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Decent savings potential in China?
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DIPTESOL



Joined: 12 Oct 2007
Posts: 42

PostPosted: Wed Oct 08, 2014 8:25 am    Post subject: Reply with quote

ESL104 wrote:


I've read some posts that say wiring large amounts out of China is an issue, but posts from some other also stated they never had any problems. I figure as GBP is a 'popular' currency, I should have no problem exchanging RMB to GBP in China if needbe at a money exchange place anyway? Then just stick the cash in the bank when I get home.

Thanks for all the help in advance guys.


It isn't as easy as you think when it comes to exchanging money in China. One is only allowed to exchange a maximum of 2500 RMB per day in the Bank of China. Also, to wire large sums of money abroad, one needs a Chinese colleague or friend who will transfer your money from his/her account to your foreign one. China doesn't like the idea of large sums of RMB leaving the country so it's best to exchange on a daily basis if you want the cash.


Last edited by DIPTESOL on Wed Oct 08, 2014 9:36 am; edited 1 time in total
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Alien abductee



Joined: 08 Jun 2014
Posts: 527
Location: Kuala Lumpur

PostPosted: Wed Oct 08, 2014 9:01 am    Post subject: Reply with quote

A daily limit of $500 isn't a problem for most people in the ESL business. Transferring is easy, all you need is to hand your money over to a Chinese friend you can trust, they produce their ID card at the bank and they wire the money to your foreign account. Locals have a far higher limit of how much money they can send at one time and you avoid having to produce your contract, tax papers and anything else the bank asks to see. There are other methods to overcome the problem of getting money out of the country, wire it yourself, get a second bank card and have someone at home make withdrawals from your Chinese account there, and a few others. Thousands of foreign workers in China remit money home every month and there are few obstacles in the way of anyone wanting to do so.
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El Macho



Joined: 30 Jan 2006
Posts: 200

PostPosted: Thu Oct 09, 2014 1:08 am    Post subject: Reply with quote

If you have tax receipts for (at least) the amount you are converting and sending, the $500 limit doesn't apply.
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ESL104



Joined: 27 Sep 2014
Posts: 108

PostPosted: Thu Oct 09, 2014 2:13 am    Post subject: Reply with quote

Quote:
Big cities offer you a much higher salary for the price of liviong that equals the one in small cities/towns. Just buy cheaper stuff.


Yeah all the decent salaries seem to be in big cities. Bit concerned about housing costs - I suppose I could houseshare for a year...just had some bad experiences with that at uni though i.e. people bitching about who made a mess of the kitchen, whose turn it was to take the bins out, 'xxx uses more electicity than me so it's not fair we split the bill equally 4 ways' etc etc. Wanted to avoid that nonsense if possible but if the costs savings are substantial I guess I could take a look at it. Plus there's simply no way I'm paying 6 months rent upfront in a foreign country.

Quote:
When I moved to Shanghai, yes the housing was higher but so was the amount of available side work. I could work an extra 40 hours a month in side work if I wanted but I want to enjoy my life. I found private students through some of the dreaded recruiters most people don't like but I spread myself around to several of them so I can be picky. I get calls every day from them asking if I want Job A,B, or C. They know my minimums (250 hour if I don't travel far...300 if I do with 2 hour minimums and weekly payments). Do they call me and ask about lower paying jobs? Of course they do....I just reject them and move on.

In short, you could save that kind of money and get started fairly quickly in one of the large cities. But you might have to work your butt off. In Shanghai you can find small one bedroom flats for 3000-5000 in decent areas. Three months upfront plus deposit and agency fee (if you use one). I just found an area I wanted to live in and walked into one of the dozens of agencies lining the street and had them do the work for me. Was worth the extra money to me.

My wife (not Chinese)did as you suggested in your first post. She took a uni job with a 2 day schedule and loaded up on privates the other days. She actually had the privates set up before she even landed here but she is way more organized than me.


I'm fine with working long hours and not really 'enjoying' life as such - I've had plenty of fun and a stress free life in Thailand this year but well, it's time to earn some money now.

Been thinking of getting a job at a kindergarten then working at a training centre at evenings and Saturdays. Assuming Shanghai:

15000 RMB a month for kindergarten. Probably get about 13000 after tax.

200 RMB an hour at a training centre at evenings, 2 hours a day Monday-Friday = about 45 hours a month = 9000 RMB.

So 22000 RMB a month, take off 4000 for a rental place in Shanghai, and another 3000 for food/transport. Can save 15000 RMB a month.

Okay it's pretty long hours but you've still got 2 days off a week. Sound reasonable?

Quote:

A daily limit of $500 isn't a problem for most people in the ESL business. Transferring is easy, all you need is to hand your money over to a Chinese friend you can trust, they produce their ID card at the bank and they wire the money to your foreign account. Locals have a far higher limit of how much money they can send at one time and you avoid having to produce your contract, tax papers and anything else the bank asks to see. There are other methods to overcome the problem of getting money out of the country, wire it yourself, get a second bank card and have someone at home make withdrawals from your Chinese account there, and a few others. Thousands of foreign workers in China remit money home every month and there are few obstacles in the way of anyone wanting to do so.


