Job Discussion Forums

powderfinger303 · Joined: 14 Nov 2006 Posts: 28

Sorry if this has been answered before. I tried a search but could not find it exactly. I wonder if there is any difference between getting paid in RMB or US$. Is one more convenient than the other? Is it relatively easy to transfer either currency home? Either way, it would be converted into CDN$ for me.

Also, along this topic, is there a particular bank that is available that is especially good to use if I will be sending money home (hopefully). regularly?

Cheers,

Steppenwolf · Joined: 30 Jul 2006 Posts: 1769

Take another, possibly closer, look at those salary figures again; see? The figures are between 4000 and, maybe, 10'000, right? That means the salary in question cannot be in U.S. dollars, not by any stretch of your imagination.

Besides that, the currency will probably be mentioned as "RMB" or "yuan" or "Chinese dollars".

What is more convenient for you - yuan or U.S. dollars? Decide for yourself!

But if you want Canadian dollars, you can get Can. dollars without making a trinagular conversion. Provided your status as an employee is legal the Bank of China will be delighted to convert up to 70 percent of your regular salary into Canadian dollars - or any other convertible currency.

cj750 · Joined: 27 Apr 2004 Posts: 3081 Location: Beijing

I have been paid in dollors in the past and pounds at the present time..wired into an acct. the exchange rate is the official and not the Buy/Sell amount....

If I had a choice it would be euros/pounds as the dollor will fall against the RMB..if spending money in Asia..such as Thailand..RMBs are good..as for saving..western currency is the best..and no need to use the FEC to exchange...if electonically paid into your acct. from an overseas acct.

If you have a chance..choose an offshore bank with ATMs in china...no tax...get the money electronically transferred to your acct. each month and siphon off what you need and save the rest...remember there is a limit on foreign funds you can transfer at the end of your stay..so it may be worthwhile to check with the bank and do so in a timely manner...

Some international schools pay in a half western and half RMB...

brsmith15 · Joined: 12 May 2003 Posts: 1142 Location: New Hampshire USA

cj is right. I'm happy to be paid in RMB because of the changing exchange rate. When I came here the rate was 8.27RMB per USD. Now it's around 7.74. So, if I had 100 RMB back then, it would have increased 6.4% in USD.