Job Discussion Forums

wokdontrun · Joined: 17 Nov 2006 Posts: 5

Hi all, if I were in any other country this would be an easy question to answer but since I'm in China I have to ask. I will be returning to the US next month and I am wondering what the best way to close out my bank account and transfer my savings is. I have heard that you can't take RMB out of China but I have done this when I visited Singapore and Malaysia. I have also heard doing a wire transfer to a US bank could get complicated and it's time consuming. I just don't want to withdraw all the money and get home only to find out that I can't exchange it. I also don't feel like dealing with the banks here trying to make a transfer. I have heard about black market exchangers but I wouldn't know where to start looking. I am in Shanghai. Any advice or suggestions (besides "you're an idiot") would be most helpful. Thank you.

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

You can simply change some of it right there at the (a?) main Bank of China if you have proper documentation. As for "black market" exchangers, usually they are lurking right outside the bank (sometimes in the bank lobby if it's a cold day). Their rate may be only slightly . . . higher? lower? . . . than BoC, but it's a LOT better than trying to exchange once you get to wherever you're going. Also, Chinese citizens are allowed to change "X" amount (I forget) per year, no questions asked. If you have a friend or colleague who hasn't done an exchange this year, maybe they'll help you out seeing as how the year is almost over.

China.Pete · Joined: 27 Apr 2006 Posts: 547

Do NOT take yuan home with you. Whether it's illegal or not, it's not going to be easy to exchange it in the U.S. I mean, they have a hard enough time with Canadian dollars, don't they? Even if they COULD do it, they have nothing to do with the resulting yaun but to ship it back to China. Think you're going to get a fair rate after all their trouble? Nope.

There are basically three ways to change it here: (1) you do it with proof of taxes paid, copy of contract, etc.; (2) you get a Chinese person to do it for you using their ID card ($20,000 per annum); or (3) you change it on the black market. Recently, I've tended to use method 2; but you can choose what works best for you in your particular situation.

Itsme · Joined: 11 Aug 2004 Posts: 624 Location: Houston, TX

Two things that come to mind.

1) There is a legal amount that you are able to take out of China. I am not sure what the amount is. I will guess 8,000-10,000 RMB. Please insert the true amount here.

2) Once in the US, I was able to convert my last 100 RMB or so at the airport at one of the currency booths which every international airport has, I think. The only downside there was
a) The exchange rate was HORRIBLE for you and GREAT for them.
b) They would not take anything less than a 50.

Mpho · Joined: 30 Aug 2004 Posts: 58

China.Pete gave you the correct advice. You can leave China with 10,000 RMB legally, but once in the US it is difficult to exchange RMBinto dollars unless you have a true international bank in your city.

I use my Chinese friends all the time to exchange RMP into dollars legally. They can exchange a lot of RMB into dollars once a year. I am not sure if the $ 20,000 figure is correct. I have done this three times with no hassles.

Money exchangers are everywhere and at most BOC offices, if you cannot find them go to the second floor currency exchange office and they will call one for you.

If you have your Foreign Experts Certificate you should be exchanging RMB into dollars every month as per your contract. This is usually 50-70% of your monthly pay.

Transferring money from China to US works fine if you have US dollars in your BOC account. They will do a bank to bank transfer with a lot of paperwork and about 30 days to accomplish, I believe.

AussieGuyInChina · Joined: 23 Nov 2006 Posts: 403

Meleefracas · Joined: 26 Mar 2005 Posts: 63

If you were to pass through Auckland, New Zealand, on your way home, most banks or foreign exchange bureaux will exchange your yuan into most currencies. I shopped around for the best rates, and now use the same place in the city each time, because for some reason the rates are better than in the banks, and always in the customer's favour - whether exchanging yuan for NZ dollars, or vice versa.

jeffinflorida · Posted: Tue Dec 26, 2006 9:17 pm Post subject:

One time I was leaving China and had a bunch of extra RMB. Not knowing if I was going to come back i tried to change it back to USD at the bank O China in the Beijing airport. They said no. even though i showed them my bank book and all the other receipts - said my account was in Fujian and had to fo it there.

Si I just sttod in front of that bank window and every forigner that came to change money I asked if they would change it with me.

So I changed all the RMB I needed right then and there. Exchange rate was easy 8 to 1...

mcgaugheygary · Joined: 27 Jan 2006 Posts: 15 Location: Canada

Question: what do you do with western currency, if you ask your school to pay you that 70% per month -- just keep it with your dirty underwear? Doesn't taking a month to wire money to Canada seem a little complicated? Isn't there another way?
buttingingly from Xuzhou
Gary

I'm off to Nanjing for my second year in China and I'm asking them to do this.