Job Discussion Forums

oprah · Joined: 26 Apr 2003 Posts: 382

Well this is eleven months in trying to get paper work to change money. Government says i can change 30 percent of wages, I thought it was 70 percent?? Anyone have any information on this??

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

Some will tell you it's unlimited (or even 70%), but I honestly believe it's only 30% - - that's the official Bank of China amount. As I stated in another thread, it is cumulative. So, if you've been working here for 11 months and are only just now being able to change, they will (should) add up your entire salary to date and you can change 30% of that.

tofuman · Joined: 02 Jul 2004 Posts: 937

I got about 70% changed. Here's what I needed to do it at the bank:

Clearance slip from tax bureau.
Pay slip from school.
Copy of contract.
Passport
Everything red-chopped.

Went to the provincial branch of BoC and it was done.

Spiderman Too · Posted: Tue Jan 18, 2005 5:38 pm Post subject:

oprah & kev7161, you guys must be in China II. Here in China proper, each month I receive US $422.00 and 1,500 RMB. My monthly salary is 5,000 RMB; do the math!

The initial visit to the bank is a pain-in-th-azs, but after the first transaction has been recorded in your Foreign Experts Certificate (booklet), all subsequent transactions are a piece of cake. So much so, that the FAO does my 'exchange' each month when she goes to the bank to collect the foreign teachers' (9) salaries.

Side-tracking here, but, all Chinese teachers receive their salary via direct bank account credit but the university insists on paying F.T.s in cash.

tarzaninchina · Joined: 16 Aug 2004 Posts: 348 Location: World

30% is the legal minimum. 70% is the legal maximum.

This is determined upon signing the contract and is then used to caluclate the numbers in your red book. As for all the other stuff, that's BS IMHO. Still need your red book and passport though.

limits601 · Posted: Wed Jan 19, 2005 12:50 am Post subject:

Take your money out of the country and exchange it for 100% at home in Canada or the USA.

Anyone tried to take out 20000RMB and make it home to exchange ?

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

If my FAO changes it for me, Spidey Too, then I can change up to 100%. They actually don't go to the bank for me, they go to a money-exchanger and do the deed. I just actually like to do things myself, but I still have them do it for me when I don't mind waiting a few days.

You can exchange it all in the US, limits 601, but the exchange rate are at a much lower rate (and the exchange fees much, much higher!).

oprah · Joined: 26 Apr 2003 Posts: 382

I was told in Toronto that you cannot change rmb .. Now with the new 20,000 rmb rule, that you take this out... I still do not know if the Bank at home will change it. Someone on this site said you can change rmb in Vancouver?? I was in the Bank of China in Toronto, and they said you can not change RMB in Toronto. That was March 2003// have things changed??

limits601 · Posted: Wed Jan 19, 2005 12:20 pm Post subject:

I dunno

My mom has worked for CIBC for 30+ years and i asked her that same question and she told me i can exchange 1000RMB, 20,000RMB or 100000+RMB with no problems. They dont do it at the local branch, its sent off to headquarters and then you receieve your money in a few days.

benno · Joined: 28 Jun 2004 Posts: 501 Location: Fake Mongolia

you guys are funny
just get your chinese friend to change it for you, easy, all they need is their identity card
or you can change it outside!
no problem

7969 · Joined: 26 Mar 2003 Posts: 5782 Location: Coastal Guangdong

anyone who can save 70% of their monthly salary ought to be giving seminars to the rest of us. how can anyone possibly live on 30% of nothing and still enjoy it here?

oprah · Joined: 26 Apr 2003 Posts: 382

CIBC Canadian Imperial Bank of Commerce Major bank in Canada

limits601 · Posted: Thu Jan 20, 2005 2:15 pm Post subject:

Actually, i never thought of getting a chinese friend to exchange it but trust would be a big factor. Handing over 30,000RMB to exchange is risky but im sure you could do it that way. Pretty smart too.

How about in Hong Kong. Can you exchange it there without the paperwork ?

Larry Parnell · Joined: 06 Jun 2004 Posts: 172

I changed some Rmb at Hong Kong airport but they insisted on changing it into HK$ and then into my chosen currency and charged commission twice.

millie · Joined: 29 Oct 2003 Posts: 413 Location: HK

Not sure how many times we need ask and answer the same questions but anyway….

Do not change RMB outside of China (except HK) since you will get a terrible rate.
Another exception might be Singapore but I am not sure about that.

2 options to change RMB apart from the amount which is specified in your contract. (This % does vary.)

1) As noted above by some: get the RMB changed to US$ on the grey market inside China.
They will put US$ directly into your account; no fear of counterfeit. Rates are good if not the same as the bank.
These money changers hang around the major branches of Bank of China in most large cites.
Get you FAO to help you if need be.

2) Change RMB into any currency you wish in HK. I received very favourable rates (not in the airport obviously) at a licensed money changer in TST.
Before the 20,000 limit, I had carried much larger amounts of RMB cash out of China via Pudong and no one seemed to care.

M