Might be a bit of a specific question, but do ATM cards issued in China work in the UK? Although if possible I'd try and transfer the RMB to my UK bank account to avoid the forex charge (my bank doesn't charge for exchanging foreign currency, you get the 'real' rate).[/quote]
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Banner41



Joined: 04 Jan 2011
Posts: 656
Location: Shanghai

PostPosted: Thu Oct 09, 2014 2:43 am    Post subject: Reply with quote

http://en.wikipedia.org/wiki/China_UnionPay

In short. Yes. Just make sure it's the right bank.
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Markness



Joined: 30 Dec 2009
Posts: 738
Location: Chengdu

PostPosted: Thu Oct 09, 2014 5:44 am    Post subject: Reply with quote

If you want to get privates, you need to get a gig where you can be free on the evenings/weekends. My job right now doesn't allow for it (quite the opposite), but I still do private work when I have free time. I recommend if only staying for a year to find a high paying job. Unis can be solid, however, I know some people who work at universities and their schedules can be awkward. This makes things difficult if you want to pick up extra work. I've said this before. I rather work 20-25 teaching hours per week for a place that gives me pretty stable evenings/weekends/2 days off, than a uni which gives you low hours that are awkward, like a class starting at 830am and then you're free and then need to come back just after lunch... that kind of kills it for me. I rather just do a solid block of time rather than going back and forth.

Take that into consideration! Also, having a Chinese friend or GF helps with finding extra work, but I've found that also having other Western colleagues helps with getting you extra work, all will be able to contribute!

Good luck!

Mark
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3701 W.119th



Joined: 26 Feb 2014
Posts: 386
Location: Central China

PostPosted: Thu Oct 09, 2014 6:41 am    Post subject: Reply with quote

Teaching 2 lessons a night at a private language centre, on top of a full-time kindy job, 5 days a week, sounds like a sure-fire ticket to burnout. That's without taking into account the reality of travelling around Shanghai between your apartment and the schools, which can be tiring at times.

Then again, even the kindy gig on its own sounds tough to me. I don't think I'd be cut out to teach kids.

Good luck to you! There's definitely money there to be made.
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ESL104



Joined: 27 Sep 2014
Posts: 108

PostPosted: Thu Oct 09, 2014 6:48 am    Post subject: Reply with quote

Markness wrote:
If you want to get privates, you need to get a gig where you can be free on the evenings/weekends. My job right now doesn't allow for it (quite the opposite), but I still do private work when I have free time. I recommend if only staying for a year to find a high paying job. Unis can be solid, however, I know some people who work at universities and their schedules can be awkward. This makes things difficult if you want to pick up extra work. I've said this before. I rather work 20-25 teaching hours per week for a place that gives me pretty stable evenings/weekends/2 days off, than a uni which gives you low hours that are awkward, like a class starting at 830am and then you're free and then need to come back just after lunch... that kind of kills it for me. I rather just do a solid block of time rather than going back and forth.

Take that into consideration! Also, having a Chinese friend or GF helps with finding extra work, but I've found that also having other Western colleagues helps with getting you extra work, all will be able to contribute!

Good luck!

Mark


Yeah agreed with this, I'd much rather work in a 'block'. Pretty much decided on a 9-5 monday-friday type job now. Just need to try and get one with decent pay now! I've got a Chinese friend but they're not in the teaching business. They can still help with negotiating for apartments and stuff though.
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ESL104



Joined: 27 Sep 2014
Posts: 108

PostPosted: Thu Oct 09, 2014 6:54 am    Post subject: Reply with quote

3701 W.119th wrote:
Teaching 2 lessons a night at a private language centre, on top of a full-time kindy job, 5 days a week, sounds like a sure-fire ticket to burnout. That's without taking into account the reality of travelling around Shanghai between your apartment and the schools, which can be tiring at times.

Then again, even the kindy gig on its own sounds tough to me. I don't think I'd be cut out to teach kids.

Good luck to you! There's definitely money there to be made.


Meh, I'm working 8-5 at a primary school in Thailand now, so it's not that much of a step up in terms of hours. And it's only for a year after all.

To put it into perspective one of my friends in England works in an accountancy firm, and regularly is in the office until 9pm doing some of the most mind numbing work known to mankind. And his take home pay is only 16000rmb - needless to say that doesn't go as far in England as it will in China. I definitely think i could handle it for a year.


Last edited by ESL104 on Thu Oct 09, 2014 8:49 am; edited 1 time in total
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3701 W.119th



Joined: 26 Feb 2014
Posts: 386
Location: Central China

PostPosted: Thu Oct 09, 2014 7:07 am    Post subject: Reply with quote

That's a great attitude to have, ESL104, you'll do well.

