Job Discussion Forums

[carken]

I'll be leaving China in January, and my question is, "What is the process of getting my money from the bank in U.S. dollars?" I know I have to have a red-stamped letter from my school, but what should it say, and is there anything else I should do?

Thanks in advance!

[brianjrosen]

I tried to do this recently.

I went to Bank of China with my Chinese girlfriend, and the bank manager said a foreigner can only wire a very small amount of RMB out of the country (something like 500 RMB each day). I was trying to wire about 80,000 RMB to my US bank.

Another manager confirmed this rule. China doesn't like their money leaving..

However, he was nice and gave us an idea. I transferred the money to an account with my girlfriend's name on it, and she wired it.

Hope this helps.

[carken]

okay - so maybe I can get a Chinese friend to do this for me. Thanks.

[killian]

what i do:

take RMB out of my bank of china account.

change to US$ via moneychangers loitering about the lobby. be careful.

take US$ to a different bank ( i use korea exchange bank) and send money home.

overall, a real hassle and pain. some pains must be lived with.

[Sinko]

The last time I did this (back in June), my father-in-law went to the bank and changed a similar amount to yours. I waited outside and he came out 20 minutes later with the $AUD that I wanted. Prior to that, my FAO at the Uni I worked had a connection at the other large B Of C in the city. I never met this guy before, but I went with a Chinese friend in case of translation problems. I didn't need him. This guy took 10 minutes, gave me the money, we counted and everything was spot on. I suppose he would've taken a little commission for this, but I received pretty much the advertised rate. Better him than the thieving priicks back home, I guess.

Foreigners can't exchange here, but Chinese citizens can. The only thing you have to worry about is if the bank has enough of the money you want. A "piece of cake"!

[carken]

As far as money changers go, I'm in a smallish city, and I don't ever see anyone who looks like a moneychanger. The Bank of China near me didn't even know what to do with travelers' checks when I first got here. To some people it might not be a huge amount, but to me it is. I really do need it.

If I withdraw it, can I change it into dollars when I get back to the States? And how much will I lose if I do it there? I know, I'm not supposed to take xxxx amount of RMB out of the country, but I'm not above doing that.

[killian]

yes. i forgot.

the bank of china in my very small town is good for naught. to send money home i am necessitated to take a bus (and all day) to go the biggish city of dalian.

[Lister]

What I do. First, change your RMB to US $. Not a big deal, some banks have money changers actually in the lobby and it's just a straight swap basically. RMB for dollars at the current exchange rate. As I understand the only difference between the money changers and the bank counter itself is you don't need to fill in forms or worry about passports, stupid rules etc. The first time I did it the counter lady actually directed me to the money changer guy. If there is no money changer the bank can probably do it. If not, I'm sure a Chinese friend could help you find someone to change your RMB, it's really not a big deal.

Next, go to a Western union branch and send your money to a bank or friends/family back home. It's a lot easier than going through a bank but there is a limit to the amount you can send at any one time. I think it's $2000 but if you go in every day and send some it should be no problem.

[PattyFlipper]

[arioch36]

To answer the direct question, each city has a "central" Bank of China. The foreigner employed legally can directly exchange RMb their with no fees paid. You ned a copy of the contract, tax statements (over 4,800) a stamped letter from the school saying how much you make, and another one saying how much you can change to your desired currency.. Passport, of course. Have never actually used my FEC for this.
Usually outside this bank (if your city is of decent size) are money changers who offer pretty good rates. They will (in my experience) actually go in the bank with tou as you deposit the new currency (this makes sure it's not counterfeit
The bank of China can wire home moeny, I am sure it is more then 50 U.S. $. I use the western union. The green bank usually has them... Agriculture bank? I know I have sent at least 2,000 U.S. in one transaction, can't remember if more.

You can also just ask your school to do it. Your contract probably says they are supposed to help

[carken]

Thanks for all the suggestions.

I am employed legally, but I want to take out ALL my money because I'm not coming back. I haven't checked with anyone at my school, but they will help me if it's possible to do so, I'm sure. I'm willing to just put it in my pocket and take it with me - - the W.U. here only allows you to send back $485 a week.

[Ms Bean]

Forget the money changers. They won't be in a bank that has any kind of security.

Your school should help you with this. If you're working in China legally, the school is legally obligated to help you with this, unless, of course the school has not been paying your taxes for you (provided that you owe taxes) or for some reason, you're under the radar as far as the provincial government is concerned. (Such was my case. The sister of someone who worked in the FAO took over after the FAO rep left).

Failing that, do this:

Call your local bank in the U.S, or have a relative do this to provide the bank with the bank account number to which you want them to deposit the money to. Your relative will explain to your U.S. bank what YOU are trying to do. The bank will supply you with a routing number to their bank in the U.S..

A Chinese friend can accompany you to the Bank of China if you don't have the little book with your picture in it that also has places in it for your Chinese bank to record your transactions. You or your friend will then tell the teller that you want to send money to the U.S. to your account.

The bank may or may not ask your friend for her I.D..

You will be given a form to fill out. Fill it out. Where the form requires you to provide a SWIFT number, put the routing number which your U.S. bank provided. Give the clerk the money and the form which you filled out and you are finished. Be sure to get a receipt.

Whatever money you will want to have in your pocket when you arrive in the states can be changed right there or in the airport. Granted, the Chinese airport has terrible rates, but unless you're exchanging thousands of yuan, it won't make much difference.

You'll get a dozen more people to say that this is completely wrong. This is the right way to do it and the SAFEST way to do it because when you leave that bank, there will be people waiting for you to come out. You may be robbed. Exchange only what you will need.

Western Union isn't in every Chinese City. On one China gig, I was in a city with a downtown population of 3,000,000 and a county population of 8,000,000 and there was no Western Union.

[carken]

Yes, I'm working legally and have been paying taxes. So, I will do as you suggest and get the school to help me with this. My last payday will be on Jan. 15, and I leave on the 17th, so time is short. I hope it can be done. Maybe I should go ahead and get what's already there, just in case there's a problem at the last minute.

[Lister]

[Ms Bean]