then go to the bank here four or five days later, fill out a couple of details on a Exchange form and the GB Pounds are exchanged to RMB and I can withdraw as much as I need.

There is a limit of what you can exchange in any one year of the equivalent of 50,000 US Dollars. The year is calculated from 1st january until 31st December. When I reach that limit we do the transfer to my wifes account.

If a prepaid car company goes bust then you will go without money until you make alternative arrangements. Remember that, as far as the UK banks are concerned, that card transactions in China are treated with a certain amount of suspicions.

It matters not if you tell your bank you will be in China as I an told they cannot input this information into their computer.

If you take GB Bank notes with you then make sure each one is clear of any tears or any markings such as UK Bank staff make on notes sometimes as the banks here will check each one thoroughly and reject any that have even a small tear or are marked in anyway.

Zhongshan Billy


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## badsector (May 23, 2014)

how about western union? Was the fees and exchange rate better?


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## redex (Jun 12, 2012)

just to update this there are a few online companies specialising in international payments. they charge very low fees such as 1 pound compared to banks 15 or 20 pounds. And they have been featured in newspapers etc

I used one and it worked out great and very quick and the rate was pretty good


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