Telegraphic Transfer in USD to China - Pay supplier

yjun355 on 17/08/2016 - 19:41

Hi,

Im guessing there are lots of business owners here. I have to send payment of few thousand usd to Chinese bank to pay supplier into alipay amount.

Just seeing how do you guys send it and give the best rate?

Financial

Comments

  • Pigey on 17/08/2016 - 19:52
    +1

    If the bank can take local currency, I'd use Transferwise.

  • websterp on 17/08/2016 - 21:47
    +1

    I've used https://www.ofx.com/en-au/ (Formerly ozforex) for the same purpose in the past - Transfer in USD to a bank account in China. This was about 2 years ago but at the time I got the best exchange rate from them. Definitely far better than the banks.

  • scotty on 17/08/2016 - 23:28

    Paid the Chinese supplier in USD for OzBargain t-shirts a few times over the years (most recently last month), and have always used OFX. CurrencyFair & TransferWise might be a bit cheaper though. I used CurrencyFair once and it was quite an effort setting the account up.

    • yjun355 on 18/08/2016 - 08:25

      Thanks scotty.
      Seems like i missed the meetup. Didn't come up on my radar. I look forward to when you have the next one.

  • yjun355 on 18/08/2016 - 08:27

    I am assuming ofx works out cheaper than doing tt transfer from my hsbc amount?

    • scotty on 18/08/2016 - 09:13

      It should be easy to compare — same as CurrencyFair & TransferWise. Use the converter on their home page for the spot rate and then compare with HSBC's rate, which I believe you can obtain from HSBC's online banking.

      • yjun355 on 18/08/2016 - 11:46

        Thanks.

      • yjun355 on 18/08/2016 - 11:48

        TransferWise seems slightly cheaper compared to ofx. I'll try them out.

      • yjun355 on 19/08/2016 - 16:14

        Thanks. Transferwise didn't work as I need to send in US dollars. I ended up using OFX. I found your referral link for Fee Free discount :).

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