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katia04
Joined: 09 Dec 2011
Posts: 18
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 Posted: Wed Jul 08, 2015 4:14 pm Post subject: Limits on currency exchange? |
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This year when I signed my contract I noticed there was a statement in it saying that I couldn't convert more than 3000 yuan/month into foreign currency. I usually send most of my salary home, which is more than 3000/month. I asked my school about it and they said "If it wasn't a problem last year it won't be a problem this year. It's no big deal." But I double-checked my contract last year and there was no such limitation. My school continues to reassure me that it won't be a problem but I'm a little bit wary; if the school doesn't have a problem with it, I think that must mean it's in the contract for governmental reasons, and the last thing I want to do is piss off the government.
I'm pretty happy at my school, and not about to leave, but I need to know if anyone else has encountered this in their contract - is it a nationwide thing or am I just being paranoid? After all, every time I send money via Western Union they make a copy of my passport ID page and residence permit... |
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OhBudPowellWhereArtThou
Joined: 02 Jun 2015
Posts: 1168
Location: Since 2003
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| Posted: Wed Jul 08, 2015 5:11 pm Post subject: |
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When I arrived at one school, there was an extra little agreement which I had to sign that stipulated that I couldn't exchange ANY currency or send money out of the country.
If you were able to exchange currency and/or send it home last year, you shouldn't have any problems doing the same this year as long as you go to the same place to execute the transaction. Though there may have been a new national banking policy, not everyone pays attention to national policies. This is China!
If your attempts go south (I don't think they will) ask your FAO to help you. She can do that sort of thing.
Caveat: your experience may differ from mine, and others' opinions may also differ. What you can and can't do depends upon your location and the person and institution with whom you are dealing. Once, I was told that my Bank of China account from a neighboring city was not valid in the city that I was trying to make a deposit! |
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Deats
Joined: 02 Jan 2015
Posts: 503
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| Posted: Wed Jul 08, 2015 7:53 pm Post subject: |
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My new contract says I can exchange 0% of my money into foreign currency.
It shouldn't matter. Just ask a Chinese friend to do it for you. Problem solved. |
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GreatApe
Joined: 11 Apr 2012
Posts: 582
Location: South of Heaven and East of Nowhere
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| Posted: Thu Jul 09, 2015 7:01 am Post subject: |
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This is all news to me. I've never heard of (or seen) such a stipulation in any of my contracts. Interesting!
--GA |
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JamesD
Joined: 17 Mar 2003
Posts: 934
Location: "As far as I'm concerned bacon comes from a magical happy place."
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| Posted: Thu Jul 09, 2015 7:44 am Post subject: |
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Could it be a knee-jerk reaction to the economy slowing down? The PTB wanting to limit the amount of cash leaving the country?
I know almost nothing about economics but if this is the case I can't see that the amounts FTs transfer would make much difference. |
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OhBudPowellWhereArtThou
Joined: 02 Jun 2015
Posts: 1168
Location: Since 2003
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| Posted: Thu Jul 09, 2015 7:56 am Post subject: |
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| GreatApe wrote: |
This is all news to me. I've never heard of (or seen) such a stipulation in any of my contracts. Interesting!
--GA |
It seems to be becoming more widespread, especially at some public universities and at semi-privatized colleges where management just doesn't want the hassle of reporting FT's taxes. No pay tax= no currency exchange. The problem has existed at some universities for over a decade. (My experience). On the other hand, other institutions are (and have been) making direct deposits to FT's bank accounts, and paying their taxes and playing by the rules.
FAO's can merely fill out paperwork, bring the FT and the money to the bank, make the currency exchange and send the money. Too many are too lazy and inconsiderate to do so. One FAO told a sympathetic bank officer that he talked to my FAO who told him that she "didn't have time for that foolishness." This was the same school that didn't have the time to pay the FTs on time either. We were always paid ten days later than the contract date. When the idiot who usually made payroll took an extended leave of absence, his replacement paid us on time.
Taking a Chinese national to the bank surely facilitates currency exchange, but I don't know about transferring money to another country unless it's to a BoC. |
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kev7161
Joined: 06 Feb 2004
Posts: 5880
Location: Suzhou, China
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| Posted: Fri Jul 10, 2015 12:14 am Post subject: |
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| Well, I've been out of the country for almost 3 whole months, but can you or can you not still buy up to $500.00 a day by just showing your passport and filling out a simple piece of paper at most any bank that does currency exchange? |
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wangdaning
Joined: 22 Jan 2008
Posts: 3154
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| Posted: Fri Jul 10, 2015 12:51 am Post subject: |
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| OhBudPowellWhereArtThou wrote: |
Taking a Chinese national to the bank surely facilitates currency exchange, but I don't know about transferring money to another country unless it's to a BoC. |
If my wife deposits money into her account, she can convert it online and transfer it online. It does not need to be into a BoC, she transferred to my mom's account, which is with her local credit union. |
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mysterytrain
Joined: 23 Mar 2014
Posts: 366
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| Posted: Fri Jul 10, 2015 6:49 am Post subject: Re: Limits on currency exchange? |
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| katia04 wrote: |
| This year when I signed my contract I noticed there was a statement in it saying that I couldn't convert more than 3000 yuan/month into foreign currency. |
The contract which I signed recently has a similar clause. I believe it states that no more than 70% of my monthly salary can be converted into foreign currency, which I don't anticipate being a problem. |
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weigookin74
Joined: 30 Mar 2010
Posts: 265
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| Posted: Fri Jul 10, 2015 7:00 am Post subject: |
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| OhBudPowellWhereArtThou wrote: |
When I arrived at one school, there was an extra little agreement which I had to sign that stipulated that I couldn't exchange ANY currency or send money out of the country.
