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Angel.Ro
Joined: 09 May 2015
Posts: 59
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 Posted: Thu Jul 16, 2015 8:20 pm Post subject: |
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| So basically, if you don't send some home each month, someone saving up in China would be screwed with regards to transferring their money upon returning home? |
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Deats
Joined: 02 Jan 2015
Posts: 503
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| Posted: Thu Jul 16, 2015 8:24 pm Post subject: |
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| No, just ask a Chinese friend. They can send $50,000 no questions asked. |
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OhBudPowellWhereArtThou
Joined: 02 Jun 2015
Posts: 1168
Location: Since 2003
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| Posted: Fri Jul 17, 2015 12:40 am Post subject: Re: Limits on currency exchange? |
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| gettinglostinesl wrote: |
As of this week, the 5 contracts (not appendixes) I've been offered have all had a line that states something similar to "Ⅳ. Party B’s monthly salary will be ￥_____Yuan RMB, 70% of which can be converted into foreign currency monthly." |
EVERY contract I've signed has had that clause included (notwithstanding the extra little addendum to one contract that stipulated 0%), yet most employers failed to report and pay taxes. I've often wondered what is the advantage of the school not paying my taxes . I've also wondered what sort of penalty the school would pay if it were caught.
The universities all had 100+ Chinese faculty members. Is it that much more effort to report and pay taxes for eight more roundeyes? |
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Guerciotti
Joined: 13 Feb 2009
Posts: 842
Location: In a sleazy bar killing all the bad guys.
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| Posted: Sat Jul 18, 2015 9:23 pm Post subject: |
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| Angel.Ro wrote: |
| So basically, if you don't send some home each month, someone saving up in China would be screwed with regards to transferring their money upon returning home? |
Not necessarily. There's an alternative to the focus on what your contract says. In my opinion, it is much ado about nothing. Open a Bank of China account in rmb. Then open another 'sister' account in dollars or pounds or whatever you fancy. You can exchange rmb from your account to $ (or whatever) to create your dollar account. Transfer money from your rmb to your other (ie $) account. Transfer $500 per day until you're satisfied. Now you have some $$$ in your dollar account. When you feel you have enough, or whenever you're ready, get your home bank's SWIFT code, address and all transfer information (avail on the net), go to B of C, do the paperwork to transfer to your home bank. I did this myself with no help. Transferred upwards of $5k. Of course, bringing a friend won't hurt. I am only saying it may not be necessary. Oh, a pocket Chinese-English English Chinese dictionary won't hurt.
They only do it Monday through Friday, at least where I was.
Save the paperwork, the blue paper copies they give you at the end, for the next time you transfer. They will ask for them.
There, done, transferred. Takes up to three days for the electronic transfer, but IME usually completed in a day or 36 hours.
In my neck of the woods, you may withdraw from Bank of China accounts at Chase Bank, and China Construction Bank or ICBC at Wells Fargo.
/End of my two cents for now.
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