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Sending money home from China
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Hatcher



Joined: 20 Mar 2008
Posts: 602

PostPosted: Thu Jul 17, 2014 3:47 am    Post subject: Sending money home from China Reply with quote

Is it still the case where you are only allowed to send home 70% of your taxed income?

If what other ways are there of getting money out?
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Alien abductee



Joined: 08 Jun 2014
Posts: 527
Location: Kuala Lumpur

PostPosted: Thu Jul 17, 2014 3:59 am    Post subject: Reply with quote

Unless you're living on scraps I don't see too many people having 70% or more of their salary left at the end of each month, so I think that limit is kind of a moot point.

I've wired money home and carried it on my person during a flight home. In both cases in the neighborhood of $5,000 each time. I've never had any problems or been asked questions.
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Piper2



Joined: 13 Jun 2014
Posts: 146

PostPosted: Thu Jul 17, 2014 5:28 am    Post subject: Re: Sending money home from China Reply with quote

Hatcher wrote:
Is it still the case where you are only allowed to send home 70% of your taxed income?

If what other ways are there of getting money out?


Adding to what Alien wrote see pages 8 & 9 of "Earning and saving money in China".
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Shroob



Joined: 02 Aug 2010
Posts: 1339

PostPosted: Thu Jul 17, 2014 5:35 am    Post subject: Reply with quote

Alien abductee wrote:
Unless you're living on scraps I don't see too many people having 70% or more of their salary left at the end of each month, so I think that limit is kind of a moot point.

I've wired money home and carried it on my person during a flight home. In both cases in the neighborhood of $5,000 each time. I've never had any problems or been asked questions.


Private jobs.

I must have sent home at least 200% of my salary...
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Hatcher



Joined: 20 Mar 2008
Posts: 602

PostPosted: Thu Jul 17, 2014 7:46 am    Post subject: Reply with quote

That was my thought... most I know in China are doing private lessons and extra jobs... so they get the $ out some how...
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Mandrews1985



Joined: 22 Apr 2012
Posts: 69
Location: Daegu, South Korea

PostPosted: Thu Jul 17, 2014 9:17 am    Post subject: Reply with quote

Every month I sent 7,000 rmb of my 9,000 pay home.

I merely asked one of my students if they could help me with banking. We go to the bank, put the money into their account, they send it to my UK account and repeat every month. I'm not sure where this 70% comes into and how they would follow up on that.

2,000 RMB was more than enough to live on, enjoy myself and not feel like I was going without. Though I do live on campus in a pretty rural area and I dont have a Chinese girlfriend who wants fancy things.
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Mandrews1985



Joined: 22 Apr 2012
Posts: 69
Location: Daegu, South Korea

PostPosted: Thu Jul 17, 2014 9:29 am    Post subject: Reply with quote

Alien abductee wrote:

A copy of your contract shows the bank how much you earn and they calculate the 70% based on that. I'm not sure if banks ever follow up on this stuff though, as I don't transfer any cash under my own name.


Cheers for the information, I'll just keep doing it the way I have been so hopefully it wont be an issue.
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Bud Powell



Joined: 11 Jul 2013
Posts: 1736

PostPosted: Thu Jul 17, 2014 11:13 am    Post subject: Reply with quote

Mandrews1985 wrote:
I'm not sure where this 70% comes into and how they would follow up on that.



Sometimes it's written into the contract as an addendum or it's on a separate piece of opaper that isn't really part of the contract.

Since my employers have always paid me in cash, nobody can check whether it's 70% of my pay because I have a Chinese friend make the exchange for me.
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Bud Powell



Joined: 11 Jul 2013
Posts: 1736

PostPosted: Thu Jul 17, 2014 11:23 am    Post subject: Reply with quote

Mandrews1985 wrote:
Alien abductee wrote:

A copy of your contract shows the bank how much you earn and they calculate the 70% based on that. I'm not sure if banks ever follow up on this stuff though, as I don't transfer any cash under my own name.


Cheers for the information, I'll just keep doing it the way I have been so hopefully it wont be an issue.


Your contract and FEC mean nothing to the bank if your school doesn't remit taxes on your behalf and you can't do it yourself. I know that there are those who swear up and down that this isn't true but it has been my experience for nine years. If your school doesn't remit taxes, forget making exchanges without the help of a Chinese friend. Most banks are happy to oblige even if your "friend" is very young, as long as he has a national identity card.

Once, a friend couldn't take the time, so she sent her daughter to the bank with me. I don't know how old one must be before he receives the ID card, but this kid looked like she was ten years old. (She spoke like a native speaker). She made the swap, and filled out the form, stating that she was making the exchange because she was visiting the USA. It was funny.
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doogsville



Joined: 17 Nov 2011
Posts: 924
Location: China

PostPosted: Thu Jul 17, 2014 1:18 pm    Post subject: Reply with quote

My contract says the school can pay 70% of my salary in foreign currency, but doesn't say anything about depositing it into an overseas bank account. I've never taken them up on it, but I always took it to mean they would pay cash which I would then have to transfer abroad myself. I could be wrong though, maybe they would deposit it into my UK account.
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Bud Powell



Joined: 11 Jul 2013
Posts: 1736

PostPosted: Thu Jul 17, 2014 4:11 pm    Post subject: Reply with quote

doogsville wrote:
My contract says the school can pay 70% of my salary in foreign currency


Is that an international school?
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wangdaning



Joined: 22 Jan 2008
Posts: 3154

PostPosted: Fri Jul 18, 2014 9:56 am    Post subject: Reply with quote

Half my pay is paid in a foreign currency, but not that of my home country. Not my choice really.

Once in China the easiest way is to have a trustworthy local go the transaction. If they are smart you don't even need to go to the bank.

My wife has a multiple currency bank account. We go to an ATM that takes deposits and put the CNY into it. We then come home. She goes online, coverts the CNY to USD and sends it to the US.

Oh, how I wish foreigners could convert money online. Would make the trip to the ATM unneeded.
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doogsville



Joined: 17 Nov 2011
Posts: 924
Location: China

PostPosted: Fri Jul 18, 2014 11:27 am    Post subject: Reply with quote

Bud Powell wrote:
doogsville wrote:
My contract says the school can pay 70% of my salary in foreign currency


Is that an international school?


No, just a standard university.
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nomad-ish



Joined: 21 Oct 2010
Posts: 153
Location: Moving up the food chain!

PostPosted: Fri Jul 18, 2014 1:51 pm    Post subject: Reply with quote

I've had a co-worker transfer money over the limit before, but I usually just take it on the plane. Never over the limit of $10,000, but I doubt they'd ever catch it if someone did.
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Hatcher



Joined: 20 Mar 2008
Posts: 602

PostPosted: Sun Jul 20, 2014 2:19 am    Post subject: Reply with quote

is it possible to buy traveler's checks and send them home by registered mail?
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