Job Discussion Forums

[Minhang Oz]

Now that it's possible to earn some reasonable money teaching here, this isn't an academic question-or the joke it would have been when I started 6 years ago on 1500 a month...."3 times a Chinese professors salary", I was assured. I see recruiting sites still use that line to justify peanuts. My theory is that we must keep the first 2500 approx. in the PRC ,after which we are free to send the rest back to pay our tax bills,exes,etc. This would mean,for example,someone on 5000 could convert 50%,on 9000,72% and so on. Does anyone have the definitive answer?

[noyb]

You can convert, legally, whatever amount your FAO allows you to.

However, illegally, you can convert as much as you can get your hands on. Depending on where you are in China, illegally converting currency can be problematic / dangerous. In Guangzhou it is definitely neither.

[wailingtraps]

Where can I change in Guangzhou?

Any info would be great!


Mr Traps

[Roger]

"...where can I change RMB into foreign currency in Guangzhou...?"
A: a) legally - at your BOC branch
(a lot of hassles and time down the drain);
b) semilegally and illegally: In Hong Kong.
Export ceiling officially is set at 6000 RMB, but who cares?
In HK, you can convert it into HK dollars, then buy any currency
of your choice; you need a bank account, or else you have to
pay an initial money changing charge upfront, I think, it is
50 dollars.
Black market in Guangzhou: Exists around major 5-star hotels
and near the Canton Trade fair halls next to the China Hotel;
watch them as they change your RMB into HK dollars at a
Chinese bank!

[hubei_canuk]

The bank here calculates the percentage of convertible on the accumulated monthly salary. (What is that percentage? - can't remember ? 70% ?)
They refused to take the air payment into account.
I challenged them to show me in writing that policy but they couldn't produce any documentation. The guideline they had written was very general and what it amounted to was she phoned a boss who "decided" the policy. Since i had no eveidence otherwise i couldn't refute it.
In my case i didn't care i didn't need so much converted, neither have i heard anyone else complain.
Howeveer i'd like to know the real written policy on this (inclucing the airfare) if there is any such animal.
Anybody know for sure?

[noyb]

Actually, there is only one Bank of China branch that allows you to legally change foreign currency in Guangzhou. That is the main office of the BoC Guangdong Branch on Dong Feng Zhong Road. You'll need a lot of paperwork from your FAO.

You can change an unlimited amount into whatever currency you desire in Hong Kong at the multitude of money changers. The Hong Kong banks have a 6,000 per day limit and charge a transaction fee if you are not a customer of the bank.

You can change in Guangzhou at the places Roger mentioned. However, there are times when you may be swindled.

The best way is to find a Chinese person who wants to sell their US dollars. Dig a little and you'll find someone. There are some reliable, stable and professional money changers, but you'll need someone to vouch for you and give you a good introduction. Ask around and maybe you'll find someone who knows someone ... who knows someone.

I'm not sure what Roger means by "watch them change your money at a Chinese bank." I can only imagine that he means that the money changer deposits the foreign currency into your bank account so that the bank "verifies" it isn't counterfeit. Then you give the RMB to the money changer. This, however, is *extremely* dangerous. Banks are allowed to freeze any account where it is suspected that proceeds of illegal currency transactions have been deposited / withdrawn.

There are several documented cases in Guangzhou where transactions like the ones mentioned in the preceding paragraph have occurred and when the account holder later tries to use the account he finds the account frozen.

[Minhang Oz]

Soooo....we really don't know.there's a few ideas and theories.Maybe there's some FAO god [or -ess in my case] who knows,or perhaps the SBFE.I met a nice,intelligent,knowledgeable lady from there once,so there is hope. Or could it be that who ever's on the front desk of your local BOC is the arbiter in this debate. Please input if you know anymore.

[ITCjohn]

Hi Minhang et al,

I'm currently considering a contract from a uni in Fujian. Apparently there's a distinction between the amount of RMB Foreign Teachers (30%) and Foreign Experts (70%) can convert. Don't know whether this only pertains to this particular uni, or not.

See ya,

John

[arioch36]

There is no such thing as a foreign teacher. Seriously. We've been through this before, you must have mised the thread. If we are employed legally, we are all foreign experts.

There is no legal limit to the % we can convert. This is imposed by the school. I believe the province, the educational bureau, suggests the % amount to the schools, not sure. There is no existing law that says 30% 50% The problem is that the way it works in China (and other countries) is ...well we have always done it this way, or so and so said.

Easiest thing to do is ask your FAO to take care of it. Put the money in the bank in a US dollar bankbook (foreign cuurency MUST be put in a separate bankbook if you ever wnat to see it again)

[noyb]

[arioch36]

Yes NYOB, I guess it could be. So I would be interested in hearing from someone who put 5,000 US into a bank account that did not specifically say US dollars. Maybe somehow Gaundong is different. Here in Henan, if you did that at the China Construction bank, you wouldn't get a penny of US money, unless you had the reciept to prove you put in US dollars. If what you say is really true, then why would any of the colleges bother mentioning how much currency you can exchange??????????

[yaco]

I believe the percentage of RMB you may change into foreign currency is at the discretion of the Foreign Exchange Officer at the Bank.

I am banking with the Bank Of China in Nantong, Jiangsu province and have arranged to convert 90 % of rmb into foreign currency. Obviously I cannot live on 10 % of my salary but as I brought foreign currency into the country it is a satisfactory arrangement for the foreseeable future.

If you are really desperate, I imagine you can change RMB into foreign currency with owners of export companies etc whether they are Chinese or foreigners.

[hubei_canuk]

I have a foreign US bank account in Hubei. (US dollars).
But i took the money out because of SARs. I'm afraid there will be a run on the banks or something.

[noyb]

[Owen]

There is a legal limit, but this being China, what really matters is what your FAO says. The amount that you are allowed to convert should be written into your Foreign Experts Certificate. There are two special pages for that in the back. I have been able to convince an FAO to put down an amount equal to my full salary. Other places you have to argue to get 30%.

THE LIVING CONDITIONS OF FOREIGN EXPERTS WORKING IN CULTURAL

AND EDUCATIONAL INSTITUTIONS ISSUED AND PRINTED BY THE STATE

BUREAU OF FOREIGN EXPERTS

The Living Conditions of

Foreign Experts Working in Cultural

and Educational Institutions


I. Salary

........

3. Percentage of Foreign Currency in Salary:

If Party B who is entitled `Foreign Expert' comes to China alone, he/she may change seventy percent of his/her monthly salary into foreign currency;

If Party B who is entitled `Foreign Expert' comes to China with his/her spouse and child, he/she may change fifty per cent of his/her monthly salary; If Party B's spouse is invited as a Foreign Expert at the same time and they have no children living in China, each may have seventy percent of his/her salary changed into foreign currency.

If Party B is invited as a Foreign Expert and his/her spouse is invited at the same time, but not as a foreign expert, and they have no children living in China, they may respectively change seventy and thirty per cent of their monthly salaries.