Job Discussion Forums

Shona Levingston · Joined: 03 Apr 2004 Posts: 2 Location: Could be anywhere

Hoping to get to China later this year. Just wondering, what portion of my salary can I transfer out of China to my bank account in Australia? Is there a limit?

Lee_Odden · Joined: 22 Apr 2004 Posts: 172

Western banking routing and account numbers (at least in North America and I assume this applies for all banks outside of China) are not internetworked with the Chinese banking system. You will have to convert your RMB into Australian dollars (at the Bank of China with your passport) and then make another trip to wire the money home through Western Union (available at all Post Offices and the Agricultural Bank of China). So, you'll have to wire the money to someone you trust at home, who will then make the deposit for you. There may be a daily limit on the amount of RMB you can convert (or wire on a single transaction) but I do know it will not exceed your monthly income (assuming you are coming here to work as a teacher). Razz

If you have a bank credit card or a Visa/Mastercard checkcard, you will be able to use it to withdraw money at the Communications Bank of China or Bank of China; payable in RMB. Unfortunately, you cannot use it to make deposits; only withdrawals. Sad

Lee

Guest · Posted: Sun May 09, 2004 8:00 am Post subject:

When I thought I was only staying here for a year, I enquired about taking money back to Australia and I was told that I could convert up to 70% of my salary. I was going to convert it to U.S. Dollars and take it with me, but that idea has all gone out of the window now, as firstly I do not have any money left each month and secondly I am staying in China.

I think Western Union may be the best bet, but it is not the cheapest way I do not think.

Roger will be the best one to answer this for you.

CountryClub · Joined: 21 Oct 2003 Posts: 46 Location: China

What part of China are you going to?
I am able to convert 100% of my salary from RMB into another currency and I can go to the bank and transfer it to my account back home. I haven't done this yet as I am told it is an arduous and time consuming exercise. Fortunately I am close enough to Hong Kong that I can go there and send my money back home with little difficulty.
Also, I think you will find the bank is cheaper than Western Union if you are transferring larger amounts of money.
Rhonda is right; Roger will offer advice that is spot on.

jimrothstein · Joined: 15 Mar 2003 Posts: 14 Location: Dalian, China

Victoria · Joined: 02 May 2004 Posts: 137

This is hilarious, China's economy is number one in the world.
China sells for billions to the USA (monthly!)
....you cannot transfer money... I have wired money from Guinea, from Indo. No comment...

clomper · Joined: 07 Oct 2003 Posts: 251 Location: Beijing

Hmm.. I think Steve plan to create a link on Money Transfer.

to answer your question, Western Union transfer at the main branch of China Post or Agricultural Bank of China has a max limit of USD2000 per day. You need to exchange your money to USD and pay the corresponding fees in USD as well. USD200-500 is USD15.. USD501-1000 is USD20.. USD1001-2000 is USD25
They can claim the money 10 mins after they put it on their system. Money received on the other end will be the same amount of money that you remit. I would suggest that you go through China Post since they will only require your passport for this transaction.

if you want to transfer money to your account overseas from here, it is also possible via Bank of China. You will be charged here and another charged will be made on your account overseas. Also, it should be in USD. Of course, any transaction at the bank means papers and headache! Smile

Hope this will help you! Smile

Claudine

Shona Levingston · Joined: 03 Apr 2004 Posts: 2 Location: Could be anywhere

Many thanks to all for the info.

naturegirl321 · Joined: 04 May 2003 Posts: 9041 Location: home sweet home

clomper · Joined: 07 Oct 2003 Posts: 251 Location: Beijing

hmm.. Steve.. can you upload the money changing info pls.. Smile

j/k.

naturegirl.. here are some options:
a. go to the main branch of BOC or ICBC in your town and bring the required papers to exchange your RMB to USD.
b. via black market.. tag along a chinese friend
c. ask a friend who has a USD account with BOC to change it for you (this is what I do)

Papers needed by BOC:
1. Passport
2. Copy of Contract
3. FEC
4. Salary Receipt
5. Tax Receipt
6. Letter requesting amount to be changed.

I hope this will help you.. Smile

Claudine

naturegirl321 · Joined: 04 May 2003 Posts: 9041 Location: home sweet home

Kitegirl · Joined: 02 Jan 2004 Posts: 101 Location: Lugdunum Batavorum

This all looks supercomplicated - what do y'all think of this plan? Just change it all into Euros (if possible here in Guangzhou, US$ otherwise) and just stick it in my pocket to take out with me when I fly out.
I haven't got a bank account here anyway, am just stashing it under the proverbial mattress.
Cheerio

arioch36 · Joined: 21 Jan 2003 Posts: 3589

Seriously, if you have someone back home you trust, when you get here get a credit card with Bank of CHina, the Communications Bank, or (I think) the Industry and Commerce Bank. Mail the credit card home to the trusted one. Then they can use it in Oz, and you can pay here in RMB.

I have now exchanged money on my own, not a big deal...IF, you know where the proper Bank of CHina is...and your FAO has given you the proper documents. This should be a sticky. You need a copy of your contract, a letter saying how much you can exchange (between you and the school....there is no legal limit), an official tax receipt ( the city governnment stamps a leter which shows your salary, and any tax you had to pay.

Easiest just to ask your FAO to do it...their job anyways

Or as clomper said, go to a big city, stand outside a major bank, and wait.

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

My school will now pay me all or some of my salary in US Funds. I know it's not the safest way, but I just wrap up my currency in an envelope and then go to the post office and send my money using the fastest and most secure way I can. (It's not airmail but the other envelope thingie they have that's even better and more secure).

The other day I went to the bank and wanted to take out $800 USD from my credit card then convert it to RMB. They said there would be a 3% fee for doing this and I said fine. Now, I assumed that they would convert the $800 to RMB and then deduct their fee. Well, it seems they charged my credit card $832 and then converted and then kept their share (I found this out when I visited my bank's website about a week later). I wasn't paying close enough attention and my credit card slip just showed the amount in RMB. If you can do the math, you will realize that $32 is FOUR percent of 800 so now I get to go back to the bank and argue over this $8.00 (but I probably won't, I've learned my lesson - - get the funds in US currency [step one] and have them hand the US currency to me [step two], THEN convert the money I have received into RMB [step three]).