Bankers are the biggest crooks

I’m trying to send some USD to China. It needs to be a guaranteed amount.
For this to happen they say I need to pay 900 NTD on top of the bank fee of something like 400 NTD.

If it’s less than 900NTD , they can’t guarantee the full amount will reach the bank account in China that I’m sending to.

It’s a similar situation with all wire transfers. Nuts.


Can you try (Transfer)Wise or something? I think it’s possible to send to China, but I don’t know the specifics (sending USD, personal vs. business, sending from Taiwan, etc.)

I’m going to use my HK account which is cheaper , I hope it doesn’t get rejected. Interestingly HK to China also requires intl transaction and clearance even for RMB.

My main issue is that banks can just say …We dont know much the other account will receive…It’s out of our hands …BUT if you pay this extortionate EXTRA 900NTD fee…We can guarantee.

The whole industry is corrupt as hell. No transparency in this regard and I know it’s similar overseas for bank wires.

The Banks have only one concern - that being charging whatever fee or widening the Exchange Rate margin that they can get away with. Paying extra to “Guarantee” the amount that will hit the account at the other end would just be another lurk for them as the Bank here has no control over what the Bank at the other end charges.

Yeah, it’s a surprisingly shit system with intermediary banks and stuff. I guess they actually don’t know and so charge enough to probably cover it with a tiny risk it’ll be higher.

But actually, it seems like some of the 900 is the fees charged by the intermediary and receiving banks? So you’d need to pay that anyway, and the difference here is guaranteeing they won’t be deducted from the amount sent?

But yeah, shit, extortionate system.

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Yeah but what happens to the money that is not actually charged by the intermediary bank right? Shouldn’t it be returned to the sender ?

And why does it vary everytime.

A gang of crooks.

Are you buying CNY (Chinese RMB) or CNH (RMB listed in Hong Kong)?

I need to send USD to China.
I also transferred CNY (RMB) from HK to China before and it needs an intl wire transfer.

If it is CNY (edit) you are trying to acquire, on China renminbi, there are strict currency controls for inflow. That means bureaucracy and ultimately more cost to you.

Maybe Ripple isn’t so bad after all.