There is a first time for everything. You would think that getting 500 USD out of China and into another account is easy since China is promoting herself as a major economic powerhouse and cities like Shanghai is a major financial hub etc…BUT, after two unsuccessful attempts at the Bank of China and China Construction Bank, I decided to give Western Union a go. Surely it will work? After getting details from the tour company with all bank information, I headed to China Agricultural Bank. I avoided China Post since they are incompetent and given how only a few banks have cooperations with Western Union in China, CAB is a safe bet. I was right and wrong. Right for picking CAB and wrong about how ‘easy the process would be.’ Foreigners are not allowed to transfer or receive more than 500 usd per day. That is the limit so yes- major…
Research and Rants
Research conducted for journalistic writing and reporting and more like my rant
China: How to move your money out illegally
China is no longer poor. Actually let me rephrase that – there are still parts of the country that are poor and some of her people struggle to get by daily however on a bigger scale, China is no longer that war-torn poor nation recovering from both civil and foreign occupation. As China opened up, Communist China became ever more so Capitalist. The current situation is that the rich are super rich. New millionaires pop up like daisies, the middle class get by with life and dreams of a richer life while the poor remains poor. For many rich Chinese, they are finding ways to move part of their assets overseas or in many cases, they move their entire family overseas. This movement is legal though since many Chinese have already migrated successfully. Before we take a look at this legal movement, here are some ways to xiqian ( Chinese for…