Hi All,
Just wondering if anyone has any suggestions for the cheapest way to transfer from a chinese bank account (China Construction Bank) to an Australian bank account.
I've had a look at using transferwise and ofx but both don't seem to support this currency transfer.
Does anyone have any recommendations? The amount to transfer is around 60,000 Yuan (~$12,000AUD)
Thanks
Currently don't have a union pay card. Only the online banking details. Do you have another recommendation?
open a bank account in HKG, transfer the RMB, swap into HKD. Transfer out to AUD.
get a Union Pay card??
A quick google search suggests a transfer with Alipay from your bank in China might be possible, $2000 a day ??
Take the RMB to Macau and buy chips. Play all the chips and cash out into USD. Take a flight from 🇨🇳 to 🇦🇺. Declare the USD to the ABF as 🎰 winnings. FX the USD to AUD when the price is right.
Or just use the RMB to buy digital assets and send it straight to your mobile device without leaving your sofa.
What options did “China Construction Bank” give you? Typical international bank transfer between banks is done via swift
Is there a black market for money? And if there is, do you really think OP would keep it in a regular Chinese bank and try to transfer it to a regular Australian bank?
Australia population growth is not enough to sustain Australia, we need other people to want to live here forever, Chinese people, any people, who want to live and work here and raise their kids here. Australia needs population growth and economic growth for a long whiles yet.
There's a black market for anything that can be traded at a profit.
Australia population growth is not enough to sustain Australia, we need other people to want to live here forever, Chinese people
Perhaps it's because of foreigners who keep spamming the shit out of the Australian property market with their 'buy buttons' leaving young people unable to live near their workplace and with no motivation to start a family. Travelling 2+ hours a day is the worst for a young person, especially when they're the ones doing the real work in the company and aren't just managing people and yapping all day.
FOreign investment is great, but you leave young people out to dry, then of course population growth will be an issue.
My parents weren't born in Australia and weren't even nationalised before I was born, though they are white so that might make a difference for some complainers, but they also bought the best home they could afford as close to the city as they could afford. What's the difference between them and a Chinese couple, other than my parents being white?
What's the difference between them and a Chinese couple
This is generalising but most non-Chinese (especially white) immigrants are here because they like the place, or it's better than where they were (i.e. refugees - be it conflict, political, financial, whatever).
Why are the Chinese immigrants here? Must of them were tourists or students. Most of them have money (either themselves or through family).
My major issue with immigration (and this will sound Pauline Hanson-ish) is that some (not all) of them come here and start wanting the place to be like their home country. Whether it be language, education, politics, law, … etc. If you want to live somewhere like your home country then stay there.
Reading this over I think I'm getting old… get off my lawn!
them come here and start wanting the place to be like their home country. Whether it be language, education, politics, law, … etc. If you want to live somewhere like your home country then stay there.
You just described what the British Empire did when they invaded Australia. May be the white man should pack up and go home.
@whooah1979: True.
Bit hard to undo over 200 years of settlement, industrialisation, etc.
Then there'd be the issue of resettling tens of millions of Australians.
No-one's condoning the actions (especially the atrocities) of the British settlers. It's about what we've got now, and making the best of it for everyone.
@Chandler: That's total BS. Everyone who comes here wants it to be like their own country. Look at all the Greek societies, the German beer halls in every city and many towns, just put "Finnish society" in Google Maps to reveal a whole bunch of Finns in Australia who still gather together and do their weird Finnish things on the regular.
@AustriaBargain: whooah there… no.
More than happy to have any skin colour share their cultures. Personally love the mix of cultures we have here - it's part of what makes Australia what it is, in my opinion.
My issue is the ones demanding or expecting other's to conform to their cultural rules.
It's one thing asking a stranger to take their shoes off when they enter your home - it's another to expect that stranger to speak/write your language.
@Chandler: Hmm.
It sounds like someone needs a refresher course on which skin tone has invaded the most countries and imposed their rule of law in the 20th and the 21st century.
@whooah1979: No, I don't think I do.
Would you mind making your point for me but? You keep trying to hint at something with your comments about colonisation, racism, etc; but either I'm missing something or not understanding.
People that don't want to sell their assets can hold on to them until they pass away. The rest that want gains are more than happy to sell and move on.
Just go into the branch and withdraw over the counter? I don’t know which city you’re in, but if even Brisbane has a branch, I’m sure there is one local to you.
There are groups on wechat that will swap you Chinese money for Australian money.
Hint for searching? I need some…..
Go to small money transfer and not go to banks
Banks have higher fees
Sounds a little Suss. One would think a direct transfer would be best/easiest. Break it up into 2 transfers if you’re that worried about being over the 10k threshold.
What’s wrong with the normal way?
Just get a bank card, whilst in Aust, simply transfer via ATM.
RMB is not available with transferwise and the like cause of the extra trouble dealing with it, you need to go to a bank.
First I would open a Bank of China Australia RMB deposit account. Then transfer it into there.
You can spend it on a linked unionpay card.
If your question is actually about transferring it into AUD as well.
You can try call 2-3 larger banks Bank of China Australia, CBA, HSBC and the like for a FX rate quote. Don't bother with small banks as they just route through big banks.
Unfortunately your amount is considered a bit small in the FX world you might just have to accept that your rate might not be that great.
Going the other way, what’s easiest way to transfer to china for 10k aud?
ATM withdrawal in Australia, at a bank branch ATM to recover the card if taken, using the Chinese Union Pay card. 6x$2k wdls, or 12x$1k wdls, one or two a day subject the withdrawal limits on the card, it might take a week or two to complete the full amount.
Deposit the $ back into the ATM if using same bank ATM as your Australian account.