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Posts: 46

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Q: Can I exchange the $ I have saved working here into dollars? How do expats take their money home?

I have been saving money here.  I also have some dollars in the bank here.  Can I move the rmbs to dollars at the bank?

10 years 40 weeks ago in  Money & Banking - Other cities

 
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Certainly, you can! It just depend on the 'exchange rate, Bank will offer you.

 

At China Merchant's Bank (Gold Visa/MC account) you can make unlimited foreign exchange with 'spot exchange rate' applied.

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10 years 40 weeks ago
 
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No, technically you can't without following a very formal exercise that involves showing copies of the tax receipts to the bank, copies of your contract and various other things. The upper limit is supposed to be 70% of your earnings. However, that rule has been relaxed somewhat by the Bank of China. Now, I think some will allow you to exchange up to 500 USD equivalent of rmb to a foreign currency. Even when this option is not open, you can also get a Chinese friend to exchange the money for you or find black marketeers. Once exchanged, you can transfer cash by bank wire out of the country but, to avoid the possibility of getting tangled into another bureaucratic paper chase involving tax certificates, the easiest option is to ask a Chinese person to do the transfer for you.

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10 years 40 weeks ago
 
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Most banks in China have a daily limit for foreigners to exchange local currency (Rmb) into foreign currency.  But Chinese nationals do not.  They will pay you the spot exchange rate which is about 6.05 yuan for a dollar nowdays.  With black marketers, you may get 6.08, but run the high risk of getting counterfit money mixed with real one.  In exiting the country, the maximum in cash allowed if discovered is the equivalent of 6,000 Rmb with you.  You could try a wire transfer to a relative back home, or before departure, send yourself the money via Western Union.  Good luck

Hulk:

I got exchanges of 6.2 in the airports, while the internet was saying 6.12.

10 years 40 weeks ago
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10 years 40 weeks ago
 
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You could just carry it home, How much are you talking? 10k you could have problem, I sweated carrying 5K home, but after 2 days of trying to get money out and then paying a fee, I didn't want to even try putting it back.

qbsinceage10:

Actually, I am talking about more than 10K.  Oh, the taxes and other ramiications.  I only want to keep my money.

10 years 27 weeks ago
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TedDBayer:

They ask that quesiton and can seize your money. I  just went home and they seized my computer and cell phone. I can't even get an answer on how or when can I get them back, thats $2000 worth of my stuff.

10 years 27 weeks ago
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10 years 38 weeks ago
 
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