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Non Sequitur
Joined: 23 May 2010
Posts: 4724
Location: China
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 Posted: Tue Jan 19, 2016 3:44 am Post subject: |
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| Non Sequitur wrote: |
Others may be able to give you better answers pertaining to UK.
If you get a Chinese associate to do the bank to bank there is no mention of the employer or the fact that it is earned income.
If your employer is deducting tax but not passing it on to the Chinese tax authorities, they may be reluctant to provide a record for you to show to the UK taxman.
I'm unsure if the UK has a double tax agreement with China. If not, they may simply tax you again. |
Only thing I would add is the UK will only tax you again if you declare the receipt as income.
The only thing that appears on my home bank statement (not UK) is the name of my Chinese colleague. |
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LarssonCrew
Joined: 06 Jun 2009
Posts: 1308
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| Posted: Tue Jan 19, 2016 7:49 am Post subject: |
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I think I've just decided if I return to China and smart amassing any kind of money [cough], that I'll just take a weekend trip to HK or some other place, and just Western Union the lot home. Yeah there is a $20-30 fee but if I'm sending out 100,000 RMB then it's not a huge price to pay.
Of course sending from HK makes sense as you'd have less to exchange etc. |
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getbehindthemule
Joined: 15 Oct 2015
Posts: 712
Location: Shanghai
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| Posted: Tue Mar 29, 2016 8:04 am Post subject: |
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The banks really are a pain in the ass here. I tried again and there was a different problem this time! The system for wiring money abroad was 'down' apparently!!
I give up now...
So, the next day I did something that I swore I woundn't do haha!
I gave the wad of yuan to my girlfriend to convert and transfer from her account. She was in and out of the bank in 30 minutes and the sweet euros were in my Irish account the next day!
The devalued yuan just added to the misery:
This time it cost me 11,200rmb to covert and transfer 15000euro, whereas a few months ago it cost me 10,700rmb. I hope it doesn't deteriorate much further... |
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Non Sequitur
Joined: 23 May 2010
Posts: 4724
Location: China
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| Posted: Tue Mar 29, 2016 8:35 am Post subject: |
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Western U should send a secret shopper to China tasked with sending money back to the US.
I expect most China agents would lose their accreditation pronto. |
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Greg 09
Joined: 30 Jan 2009
Posts: 169
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| Posted: Mon May 09, 2016 12:38 pm Post subject: |
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I did the WU with documentation by myself ONE time, then started using students-with-the-ID method for many times. Still had some problems with "down systems" and long waits at the bank, and the fee which grew yearly.
My solution was to open another bank account in China and give the debit card to my brother back home. He simply withdraws the money I put into the account and deposit it into my US account. For him its just a drive-through ATM then a drive-through teller deal, 10-15 minutes. For me the fees are cheaper and I don't have to go to the bank at all.
Bank to bank transfers are just too expensive. |
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getbehindthemule
Joined: 15 Oct 2015
Posts: 712
Location: Shanghai
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| Posted: Tue May 10, 2016 12:31 am Post subject: |
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| Greg 09 wrote: |
I did the WU with documentation by myself ONE time, then started using students-with-the-ID method for many times. Still had some problems with "down systems" and long waits at the bank, and the fee which grew yearly.
My solution was to open another bank account in China and give the debit card to my brother back home. He simply withdraws the money I put into the account and deposit it into my US account. For him its just a drive-through ATM then a drive-through teller deal, 10-15 minutes. For me the fees are cheaper and I don't have to go to the bank at all.
Bank to bank transfers are just too expensive. |
Agreed, particularly when you just need to send a relatively small amount home.
Yes, your solution is by far the best one where a lot of my friends use family back home to do this. Unfortunately for me, I cannot withdraw money from atms using union pay in my country (Ireland). |
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Greg 09
Joined: 30 Jan 2009
Posts: 169
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| Posted: Tue May 10, 2016 1:17 am Post subject: |
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| getbehindthemule wrote: |
| Greg 09 wrote: |
My solution was to open another bank account in China and give the debit card to my brother back home. He simply withdraws the money I put into the account and deposit it into my US account. For him its just a drive-through ATM then a drive-through teller deal, 10-15 minutes. For me the fees are cheaper and I don't have to go to the bank at all.
