Hsbc Direct Deposit: Fill & Download for Free

The best way depends on several factors.Due to Chinese currency restrictions, PayPal is dead on arrival.In some provinces (but not in Beijing) you can go to a major branch of Bank of China and purchase a cashiers check denominated in US$. You can mail this to your bank in the US or use your US bank’s app to remotely deposit an image of the check. The fees are very low. For about $7,000 or less, the fee is 50 RMB. For $50,000, the maximum fee is 250 RMB.ICBC provides a wire transfer service that you can do online. It is extremely fast and cheap. I have transferred over $35,000 and the funds arrived within 4 hours. The fee was 200 RMB. Unfortunately the receiving bank in the US may also charge a fee, usually $25.As long as you already have the US$ in your Chinese bank account, it is simply not true that you need any validation paperwork. The problem you will face is exchanging your RMB for US$. If you are on any type of visa other than a valid work permit, you are limited to $500 per day. On a work permit, you can exchange up to your entire salary if (a) you have a labor contract that stipulates you can exchange your RMB salary to US$, and (b) you have tax receipts showing you paid income tax. Often item (a) is not needed, but they can require it.If you don’t have the proper documentation, you will need a Chinese citizen to help you. They can buy up to $50,000 per year.EDIT: As much as I like ICBC and also using cashiers checks with mobile deposit, I just recently discovered a far superior way to actually send the money from China to the US (or other country). Right now the best solution is HSBC. If you are an HSBC Premier customer, you can have your money sent from your HSBC China account to your HSBC US account in seconds — and totally for free. HSBC has Global Transfer system that is excellent!There is a slight drawback, though. Unless you have an average daily balance in your account of $75,000 (or ¥500,000), Premier charges a $50 fee per month. Aside from the average daily balance I just mentioned, you can avoid the monthly fee if you have $5,000 per month direct-deposited into your account.

Prior to coming to Davao I opened an on line HSBC account in the States and have a monthly direct deposit into this account. As long as I maintain the direct deposit this account has no fees .AFTER obtaining my Alien Certificate of Registration I completed the paperwork to open both a dollar and a peso account with the HSBC branch here in Davao. For reasons that I do not comprehend it took five months for the completion of processing .Really!I am now able to transfer funds from my US HSBC account to my Philippine dollar account with no fee. I may also move funds from dollars to pesos with no fee. However, I am unable to do the conversion on line I have to call and do it through an agent. Thus far I have been pleased with the exchange rates I have been given. There is a monthly fee if my balance falls below $5000.00.I am able to withdraw up to P40k from each account daily. The US ATM card is fee free if used at an HSBC terminal . Fee for using non-HSBC ATM.In spite of the frustration of waiting 5 months , I am pleased with this set up. If I manage my funds wisely it costs me nothing to move funds from the States to Davao City.

Funny thing that I am considering taking advantage of this offer mainly to get the non HSBC ATM fee refunds. You need to have the 5000 in monthly direct deposit for 3 consecutive months after opening the account. My monthly direct deposits are well above that so not a problem for me. Chase has a similar banking product but you need to have 15K in the bank to waive the fees so this seems like a better deal to avoid the fees.