Job Discussion Forums

DarcyDev · Joined: 30 Mar 2013 Posts: 5 Location: RIZHAO

does anyone know the process of converting rmb into us dollars?
would it be best to do it before i leave china or after? i don't plan on returning to china so keeping the rmb for a later date isnt an option

i know there is a limit of 20,000 rmb leaving out of china but i'm not going to bring that much out of the country.

xiguagua · Joined: 09 Oct 2011 Posts: 768

This is in the wrong forum, should be the off-topic forum since this post isn't related to the job.

This is literally the 3rd topic on this in a week. Don't people look before they post? And this one was even posted YESTERDAY and is still active.

http://forums.eslcafe.com/job/viewtopic.php?t=101901

DarcyDev · Joined: 30 Mar 2013 Posts: 5 Location: RIZHAO

i'm sorry your eyes had to re-read the same question multiple times (must be so draining)

thanks for posting the link.

doogsville · Joined: 17 Nov 2011 Posts: 924 Location: China

Non Sequitur · Joined: 23 May 2010 Posts: 4724 Location: China

I know this topic is a regular, but as the search isn't working maybe we can cut OP some slack. I agree it should be off topic.
The cheapest I've done, is to get a Chinese friend (my FAO) to transfer bank to bank.
For some reason, the BOC won't do it for a foreigner - even though they hold a full account with money card.
You can do a Western Union, but I think you need US dollars to start the process, so a Chinese bank is going to whack you at that point (RMB to US), plus there's a $20 flat fee.
Also a Western Union requires someone to pick up the money personally at home and lodge it into your bank, so that may be an issue.
I haven't done this in a while and have only tried BOC where my account was.
If you can get the search function to work try a few terms like 'money transfer'.

kungfuman

Denim-Maniac · Joined: 31 Jan 2012 Posts: 1238

If you are taking less than 20,000 out, and changing it is a hassle or not convenient, then just take it out in RMB. Thats basically what I do, then change it when I get home. I shop around for the best rates, but generally find the supermarkets do the best deals in the UK.

My point is - If changing it is a hassle, then you dont need to. Take it with you and change elsewhere.

xiguagua · Joined: 09 Oct 2011 Posts: 768

[quote="Non Sequitur"]I know this topic is a regular, but as the search isn't working maybe we can cut OP some slack. /quote]

I used the search function before I made my new thread like 10 minutes after the OP made this one and it worked fine. So I guess it's hit or miss.

Anyway for 20k just take it with you and exchange at an airport. I've taken 50+ with me in carry-on and was never hassled.

johntpartee · Joined: 02 Mar 2010 Posts: 3258

Non Sequitur · Joined: 23 May 2010 Posts: 4724 Location: China

[quote="xiguagua"]

weigookin74 · Joined: 30 Mar 2010 Posts: 265

Did I read somewhere before the idea of getting the employer to wire a portion of your paycheck home for you? Anyone have experience with this? Just curious to know if it works.

Non Sequitur · Joined: 23 May 2010 Posts: 4724 Location: China

Going with the FAO to BOC was a private arrangement, but no reason why the admin shouldn't do it as part of their banking activity.
I've not heard of that though and they would only have one salary payment to work with. I sent amounts of RMB 10K which is considerably more than 1 pay.
Just getting the school to lodge your pay in your bank account is a biggie.
Why they like to dish out cash - 5K in 100 bills is beyond me.

keeperofpythons · Joined: 28 Jan 2010 Posts: 152 Location: zhu san jiao

chinatimes · Joined: 27 May 2012 Posts: 478

GreatApe · Posted: Tue May 21, 2013 8:01 am Post subject:

I just exchanged 12, 360 RMB this past weekend here in Dongguan for
$ 2,000 USD ... I got a 6.18 exchange rate on the RMB, and had to pay a fee for the privilege. The X-Exchange rate online at the time was 6.13, so I feel like I got a pretty good deal considering the weekend before I was going to transfer the money from an ICBC and they wanted to give me a 7.1 exchange rate.

What I did was find the local Wal-Mart in DG which has a wide variety of clothing stores which also run an exchange business on the side. Don't know if you have anything like that where you live and work.

After the exchange, I went to a branch of China Postal Savings Bank and wired the money to the USA via the Western Union service in the bank branch itself. It cost me $25 USD to wire $2,000 USD.

Hope this helps.

--GA