China Construction Bank -> transfer money to Canadian bank

Click the link listed below for an article on online banking.  The article is about two years old now, so expect there were updates and refinements in banking procedures (and technology) since the article was written.

How To: Set Up an Online Bank Account in China

May 24, 2010, by Jessica A. Larson-Wang, eChinacities.com

echinacities.com/expat-corner/how-to-set-up-an-online-bank-account-in-china.html

Have you tried opening an account at HSBC here in Suzhou, and one in Canada. Then you can transfer $ easily.

Hey

I have had to move money from foreign banks to Royal Bank of Canada and charged a fee from RBC. What you could do is

1) Deposit small amounts under the free limit
2) Find another bank that has no incoming wire fee.

On the currency side, I use an online account with CO to hold my foreign currency. From there, I can transfer directly to the people I need to transfer money to and therefore waive the need to face the incoming fee. On the plus side, the exchange rate is a lot better with CO.

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Cheers

Raysolve

Which would be the best company to open a bank account with when in Suzhou..can zou please PM me so the admin wont delete the message. Greatly appreciate the help. Would be cool if the bank would allow online bank transfers.

Here is what I found for you online

"If you wish to transfer RMB from Suzhou into an overseas account, you will have to physically go to a bank branch (all of the banks discussed below offer this service) with your passport, your work permit and a contract from your employer vouching your employment and income. You will also need a letter on your company’s letterhead (and with your company’s stamp) verifying the taxes that you have paid on your income. This is a mandatory requirement, as you are not allowed to transfer any Chinese income for which you haven’t been taxed. In addition, you must bring your monthly pay slips, with your company stamp and government issued tax receipts. All of this is just to change your RMB into foreign currency. Next you will have to actually wire the money to your foreign bank, which is a lot easier – just provide the foreign bank’s details, including its routing number and your account number. This service will cost you some money (around 200vRMB) and take some time, but hey – nothing in life (or Suzhou) is easy!"

Raysolve. Thanks so much for the info. Very useful indeed