Job Discussion Forums

lilian · Joined: 09 Oct 2004 Posts: 22

I have got some extra RMB, around 16000 perhaps , which I cannot covert into US$ as part of my contract. The story is long: this is my own money which I brought to China, convert it into RMB, did not spend it, and now I cannot convert it back into US dollars because I was not aware at the time that there was a time limit of six months within which I could convert it back (the usual misinformation). This happened over a year ago when I came to China and I am returning by the end of this term.

Could anyone on this forum please tell me that if I took this money with me back to Australia what the prospects of converting it into local money would be? I know RMB is a not a currency in demand, but is it complelety out of the question to convert the money over there?

I cannot go to HK to do the conversion, neither do I like the idea of going to 'black market'.

I would appreciate any information or suggestion, especially from Australians on this forum.

many thanks
lilian

kev7161 · Joined: 06 Feb 2004 Posts: 5880 Location: Suzhou, China

Sorry, I can't speak for Australia. In the US, you can convert but the exchange rate is MUCH lower than in China. Have you been converting money from your monthly salary every month? If not, you can claim this 16,000 as monthly income (that you've saved throughout the months). If you are allowed to change, say, 30% of your salary every month and you haven't been doing that for 9 or 10 months, then that amount you can convert adds up over the months.

Otherwise, can't your FAO help you? Maybe they could take it to one of those money-changers and take care of the business for you. There are also money exchange offices as well. I'm sure their fees will cut into your stash, but it's still probably better than exchanging out of country.

lily · Joined: 02 Aug 2004 Posts: 200

I too, don't know about Australia, but when I went home to NZ in December I simply changed my RMB at the airport exchange desk - no questions asked. The only problem with this is: 16000 RMB is a decent wad of cash, and I think there is a limit on how much cash you are allowed to take out of the country. Anyone know the actual law/amount on this? I had mine in a money belt around my waist - but I didn't have anywhere near 16000. Think very carefully how you'll take the RMB out of the country, if that's what you decide to do. Maybe someone is Australia (friend, family member) could ask around the banks for you on what the deal is there?

I like Kev's suggestion, could soemone (Chinese) help you with getting it exchanged. My headmaster changes a percentage of my salary each month for me - one of his friends is the manager of one of the Bank of China branches in my city Very Happy

Hope things work out for you, Lily.

Songbird · Posted: Sat Apr 30, 2005 6:47 am Post subject:

I've been here since Dec last year but haven't saved anything yet to take home, only saved it for travelling expenses throughout the year. However from May's pay I plan to save ALL of my pay (I have a month's salary also put aside for living expenses to last the rest of my contract period) and exchange half in August-ish at B of C and the rest in November....into AUSSIE $ if I can....I hope....BTW, how long should I allow from the moment I walk in the bank (BTW, I am in a village so I assume they will need to order this in) til I get the money? 1-2 weeks?

Any money I have left over when I get back to Brissie I'll just exchange at the airport....btw for those not in the know, I believe if you have one of those YHA membership cards for hostels you can get your dosh exchanged for free, no commission!!

Roger · Joined: 19 Jan 2003 Posts: 9138

Make a stopover at Hong Kong and get your RMB changed into HK dollars, then into Aussie dollars. A little loss will occur, but perhaps a smaller one than if you took your loot to Aussieland and have it converted there.

lilian · Joined: 09 Oct 2004 Posts: 22

Thanks for the replies - so far.

We do not a FAO really. I consider myself lucky if I could get them to convert my salary saving.

As I said in my post, this money is over and above the amount of salary saving we are permitted to convert. So I cannot put it as part of my salary.

Roger, I find it very difficult to go to HK alone (no one to help or accompany me) for this purpose.

