About making money in China-?
Perhaps someone can answer this or provide me with links to advise... If you are a foreigner working in China, how much of the money that you make can be put into an overseas (non-Chinese) bank? How much of your income can leave China when you return to or visit your home country? Once in another country, can you withdraw money you have put in a Chinese bank and convert it to other currencies? Thank you. :)
China - 3 Answers
Random Answers, Critics, Comments, Opinions :
1 :
I can only help you on certain things. So... I make Chinese Yuan. I have a Chinese Bank Account. (Bank of China). I transfer Chinese money to USA dollars to my Bank Of America account all the time. Last time I did 14,000 Yuan. I did get charged a $42.00 fee for that. i don't know how much you can take out of China. I do plan on Taking 25,000 Yuan when I go back to visit the states. But I am exchanging the YUAN to US DOLLARS before I go. I have a friend that can do this for me on the "LOW DOWN" I believe if in another country you can access your money. Since I am in China and I can access my USA Bank account. But again there is always a fee.
2 :
Why not ask your nearby Chinese Consulate ot Wall-Mart?
3 :
The rules are fairly complex. If you have a foreign experts certificate, then you can convert a certain amount of your income into a foreign currency. I think it is 25%. Some contracts will automatically do this for you, if you request. Anything in a foreign currency can be taken out of China without any restrictions. In theory, you can take all your money out of China if you have paid the tax on it. However generally speaking most employers won't give you a tax advice and some pay you tax free, which means you are supposed to pay the tax yourself (this is not actually legal, but many companies do it). You can take, I think, 8,000 RMB legally out of the country. If you live near Hong Kong you can take it out in your pocket and transfer or deposit it easily in Hong Kong. You can also stuff 100,000 RMB in your pocket and only have to pay tax if you are stopped. China uses Union pay as their bank standard. This can be easily accessed in many countries, but not (last time I checked) in Canada and with only limited access in the US. Search union pay on the Internet to see. You can access your money abroad in many ways, such as buying travellers checks, getting debit cards or using Western Union for a transfer. Many people also convert their money on the black market.
