Hi all. I have opened a Bank of China account in Shenzhen. What are the different options to wire money to my Bank of China account?
I suppose the cheapest way is to simply bring a load of RMB as cash across the border to Shenzhen, go to a Bank of China branch, and deposit the cash in my account. Unfortunately, the MTR fare is $39 to and $39 back for an approximate cost of $80, not to mention the huge amount of time wasted. Also, I could potentially misplace the money or even worse, get robbed because somebody sees I have a huge stack of cash.
A second option is a money changer. Unfortunately, money changers are not reliable and there is a risk I get ripped off (if you know of a reliable money changer in TST that is trustworthy to wire money to China, please let me know which one).
So what options do I have for wiring money to my Bank of China account in Shenzhen? I'm looking for a cost effective way. Speed is not that important (I don't mind waiting several days for the money to clear). Rather, I'm looking to minimize my costs to wire money to my Bank of China account in Shenzhen. I would even consider opening a new account with a different bank in Hong Kong and China if there is a bank that offers cheap wiring services with a reasonable exchange rate. Any help would be appreciated. Thanks