Job Discussion Forums

[sandinista445]

Ok, maybe this has been asked before, but who cares, it's still useful information to have and I know a few other teachers here who are wondering the same thing...

Our school's FAO is a joke. We're paid in cash every month (wads of 100s) and are given no help at all in converting our money back to our own currencies. I have an account at the local ICBC, but no one there speaks english, and it took forever to get the lazy FAO to get off her ass to help us set up the account. They don't know how to or (more likely) can't be bothered to help us convert our money. I'll be leaving in a few months and would like to take what I've saved back with me, but not in RMB cash obviously...so, can I get one of the banks to convert part or all of my earnings into $CAD or USD? Can I get them to put it on a draft or travellers checks so I don't have to carry it back in cash?

Any help would be greatly appreciated...

[7969]

should be a clause in your contract that indicates how much of your salary can be converted into foreign currency. have a look and get that FAO at your school to help you with it. having said that, i've never converted currency before leaving china. i usually spend most of what my salary gives me, but i have on two occasions changed about RMB10,000 at change booths in hong kong. no questions asked.

oh another thing, you may want to take a student to the bank with you, with a copy of contract in hand. students seem more eager to help FTs than chinese colleagues and you can at least find out what you need to do at the bank, then take that information back to your lazy FAO.

7969

[MrCAPiTUL]

welcome to one of the dillemas of a communist country. honestly, if you cash it in at someplace outside of China, i've heard you are going to take a HUGE hit! For what it's worth, foreign businesses have been struggling w/this issue since the 1970s (for a good read, check out "Beijing Jeep"). Hong Kong, as noted, may be a good look.

[Super Mario]

Double post due to "Critical Error" critical error.

[Super Mario]

Option 1:
Learn some basic Chinese. Take ALL of your documents [importantly, tax certificates] to your ICBC. This bank can change currencies in Shanghai, so I'm assuming Beijing too.
Say "Wo xiang mai Mei yuan". I want to buy American dollars.
Damn cheek of Chinese bank clerks not speaking English.
Option 2:
Get a local you can communicate with and trust to introduce you to a money changer.

[kev7161]

If you have your Foreign Experts Certificate (FEC) and you have your contract that states how much you are able to convert (for example, mine states 50%, but we've changed it recently to 70%), your passport, and tax certificate (although I've never had to bring one of these to a BOC - - EVER - - to be able to exchange money), then you should be good to go.

Let's say you've been working at your school since last September and your contract states you can change up to, I don't know, 60% of your salary every month. Let's say you earn, I don't know, 5000rmb per month. This means that 3000 is convertable each month. That means, to date (September through March), you "should" be able to convert up to 21,000rmb (3000 x 7 months) upon your first visit. This is how they did it in the main BOC in Hangzhou for me (retroactive), but that does not mean to say it will happen for you in your backwater, Chinese-speaking-only, redneck bank where you conduct your business!

But I agree with others. Get a translator if you can and be prepared with all your documents. Have photocopies available for the bank. Maybe they'll admire your efficiency. I've read a lot of posts about people having problems with exchanging money and I just have never had a problem in both locations where I conducted business: Hangzhou and Suzhou. Both times I was (mostly) patient and calm and smiled and said "thank you" a lot. I always dealt with the same lady at each branch and both have been kind and helpful every time.

[sandinista445]

Thanks for all the helpful replies.

To Mario: no, I'm not pissed off that they don't speak English at the bank, but knowing some basic Chinese phrases isn't going to do a hell of a lot of good when they try to explain to me what i have to do in Chinese and I'm unable to understand them. But then, I've been here for a few months so I guess I should be fluent.

You'd think they'd provide a translator at the bank (they would if it were a Chinese employee coming to North America). Strange of me to expect help from the FAO of all people...

I posted this message because I wasn't sure how to go about changing my money or where to go, what to take, etc. Thanks everyone, it's much clearer now.

[nolefan]

Follow the advice given above. If all else fails, convert it all to $ in Hk

[chengdude]

You can always use the black market, which in most cases is really just a "grey" market as the exchange takes place inside a Bank of China and the buyer of your RMB simply withdraws the currency of your choice from a foreign currency account with B of C. No chance of counterfeit bills that way and the rates aren't too bad. My FAO has been similarly unhelpful, so that's what I've been doing...going next week, in fact.

[sandinista445]

One of the problems is that the school provided me with a contract that does not specify how much money I'm allowed to convert (the caption is there in my contract, but the amount I make and the amount I'm allowed to convert were left blank). I'm going to try and get the FAO to fill in the number (I'm not holding my breath, since we've tried before), and then I'll bring a local friend to the bank to help me translate.

I feel a little nervous carrying that much money back in cash though (and in RMB, we're talking about an unmanageable pile). I'll see if the bank can draw up a draft (bank check) that I can bring back to my bank in Canada.

I'm also thinking of stopping in Japan for about a week before going home. Would I be able to convert my money there and put it on travellers checks (just if anyone knows)?

Thanks again for the help.

[7969]

the problem with taking currency out of country to exchange is that exchange rates can be poor. i once took about $NT20,000 to thailand while on holiday from taiwan, and didnt have time to exchange money before leaving taiwan. the exchange rate in thailand for the taiwan $$$ was about 20% less than what i would have gotten had i exchanged the cash in taiwan. dont take chances is my advice. get rid of that RMB either in china or in hong kong.

7969

[Noelle]

My school (EF) changed it all for me when I had to make a quick trip out of the country last year. For U.S. dollars... it is possible to do it on the black market if you have connections. If not, someone you know probably does...

Also, there are exchange kiosks in Shanghai. That may not be an option for you... If you go to a main Bank of China branch... they also will change it for you (for a crazy fee).

It was a real pain dealing with money in China. So much easier in Korea... if you ever get the chance, come over here!

[kev7161]

Oh, make sure your school's financial office stamps your FEC for you. In all honesty, if they haven't filled in the amounts to be converted on your contract, you could do that yourself. There's a 99% chance the bank would never know.

[tirelesstravelerasia]

As far as exchanging in Japan goes -- I've tried twice at the exchange counter at Narita airport, but they don't seem to want my RMB - at any rate! Probably could exchange in downtown Tokyo, but of course it would cost you nearly a hundred bucks US for the roundtrip ticket from the airport and back.

I've done the Hong Kong trip a few times, and never had any problems - there are so many exchange windows you can shop around a bit and get the best rate going. I used to hide RMB in my dirty undies to get it across the border, but no one has every checked -- and now the maximum you can legally take out has been raised to 20,000 rmb anyway.