Don’t use the banks, I have found Transferwise now known as Wise an easy inexpensive way to send my kids money ideas, years ago I did use Westpac but was expensive…
Use Transferwise or know Wise,they are good,better than banks.
What’s the best way to receive money from overseas, specifically China and USA? Wise.com doesn’t accept incoming Yuan. Oversea’s relatives suggested we open a Bank of China account so that we could use WePay but that’s not possible according to Australian branch.
Any advice?
China can be challenging. Many payment systems within China needs a local bank account which may be why your relatives suggested this to you.
I have heard that an option is to get your relatives to apply for another card linked to their accounts (set up an account just for transfers)… and to send the card to you for you to use say at an ATM to withdraw cash. There are limits in amounts that can be transferred out of China and generally exchange rates are ordinary. They will also be paying fees which also needs consideration. It also assumes the issued card has international connectivity. They can check this from their end.
Bank of China operate in Australia so setting up an account isn’t overly difficult if you are near one of their branches.
This website presents other ways which might be worth exploring further…
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