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How would you do this. Sending money internationally

by Michael Motley
3 replies
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A few friends and I are going together for a venture. We have secured a manufacturer for our product in China. The complete cost is a little over 2200

We have 1k in cash, and 2 guys with the remainder on credit cards. We cant use amscott, they only take cash for something like this, and western union will take cards but it hits the card as a cash advance which means a 29% interest rate on the amount that is being used.

I can't think of any way that we can do this without the guys using the CC's getting slapped with that cash advance percentage rate.

Any ideas?
  • Profile picture of the author Audrey Harvey
    I've only ever used telegraphic transfer through my bank to pay suppliers in China. There's a bank fee, and if you use a credit card for the extra $1200, there's no way to avoid the cash advance costs.

    A visa debit card uses the cash that's in your account, but if you don't have the $1200 cash in that account, that's not much good to you.
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  • Profile picture of the author Michael Motley
    Originally Posted by Traffic-Bug View Post

    Why not just use bank transfer/mail transfer from US bank to bank in China? Also you can try xoom.com for online money transfer.
    Because with a sizeable amount of the purchase being on credit card (not a debit card) if the cc is used for anything but a direct purchase, its looked at as a cash advance. The interest rate on the card is only like 3%, unless you get a cash advance then its like 29%
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