Job Discussion Forums

JZer · Joined: 16 Jan 2005 Posts: 3898 Location: Pittsburgh

Can anyone tell me the current rules regarding transferring money out of China?

Can one transfer 100 percent of their salary out of China?

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

I don't know if there's an absolute, but generally it's been established on this board that 70% exchange of your salary seems to be the maximum and ALL of that can be transferred if you like.

JGC458 · Joined: 30 Jan 2006 Posts: 248 Location: Shanghai

But if you have a TRUSTED Chinese colleague/friend they could probably transfer the whole lot.

Btw, you noticed I capped the word "trusted"...?

eddy-cool · Joined: 06 Jul 2008 Posts: 1008

How would you survive for a whole month if youtransferred your entire salary out of China?

JZer · Joined: 16 Jan 2005 Posts: 3898 Location: Pittsburgh

sharpe88 · Joined: 21 Oct 2008 Posts: 226

You could withdraw cash from the foreign bank via ATM.

Service charge every time.. but I guess this way avoids the tax man ?

JZer · Joined: 16 Jan 2005 Posts: 3898 Location: Pittsburgh

Does anyone here transfer 100 percent of their entire legal salary?

JGC458 · Joined: 30 Jan 2006 Posts: 248 Location: Shanghai

JZer · Joined: 16 Jan 2005 Posts: 3898 Location: Pittsburgh

Of course. If I moved from Taiwan to China, I would hope to transfer 7000RMB a month out of China.

JGC458 · Joined: 30 Jan 2006 Posts: 248 Location: Shanghai

JZer · Joined: 16 Jan 2005 Posts: 3898 Location: Pittsburgh

Earning 10,000 should be the easy part. Doing it under a legal contract is the difficult part!

dialogger · Joined: 14 Mar 2005 Posts: 419 Location: China

I recall previous threads on this topic.
The 70 percent sounds right but the catch (and isn't there always one) is that it is 70 percent of an average salary. So if the average salary for say a uni teacher is 4500RMB pm then you can send 3150 home.
If you earn 6000RMB as per your contract you may still have a 3150 cap.

crunchyone · Joined: 12 Mar 2009 Posts: 65

You could just fly out of the country once a year with a large pile of cash. I am not sure what the departure rules are, but most countries put a USD$10,000 declaration on the immi card...

c

JZer · Joined: 16 Jan 2005 Posts: 3898 Location: Pittsburgh

dialogger · Joined: 14 Mar 2005 Posts: 419 Location: China

I like Crunchy's idea although it does raise security issues. But as long as you bank it as soon you can you avoid exposure.

Does anyone recall what the declaration requires when leaving China?
I've never been patted down, although any reasonable sum in 100 Red 100RMB notes would be pretty bulky and I wouldn't fancy standing there at the exit airport while the money is counted.

If I was going via HongKong I might be tempted to convert it there but would worry about the rate.
If I tote Chinese banknotes next time, I'll check what the bank at home is buying them for and compare the rate with the HK airport rate.

With all methods the trick is to avoid multiple conversions ie from RMB to US to AUD for example.