Cross Bank Money Transfer Now Possible

Believe it or not, it was impossible to transfer money from one bank to the other easily before. No matter how huge the amount it is, you have to withdraw cash in one bank counter, bring it to the other bank counter (with high risk) and deposit the money in the destination bank – all are manual operations and used cash. I am almost driven mad to be forced get the money from ATM machine and wait in the long line to pay my mortgage for my apartment. As a habit of an IT industry professional, I kept asking: Why not a service to enable transfer of money electronically? The cash transactions are just stupid.

Run told me the availability of the service. The China Pay (run by the China Union Pay Co. Ltd.) started the cross-bank money transfer business from end of March, 2003. Now, it supports money transfer of 11 banks. According to their website, you need to go to the out-bound bank (the money you transfer your money out) counter to apply for the service and you can conduct online transfer with China Pay.

The application for Bank of China is only processed in three branches in Shanghai downtown. I remember one is at 1221, Nanjing West Road (map).

22 thoughts on “Cross Bank Money Transfer Now Possible

  1. WilliamW

    About your mortgage payments, is it not possible to have a direct debit or standing order arrangement so that the right amount is automatically deducted from your bank account?

  2. tane

    Really? I didn’t know this. Must be very inconvenient to people. JSW said No matter how huge the amount… meaning that company accountants are making remittance for payment to others mannually. It must be a bottle neck for business. Are there any plan to solve?

  3. Jian Shuo Wang

    Ops. I have to correct it that it is for personal users. For corperate, they can use check or others method to do the job. Very few people use personal check now.

  4. bible

    and regrettably during that time I threw christ away a lot of material which I could’ve done christ something with now. I had a real block around tattoo lyrics for songs I was writing, in particular. cross And one thing that really helped to lift me jerusalem out of that self-damning phase was to go into jesus the studio with Phil and make a rap song. holly

  5. SIM WANGY

    CAN I TRANFER MONEY FROM MY BANK ACCOUNT IN CHINA TO AN ACCOUNT IN AMERICA.

    THANKS,

    SIM WANGY.

  6. Ivo Rusev - TransferMate

    Well, actually it has always been easy to make a wire transfer from one bank to another as long as you have online banking available with security codes, TANs possibly and the exact info of the other bank account you want to transfer money to. Most of todays banks nowadays have such online banking portal for their clients, so just ask at your bank for yours. Cheers!

  7. Tom

    I have the need to pay for some product in China – I live in the US. My vendor in China suggested we use PAYPAL, but then realized his China bank will charge an additional $35 to process the order. I then attempted to use my credit card to pay for services – again through paypal, but then again his Chinese bank wanted to hit him for 10% of the total. Is there some alternative for my vendor to accept money from me – inexpensively. The amounts are typically $300-$600. We thought maybe we could open a credit card merchant account in China and he accepts my credit card from the US? I’ve seen plently of merchants in China accept foreign credit cards – what percentage are they getting hit for?

    Any ideas? Please don’t suggest I open a Chinese bank account, wire in a pile of money and then electronically transfer to his bank account when needed. I need the cash – for the cash flow. Thanks, Tom

  8. Mayank

    hi, i am facing alot of problems in recieving money from China as there are lots of them.

    Please inform me about your service as soon as possible.

    Thanks,

    Mayank

  9. meysam

    i sent 600 $ for this account :

    BANK ACCOUNT NAME: MAYANJA JOSEPH

    BANK ACCOUNT NUMBER: 622200 3602120454255

    BANK NAME: INDUSTRIAL AND COMMERCIAL BANK OF CHINA

    BANK ADDRESS: GUANGDONG PROVINCAL BRANCH

    BANK SWIFT CODE: ICBKCNBJGDG

  10. meysam

    hello ;

    last year a person that name was jim morgan send me an email and said me that i won 5000000$

    from a lotteri ,and said me i must paid 600$ to this account for indoresment fee and i paid this money (BANK ACCOUNT NAME: MAYANJA JOSEPH

    BANK ACCOUNT NUMBER: 622200 3602120454255

    BANK NAME: INDUSTRIAL AND COMMERCIAL BANK OF CHINA

    BANK ADDRESS: GUANGDONG PROVINCAL BRANCH

    BANK SWIFT CODE: ICBKCNBJGDG)

    after one year he sent me another mail and said :

    DEAR SIR, THIS LETTER IS COMMING DIRECT FROM THE HEAD OFFICE OF ICBC BANK OF CHINA,PLEASE KINDLY BE INFORMED THAT WE HAVE BEEN INVESTIGATING THE PAYMENT YOU MAKE SINCE 11 10 2007) TO FIND OUT WHAT IS GOING ON AND WHY YOU STILL HAVE NOT RECEIVED YOUR WINNING AMOUNT UNTILL TODAY,PLEASE KINDLY GET BACK TO US WITH YOUR INFORMATION SO THAT WE CAN BE ABLE TO DO SOME RESEARCH ON IT THANK YOU,

    REGARDS, MR ZHOU WUNG ICBC TT MANAGER

    and he want me i must paid 800$ for release this fund.

    his number is 00861591593392

    please said me he said true or not.he mail me a slip of on check.

    regard’s

    meysam

  11. ritesh sinha

    hi………..i want to provide accoount for money transfer.any one intrested can call me on9595629534

  12. Hamayun

    hey Reza,

    you can go to the Bank from which you have your Chinese bankcard, and ask for a wire transfer all your money to your Iranian Bank account. You have to pay something for this service.

    If you don’t have a bank account in Iran, just send your money through WESTERN UNION.

    It’s very Easy to send money to somebody in Iran(your family) to pick it up for you.

    You can also bring 1000 USD to Iran with you through airport.

  13. reza

    HELLO

    Dear Manager

    good time

    Thanks you

    please for information in the

    you can go to the Bank from which you have your Chinese bankcard, and ask for a wire transfer all your money to your Iranian Bank account. You have to pay something for this service.

    If you don’t have a bank account in Iran, just send your money through WESTERN UNION.

    It’s very Easy to send money to somebody in Iran(your family) to pick it up for you.

    You can also bring 1000 USD to Iran with you through airport.

    for pay 1000 USD for access to money?how can for information

    please answer send to me email

    Thanks you

    REZA.HEIDARI

  14. mike

    Hello

    who knows about CNOPS CODE? it is for chinese banks. can u help me to know about it?

    Regards

    Mike

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