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Q: contract in usd
Hello,
I have a contract I like, which says I will get paid in USD. I have not seen one before like this I am not sure if I will have problems later. I asked them to add the chinese RMB in the contract so I can see. Any suggestions on how to handle this.
9 years 45 weeks ago in Business & Jobs - China
just email something like this:
"thanks for confirming my salary in USD. Can you please confirm the equivilant salary in RMB in the contract as I will be paid locally and will be baking in China. I will need to have an idea of how much i will have as my monthly budget."
keep it firm but polite.
louischuahm:
I take it that you meant banking rather than baking yes?
Scandinavian:
yeah, with bakeries as they are in China, I exchange most my money for flour, yeast and stuff.
If you get paid in USD you might want to check the trend for exchange rate.
You might also want to know if you are paid in cash or if the money goes to a currency account as USD. Both means you'll need to go to the bank and do stuff.
just email something like this:
"thanks for confirming my salary in USD. Can you please confirm the equivilant salary in RMB in the contract as I will be paid locally and will be baking in China. I will need to have an idea of how much i will have as my monthly budget."
keep it firm but polite.
louischuahm:
I take it that you meant banking rather than baking yes?
Scandinavian:
yeah, with bakeries as they are in China, I exchange most my money for flour, yeast and stuff.
I saw few Contracts in 2010 or 2011 with salary in Rmb and note '.....1/2 (or 1/3) can be converted to Foreign currency'.
After that, I've never seen Contracts with such a provision.
There are few adverts today at eChina job site stating salary US$ 1000 or so. However, that serve only as info to FTs, who're applying from USA, IMO.
I'm not sure, if Chinese School can pay salary in Foreign currency, but you should definitely demand salary stated in Rmb.
You might call/ask at SAFEA, and inquire about validity of such a Contract.
At China Merchants Bank you can convert Rmb to any world currency with 'spot exchange rate' applied, if you hold an account. Limit US$ 50 000/year.
'SER' is the lowest daily rate possible, or 'exchange (of Rmb) without banking fees'.
