Job Discussion Forums

[babeilou]

My school is preparing to reimburse us for both our flights here as well as the up to 70% of salary we can convert back to our home currency. Our office staff has just informed us that they can no longer give us cash back in our home currency (Canadian or US). We were told the Chinese policy on cash has changed. Last year the staff had no trouble getting cash from the banks in our home currency. We're told they can only give us RMB or they will deposit it in our bank account in our home countries. Another teacher calculated the cost of this and we would end up losing as much as 20% of the money in this type of conversion.

Has the policy changed? I can't believe there aren't lots of messages on the boards about this change--if it is true. Would appreciate any updates on this policy if it is true. And, if it is true, newcomers should be made aware of this.

I have not gone back and read all the messages posted, but I didn't see anything recently on this issue. Hope I'm not repeating a topic.

[cj750]

i am paid in US dollors wired to my acct. a dollor acct. with the bank of China.....

[Spiderman Too]

Every month I get paid US$422.00 cash and 1,500 RMB cash, representing 70% / 30% split. Nothing has changed in 'my' part of China.

[kev7161]

I just talked to my "connection" at Bank of China yesterday, telling her I'd be getting a large chunk of money next month and I'd need to convert about 10,000rmb to US dollars. She said "no problem." But, it's not next month yet.

[tarzaninchina]

Until China conforms on exact specifications for a free-floating currency as set by WTO standards, no change.

If the school converts the money for you or deposits it directly into a bank account, great! Otherwise, trot over to the bank and do it yourself, although you'll need your passport and red book.

As for the flight re-imbursement, if it's not stated clearly in the contract as to which currency you will be paid back in, RMB is the default. You'll have to slug it out I'm guessing.

[babeilou]

A Chinese office staff member just returned from the Bank of China. Their "official" policy now is that we CANNOT get foreign currency direct here. They will transfer to your bank--all for a price, but we can no longer get actual cash in foreign currency.

I am in Xiamen. I can't believe no one else in China is not having this problem--if it is indeed official.

[hermoine]

What school do you work at? Xiamen is notoriously conservative when it comes to banks and policies with foreigners. There are so many things you can do in other provinces that you can't do in Xiamen.

Ask to get the money in RMB, go to HK or Zhongshan Road near Lundun to get your money exchanged to your home currency.

[wonderd]

Strange, the company I work for offers me my money back in Chinese or Canadian. My ex-girlfriend (who is still a friend of mine) works at Bank of China and she says no change as well.

I agree with the person that says it might be the company you work for. Maybe they just don't want to get involved. Now, don't quote me per batum on this, but I'm pretty sure (at least in the case of Vancouver Canada) that some international airports will change it for you.

And another Canadian told me an odd story about his money being changed at a currency converter in Montreal. Then again, Quebec's always been a little off.

That's all I can say on the topic

[kev7161]

[wonderd]

Yeah yeah yeah... it comes from the latin word verbum, exact translation is "word for word"... I know... I goofed... okay? What do I look like, an English teacher or something?

.... oh yeah ....