Job Discussion Forums

Serious Traveller · Joined: 11 Feb 2005 Posts: 4 Location: asia

My contract says 70% of my monthly salary can be converted to foreign currency.Not sure what this means. Also what sort of ways are there for sending money back to one's home country?
Can an account be opened with ,say, the Bank of China and transfer of money be done on the net? Any information welcome.

nolefan · Joined: 14 Jan 2004 Posts: 1458 Location: on the run

welcome to the boards. I don't mean to be mean but this topic has been covered extensively on these forums. Here you go:

http://www.eslcafe.com/forums/job/viewtopic.php?t=5572&highlight=converting+money+bank

journeyeast · Posted: Sun Mar 06, 2005 6:20 pm Post subject:

Basically, remember one thing. your school is NOT responsible for converting the money to your foreign currency, it is the responsibility of the bank to do this.

What is required of the schools, is that they must provide you and the bank with the legal documentation to prove that they pay taxes on your salary, and that you are legally allowed to work in China. (Residence permit, Z-visa, etc..)

So, you should have a Z visa, and residence permit, and in either your green or red book, (I think its the green one - my memory is slow today) there is a space there where you can track your currency coinversions.

Usually this is not important until a few months before your contract ends, when you are preparing to leave and convert any savings etc.. back to foreign currency..