Job Discussion Forums

MrChongqing · Joined: 30 Jul 2016 Posts: 5

I would like to know what the cheapest way to transfer money from China to Canada is. I've heard conflicting information.

Canadian expats at the local foreigner watering hole seem to think that withdrawing the money from an ATM in Canada is the least expensive. I've had other expats tell me that you can make a few withdrawals overseas and then suddenly your bank card stops working.

I spoke with a Bank of China representative and she said that I could withdraw a maximum of the equivalent of $500 USD per day from an overseas ATM but she seemed a bit vague as to what the maximum per year is.

Any information would be greatly appreciated.

OhBudPowellWhereArtThou · Joined: 02 Jun 2015 Posts: 1168 Location: Since 2003

Start here:

http://forums.eslcafe.com/job/viewtopic.php?t=112742&highlight=withdraw+money+overseas

MrChongqing · Joined: 30 Jul 2016 Posts: 5

Thanks. Although I was employed here legally on a Z visa, the likelihood of me getting tax receipts from my former employer is very low.

What are people's thoughts on the ATM route?

Mr. Leafy · Joined: 24 Apr 2012 Posts: 246 Location: North of the Wall

Shanghai Noon · Joined: 18 Aug 2013 Posts: 589 Location: Shanghai, China

MrChongqing · Joined: 30 Jul 2016 Posts: 5

That's really useful information about the tax receipts. Thank you.

My fear about the ATM route is that they will cut me off after I withdraw a certain amount.

Is there any validity to this fear?

Elicit · Joined: 12 May 2010 Posts: 244

The yearly limit for ATM overseas withdrawals was reduced in October last year. I thinks it's now around 10k US. Then, my card stopped working.

It' s the easiest way to get money back home, but make sure your card has a magnetic strip on the back as well as the new chip and pin technology, because a regular ICBC card without the strip doesn"t work.

I will go the tax receipt and transfer route now, but you could open a couple of accounts with BOC and perhaps the limit applies to account and not holder.

MrChongqing · Joined: 30 Jul 2016 Posts: 5

My card has the magnetic strip, the chip, and begins with the number 62, which is necessary for overseas withdrawals. 10K per year is plenty.

Curtinca · Joined: 26 Feb 2016 Posts: 73

I used to change RMB for US $$$ at a friendly little shop around the corner from a bar favoured by expats in the city where I taught. The shopkeeper gave me the same exchange rate as at the bank, and all genuine bills. If I was on my way home, I'd take the cash with me. Alternatively I was able to send it (in not suspiciously large amounts) by Western Union.

But (you say), what about the exchange converting US $$$ to loonies? I didn't do that. Always maintained a US dollar account in a Canadian bank and it turned out to be the smart thing to do.

weigookin74 · Joined: 30 Mar 2010 Posts: 265

Can't you just go to your local bank, Bank of China, and wire the money home to Canada? Why all the cloak and dagger stuff? If you're on a legal Z visa, shouldn't you be able to send it, albeit in smaller amounts as I had heard you could only change 500 US dollars a day? I think your bank back home is capable of accepting US dollars and converting it to Cdn before putting it into your account.

Curtinca · Joined: 26 Feb 2016 Posts: 73

@ Weigookin - If that remark is directed at me... I was quite legal on a proper Z visa. Just not up for the hassle of conducting any out-of-the-ordinary transaction at a Chinese bank. I believe lots of other legal FTs will agree with me on the inefficiency of Chinese bank staff. Whatever you want to do, it can't be done!

Certainly Canadian banks can convert US$ to C$, charging you a "small fee" for so doing, but why would want to do that when you never know what the Canadian dollar is going to be worth in "real money".