Job Discussion Forums

[kev7161]

So, last summer I had a problem with exchanging money at a Bank of China. Besides my passport, receipt of payment, foreign experts book, and my contract stating how much I earned each month, they also wanted some document from the department that issues the foreign experts book. I guess a copy of my file that shows that yes, indeedie, I do work for my school and I am legit and all (funny, I would think the FE book and contract and pay receipts would have covered all of that, but I guess not).

I manage to get some money exchanged at that time with a promise that this document would be faxed to the bank later. I called my FAO and he said he would take care of it. So, yesterday, I finally remembered to ask him about this. It seems that FE office can't find my documents that verifies I am who I say I am and I work where I say I work! In addition, my FAOs assistant didn't get a copy when she was getting my FE book. HAH?!? So, am I legit or not? Did someone's palm get greased for a "counterfeit" FE book so fines would not have to be paid? Will I EVER be able to exchange money without major hassles? Tune in tomorrow for another enthralling episode of As the Stomach Churns!

[clomper]

Well.. if you can't change at BOC.. try changing it with ICBC.. I changed my money last year through ICBC. Same bunch of requirements but they don't have to check with the labor dept for your FEC

Claudine

[Ludwig]

[kev7161]

You know, Ludwig, I never need anything from you, thanks. And my spelling/grammer is not "SIC". My mastery of the English language is about 10X better than yours, based on contributions by you that I've read (that'll get him going, eh folks?).

[Guest]

Kev 7161

I have had some of my most frustrating and (and amusing) times in the Banks in China during the past 12 months.. I have also spent a lot of time in them - I know what you mean - there is a nightmare of red tape and they are very difficult for us to deal with. I think personally that they have been the hardest thing for me to get used to in China.

Good luck

[Norman Bethune]

I have just one Question:


Why go to the trouble of going into the bank to convert cash when the black market money-changers outside the temple give almost the same rate of exchange without the paperwork and hassles?

Since I have been in China that is how I have converted my money. I haven't been arrested yet, and the dealer I uses likes me because I steer other foreigners his way. He's not going to squeal about our illegal activity. Be discreet and no problems arise.

The official rate of exchange to the U.S. dollar is only a few fen difference. So I pay a little more to the black market guy...40 to 100 RMB is not going to hurt my pocketbook too much.

I don't know about other currencies, the rates may not be that good on the black market.

[kev7161]

I guess for me I'm looking for convenience. My FAO once took me to a bank lobby (!) and we met a shifty looking man who exchanged the money for me. However, my boss can't always be available when I need to do the exchange. I send a portion of my money home every month to pay a couple of bills. My bank automatically withdraws money to pay these bills, so I send money to my aunt for her to deposit for me. I know that if I get paid on the 10th, I would go to the bank on the 11th and then walk down to the post office a couple blocks away and get it sent off. Nice and neat (and, yes, I know it is risky to send money by mail, but everything here is risky it seems) and I'm finished worrying about it for another month. My FAO has said the school will get some foreign currency and pay me each month with what I need. We'll see . . .

[Roger]

Well, so you change your loot with those slimy creatures on the "black" market... good luck.

If you get a hoard of fake banknotes, don't run to the cops to denounce your benefactors!

On a slightly more entertaining note - I once had a ASouth American banknote from very obscure origins - if I remember correctly it was given me as a "gift" by a Chinese! It had CHINESE MARKINGS and was in the same red as HK dollars were at that time.

It was worth maybe 5 kuai, and one of those guys that lurked in the Liuhua Hotel opposite Guangzhou Railway station offered me to buy it - even though I wasn't actually looking for a deal.
So he paid me the RMB equivalent for a 1000-unit banknote he thought was the same amount in HK dollars!

Shows how silly some of them are!

[oprah]

What bank is ICBC?

[Norman Bethune]

[clomper]

ICBC is Industrial and Commercial Bank of China

[gmat]