Job Discussion Forums

[julie griggs]

I am trying to find out how I would get some of my Chinese salary converted to USD and into my US bank account. I would have to do it monthly so that I can pay my US credit card bills while I am gone. I just can't get an answer as to how much I'll be allowed to convert and transfer each month. Any ideas anyone? Surely this has come up before!!!!

[7969]

hi julie. youre right , the question has come up frequently.

go to the search function and type in banking AND china, and you'll get plenty of useful answers.

good luck !!!

[Eyrick3]

When I was doing this at the Bank of China, they only let me (with a Chinese) convert and send up to 5000 RMB per day. I had to first convert it to USD, and then transfer it, paying a charge both times. It worked out to a little over 100 RMB in fees / exchange rate, but that's only 2%, which isn't bad.

[China.Pete]

Current banking regulations allow you to convert up to 100 percent of your salary to foreign currency, although your contract may not always reflect this. Many contracts say 70 percent, which was the maximum allowed from a few years ago. If that is the case with yours, you should ask that it be changed before you sign it. Actually converting the money and doing a wire transfer can be a time-consuming process, especially at a Chinese bank. You will need to figure out a procedure that works well for you once you get here.

[Itsme]