This tutorial is written based on our Bank of China experiences. Other banks may be different (but generally similar).

Funds Transfer / Wire Transfer

This tutorial describes how to receive money at a Beijing account from outside China.

For transfering money internationally, a method is used which employes international financial networks that link banks together. This network has evolved into the SWIFT network. To transfer money from any bank on the network (most larger banks are on the network) to a Bank of China account, the sender will need several pieces of information. The receiver will need an account. To set up an account, please see our tutorials.

Sending Money to a Beijing Account from Outside China

The sender will need to get this information from the funds recipient:

Account Holder's Name
Account Number
Bank Branch Name
Bank Address
SWIFT Code
Phone Number of the Bank Branch
Account Holder's Phone Number

Tip
If the bank that you are sending from is not directly connected to the network, the bank may ask another bank to send the money. The second bank may charge a fee. Each bank that is involved in the process may charge a fee, so it is cheapest to find a bank that is directly connected. The fee for sending money (from the US to Beijing) is generally 20 to 30 USD, some banks do not charge this fee, some charge more or less.

Recieving Money in China

1] The recieving party must get his or her bank information:
Account Holder's Name
Account Number
Bank Branch Name
Bank Address
SWIFT Code
Phone Number of the Bank Branch
Account Holder's Phone Number

2] The easiest way to get the banking information is to go to the branch office.

At the branch office, talk to a service representative: tell them you want to receive money from abroad. If they do not speak English, say:
(pronounciation) "Waugh yaow jyea show go-aw why hway kwan"
(Chinese)
(pin yin) "Wo yao jie shou guo wai hui kuan"

3] The service representative at the bank will probably give you a paper or a card with all the bank's information on it. This information you should give to the person who wants to send you money, the sender should then send the money using the SWIFT number.

4] The receiver will have to wait 3-7 work days for the transfer to complete.

5] You can check if the money has arrived by going to the bank branch office. You can not check if money has been deposited or sent at ATMs (as of January 2009) unless it is received in RMB. Most transfers from abroad will be in foreign currency, and will come to your account in foreign currency, and will not be shown at the ATM - but will probably show in E-Banking and Telephone banking [link: sign up for E-Banking and Telephone banking].

6] When the money has arrived, you will need to exchange it into RMB for use in China [Link: exchange money].