Bank to bank transfers are just too expensive. |
Agreed, particularly when you just need to send a relatively small amount home.
Yes, your solution is by far the best one where a lot of my friends use family back home to do this. Unfortunately for me, I cannot withdraw money from atms using union pay in my country (Ireland). |
Yes that was a problem in the US until a couple of years ago, when the larger US banks signed into the Union Pay system. I think this will be a trend so keep an eye out in your home country, especially at the bigger (International) banks.
The CNY is more respectable as a reserve currency now that its in the IMF basket, and that can only help more widespread acceptance of the Yuan and hence wider acceptance of the UP network. |
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dekkard
Joined: 01 May 2010
Posts: 69
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| Posted: Tue May 10, 2016 3:44 pm Post subject: |
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I know there's a c.$50,000 per year limit for Chinese people who want to send money overseas.
Does anyone know what limit, if any, there is per transaction though? Could a Chinese person, in theory, send the whole $50k in one go? |
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auchtermuchty
Joined: 05 Dec 2009
Posts: 344
Location: Beijing
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| Posted: Sat May 21, 2016 9:54 am Post subject: |
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| dekkard wrote: |
I know there's a c.$50,000 per year limit for Chinese people who want to send money overseas.
Does anyone know what limit, if any, there is per transaction though? Could a Chinese person, in theory, send the whole $50k in one go? |
Yes, they can. |
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dekkard
Joined: 01 May 2010
Posts: 69
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| Posted: Sat May 21, 2016 12:18 pm Post subject: |
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| Thanks for the reply. Good to know! |
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mw182006
Joined: 10 Dec 2012
Posts: 310
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| Posted: Tue May 31, 2016 12:13 am Post subject: |
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| guobaoyobro wrote: |
I just figured out an amazingly easy way to do it.
Sign up for a Paypal account via your country. Then sign up for a Chinese Paypal account, and get a UnionPay debit card via whatever bank.
Link banks (China and Your Country) to their respective accounts.
Put the money in your Chinese bank account. Paypal yourself to your Overseas Paypal account (funding from your Chinese bank account.) |
Quoting an old post, but maybe you're still around. What Chinese bank do you use? Is the transfer still essentially a bank wire? At one point I got to a screen that was asking for SWIFT codes before I got stuck. Linking my UnionPay card wasn't enough, I linked my Chinese bank account and am still trying to get that squared away. Hopefully then I'll be able to add funds and transfer to my US account. |
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dekkard
Joined: 01 May 2010
Posts: 69
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| Posted: Tue May 31, 2016 3:28 am Post subject: |
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This China Paypal to Home Paypal transfer sounds interesting.
What fees, typical exchange rates and per transaction limits are involved? |
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isitts
Joined: 04 Jun 2010
Posts: 193
Location: Korea
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| Posted: Sat Jun 04, 2016 5:21 am Post subject: |
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| dekkard wrote: |
This China Paypal to Home Paypal transfer sounds interesting.
What fees, typical exchange rates and per transaction limits are involved? |
Regarding fees:
“0% to 2% fee when fully funded with your bank account or PayPal balance”
This is the main site:
https://www.paypal.com/webapps/mpp/send-money-online
…and this has more details about the fees.. (The punchline is at the bottom of the page…quoted above):
https://www.paypal.com/us/webapps/mpp/paypal-fees
Two things, though… this is talking about remitting money to other people’s paypal accounts…not your own. Creating a Chinese paypal account (obviously with a different email address than your home country’s paypal account) is kind of a loophole.
The second thing is…up to a 2% of what you remit…That’s pretty steep. Fine for small amounts, not for large amounts.
I don’t know. It sounds like having a Chinese friend send it is the best way to go…from what I’ve read. |
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