Lily you raised an important question. I wonder if there is a limitation on the money you can take out of the country. Well, I have photocopies of my travellers cheques, which would show it is the money I brought to the country, though part of it is now in RMB. (though when I arrived at the airport no one asked how much money I had with me and therefore no stamp in my passport if there is such a thing - it is getting complicated). I was wondering if they ask at the airport how much money you are taking out. Again, I've heard different accounts. No one here seems to know anything (that' why I posted this question).

Does any one know the answer to this question as well?

May be an Australian will read the post and can answer the initial question about the convertibility of RMB in Australia.

thanks again
lilian

millie · Joined: 29 Oct 2003 Posts: 413 Location: HK

Roger’s advice is quite correct.

I changed RMB to AUD$ earlier this week and got: AUD$155.18 for every 1,000 RMB.
This was at Nathan Rd: Chungking “Mansions” gave the best rate I found.
(Give the airport a very wide berth of course)

This is actually better than you will get by a single exchange (i.e. RMB to AUD) at the BoC on the mainland - by just a dollar or so Wink

No concerns at the airport here about the amount of RMB you take out either, although the regulations state 20,000RMB.
No one cares it seems.

If however, you are not going via HK, do not take RMB back to Oz; you will get gouged badly.
In this case, change to US$ on the “grey market” and take those home. (Do a search for this – lots of info.)

Happy travels
M

lily · Joined: 02 Aug 2004 Posts: 200

In my experience they don't ask how much money you have on you - security at the airports seemed rather lax all round, really. I just remember reading/hearing somewhere that there was a limit on it, and that the penalty/fine was quite high if you were caught.

lilian · Joined: 09 Oct 2004 Posts: 22

Thanks millie. It was helpful.

That was a good exchange rate you got. I am nowhere near Shanghai. I don't know the scene all that well.

I thought they might ask no questions at the airport.

So I'd better not take RMB to Australia. I thought so.

It is the 'grey market' then.
Oh God! What about the fake notes?

Roger's advice is fine; but going to HK is too problematic for me.

lilian

Jolly · Joined: 12 Apr 2004 Posts: 202

lilian · Joined: 09 Oct 2004 Posts: 22

Thanks very much every one, especially Jolly, Lily and Millie for good information.

I have now written an email to my bank in Oz and see if they respond. If the exchange rate is not too disadvantageous, then I may as well take the RMB with me, otherwise, I am not sure.

cheers
lilian

Songbird · Posted: Sun May 01, 2005 10:34 am Post subject:

Well, I can't get to HK as I'm smack bang in the middle of Nowheresville, China, so I have to change it all at B of Ch. Like I said, I plan to do a wad in August to Oz $, then the rest (including airfare reinbursement) in November.

PLEASE someone tell me just how LONG the bank would take to order and convert for me, I highly doubt they would be able to do it on the spot into Aussie $. I need to know whether I have enough time- I normally get paid the 15th of every month but my flight home is on the 27th Nov, will this be enough time, or should I try & suck up to the FAO to pay me earlier that month?

clarrie · Joined: 05 Apr 2005 Posts: 75

I've changed RMB at the bank of MElbourne where I have an account and I also changed RMB at Thomas Cook. With a banking institution I think they waive their percentage cut if you have an account with them; TC just gives you the 'going' rate! They all (both) seem to get a little confused about what is what in terms of the notes, but ...

Hope this helps.

millie · Joined: 29 Oct 2003 Posts: 413 Location: HK

Hello Clarrie,

Can you recall the rate you got changing RMB into AUD$ in Oz?

Was it 6. ... (something) for example?

If so, then for small amounts, this would seem a very easy option (given you can legally take RMB20,000 out of PRC now)

Cheers
M

lilian · Joined: 09 Oct 2004 Posts: 22

Yes, it would be helpful if we could find out the rate at a banking institution in Australia. Clarrie, do you remember? In my experience, Thomas Cook is very expensive.
Millie, do you mean you are not sure if taking 20000RMB is the legal limit?
I've written to my bank and if I got an answer I'll let you know.

thanks again
lilian