If you were able to exchange currency and/or send it home last year, you shouldn't have any problems doing the same this year as long as you go to the same place to execute the transaction. Though there may have been a new national banking policy, not everyone pays attention to national policies. This is China!
If your attempts go south (I don't think they will) ask your FAO to help you. She can do that sort of thing.
Caveat: your experience may differ from mine, and others' opinions may also differ. What you can and can't do depends upon your location and the person and institution with whom you are dealing. Once, I was told that my Bank of China account from a neighboring city was not valid in the city that I was trying to make a deposit! |
That's not realistic. The reason most expats go overseas is to pay off their student loans and to save for the future. If they try to put this into a contract, you don't sign it until they remove it.
Again, refuse signing it. Explain your situation with student loans and credit card debts back home. (Whether you do or not is irelevant.) I could see a small restriction allowing me to only send home 80% of my salary or something like that. I would not sign a contract with that in it. If they tried to give me a new one when I showed up, I would refuse to sign that one too.
My money that I earn is my money and they go eff themselves. It's none of their d@mn business what I do with MY money. I'll send it home or they can get someone else to work for them, but it won't be me. |
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OhBudPowellWhereArtThou
Joined: 02 Jun 2015
Posts: 1168
Location: Since 2003
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| Posted: Fri Jul 10, 2015 11:17 am Post subject: |
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| weigookin74 wrote: |
| OhBudPowellWhereArtThou wrote: |
When I arrived at one school, there was an extra little agreement which I had to sign that stipulated that I couldn't exchange ANY currency or send money out of the country.
If you were able to exchange currency and/or send it home last year, you shouldn't have any problems doing the same this year as long as you go to the same place to execute the transaction. Though there may have been a new national banking policy, not everyone pays attention to national policies. This is China!
If your attempts go south (I don't think they will) ask your FAO to help you. She can do that sort of thing.
Caveat: your experience may differ from mine, and others' opinions may also differ. What you can and can't do depends upon your location and the person and institution with whom you are dealing. Once, I was told that my Bank of China account from a neighboring city was not valid in the city that I was trying to make a deposit! |
That's not realistic. The reason most expats go overseas is to pay off their student loans and to save for the future. If they try to put this into a contract, you don't sign it until they remove it.
Again, refuse signing it. Explain your situation with student loans and credit card debts back home. (Whether you do or not is irelevant.) I could see a small restriction allowing me to only send home 80% of my salary or something like that. I would not sign a contract with that in it. If they tried to give me a new one when I showed up, I would refuse to sign that one too.
My money that I earn is my money and they go eff themselves. It's none of their d@mn business what I do with MY money. I'll send it home or they can get someone else to work for them, but it won't be me. |
When I saw that SEPARATE addendum to the contract when I arrived, saying that i could convert 0% of my pay to dollars, I threw it in the trash and told the FAO that we were starting out very badly. The original contract specified 70%. Unfortunately, NO bank would convert money for me because the school didn't pay taxes on my salary. Rather than fight it, I had a student make the conversion for me. Quarterly, I pressured the FAO to transfer the money from BoC to my Stateside bank.
You can try to reason and rationalize with the Powerz That Bee, but if they don't want to do play fair, they won't. At one bank, one sympathetic bank officer called the FAO to try to fix the problem. The #@*%ing twenty-eight year-old bimbo FAO told him that she didn't have time. The bank officer used his ID card to convert the currency.
I truly believe that that at some schools, the FAO's refusal to file taxes (thereby preventing FTs from converting currency) is born of jealousy over pay rate. The same holds true for continual late pay. It was obvious that the late pay was deliberate when the yoyo that doled out FTs' pay was out of the office for a few months. His replacement paid us on time. When the yoyo returned, it was back to the ten days late schtick.
Refuse to sign anything that stipulates 0% conversion, then go find someone who will help you make the conversion. |
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Nano
Joined: 10 Jun 2014
Posts: 58
Location: Qinhuangdao, China
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| Posted: Sun Jul 12, 2015 6:44 am Post subject: |
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| My contract also says I can only convert 3000 yuan per month but my school doesn't care. In fact, the person that helps me send my money back home is my boss' son. I recently sent home about $5900 CAD. |
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kungfuman
Joined: 31 May 2012
Posts: 1749
Location: In My Own Private Idaho
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| Posted: Sun Jul 12, 2015 8:03 am Post subject: |
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I have sent money home via Western Union and Moneygram. A MAJOR hassle sometimes because it takes them over 30 minutes for what should be a quick transaction -but the transaction has always been successful.
I changed money from rmb to usd the other day at BOC. Took five minutes and the rate was only 6rmb more than the XE.com rate.
I have sent my chinese girlfriend into the bank to do more than $500 a pop. No issues.
I think I feel safer converting more of my money into USD lately than leaving it on rmb.
ps - my contract says nothing about changing limitations. And some of the other teachers get paid in Canadian funds |
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ecubyrd
Joined: 09 May 2009
Posts: 172
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| Posted: Mon Jul 13, 2015 12:05 am Post subject: |
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| There is no such stipulation in my contract. My wife sends the $ from her account here to our US account. They cap the yearly exchange at 50k usd on her. |
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weigookin74
Joined: 30 Mar 2010
Posts: 265
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| Posted: Mon Jul 13, 2015 12:32 am Post subject: |
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The banks limit you? I thought you could send home as much as you want as long as you're on a legal Z visa. I thought that 500 dollar a day restriction was for folks without a Z visa or in China for another reason.
If I'm teaching, it's my money and I'll do with it what I please. Eff the school and eff the bank of China. It's mine and unless they're paying off my loans for me can otherwise kiss my @$$. |
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