I'm in work for around 9 or 10 hours a day at a private language centre here (teaching between 4 to 6 lessons a day, usually 5), 5 days a week. I live right by my centre, so it's a 2 minute stroll into work. I'm definitely ready for the weekend when it comes, but it's a breeze compared to my job in Britain (working in commercial banking).

A lot of FTs I've met here moan about working a 'normal' week, so I guess I grouped you in with them. Apologies.

I have some friends that teach kids in Shanghai, though, and the energy level required is a big step up from teaching adults (from what I can gather). If you have that kind of personality, you should be fine. I don't.

Saving money is easy here. I still haven't spent any of my September salary (still living off August's). I do like my luxuries too.
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ESL104



Joined: 27 Sep 2014
Posts: 108

PostPosted: Thu Oct 09, 2014 8:49 am    Post subject: Reply with quote

3701 W.119th wrote:
That's a great attitude to have, ESL104, you'll do well.

I'm in work for around 9 or 10 hours a day at a private language centre here (teaching between 4 to 6 lessons a day, usually 5), 5 days a week. I live right by my centre, so it's a 2 minute stroll into work. I'm definitely ready for the weekend when it comes, but it's a breeze compared to my job in Britain (working in commercial banking).

A lot of FTs I've met here moan about working a 'normal' week, so I guess I grouped you in with them. Apologies.

I have some friends that teach kids in Shanghai, though, and the energy level required is a big step up from teaching adults (from what I can gather). If you have that kind of personality, you should be fine. I don't.

Saving money is easy here. I still haven't spent any of my September salary (still living off August's). I do like my luxuries too.


I figure as I've been teaching Primary school kids for a while now and am still OK I can handle kindergarten for pretty much the same hours. And many (most?) people in China and other parts of Asia will be working 6 days a week for long hours in a factory or other menial job, so I figure it'd be pretty poor if I can't handle five 10 hour days teaching English in air conditioned rooms.

Bit worried about cost of living in Shanghai especially...might end up having to house share really (although I suppose that might serve as motivation to get out of the house and work extra hours at the training centre, so perhaps not a bad thing!). I do like asian food though so my meal expenses shouldn't be massive.

Seems to be quite a bit of weekend work going round as well, judging from job adverts on echinacities.
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3701 W.119th



Joined: 26 Feb 2014
Posts: 386
Location: Central China

PostPosted: Thu Oct 09, 2014 10:13 am    Post subject: Reply with quote

You could easily get a decent little 'studio' (box) apartment for less than 4k a month. Travelling to your school may be time consuming, from the cheaper residential areas (it's a huge city), but public transport is dirt cheap and very reliable.

The cost of living in Shanghai is often grossly exaggerated here.
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jackflash



Joined: 08 Jun 2011
Posts: 14

PostPosted: Fri Oct 10, 2014 4:22 am    Post subject: Reply with quote

What do you think is a proper rate per hour for a class of four students, ages 6-7? I was thinking 100RMB per kid. The mother I spoke with suggested 300 for all.
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Banner41



Joined: 04 Jan 2011
Posts: 656
Location: Shanghai

PostPosted: Fri Oct 10, 2014 7:01 am    Post subject: Reply with quote

3701 W.119th wrote:
You could easily get a decent little 'studio' (box) apartment for less than 4k a month. Travelling to your school may be time consuming, from the cheaper residential areas (it's a huge city), but public transport is dirt cheap and very reliable.

The cost of living in Shanghai is often grossly exaggerated here.


+1
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ESL104



Joined: 27 Sep 2014
Posts: 108

PostPosted: Sat Oct 11, 2014 10:32 am    Post subject: Reply with quote

Alright I've got interviews for 3 places so far. Taking into account cost of living in the cities, what's the better job?

------

19500rmb a month in Bejing, working hours 8am-5pm, no accomodation.

Or

17500rmb a month in Shanghai, working hours 8am-4pm, free accomodation.

Or

13000rmb a month in Fuzhou, free accomodation, working hours from 8am-4pm HOWEVER only 20 lessons of 45 mins a week and no office hours so you only have to be at the school about 16 hours a week.

------

I'm thinking the Shanghai one could actually potentially be better, just because that extra hour at the Bejing school in the evening could really cut down on opportunities to work at a training centre after school (since most of them get most 'traffic' in the evenings just after school).

But then again Shanghai is generally more expensive than Bejing to live in anyway? What kind of rental prices are we looking at in Bejing since I'll have to find my own place?

The third school is interesting - lower salary but no office hours which might potentially mean I can find more hours in a training centre or through private students etc. But then again extra 'free time' during traditional school working hours isn't exactly 'prime time' for getting training centre hours, and there's the potential for annoying schedules there.

Any opinions? Assuming that the only thing that really matters is potential to make more money.
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