Question
I am a partner in a travel agency that is in Australia, the US, and does lots of tours in China. We need to have the ability to receive payments from customers anywhere in the world, and then have those payments deposited into either our US or Australian accounts (probably via PayPal), and soon into a China-based account.
Further, we need flexibility about where we withdrawal: either in the US, Australia, or China; and the ability to wire money back and forth from any of these locations.
And of course part of our goal is to avoid currency exchange charges as much as possible.
Because we have no experience with this, any help is appreciated. Would definitely consider a call if you have specific and cogent expertise here.
Thanks very much.
Answer
The payments company I worked for opened bank accounts in each country using each Directors/Partners info: copy of passport, election register confirmation letter, council tax bill and electricity or gas bill less than 3 months old. It is worth checking which countries the top banks like HSBC and Citi operate in and open accounts in these countries first.