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Q: Sending money home
I know it's been asked to death over the years, but things change... sometimes way too much!
I used to use the Paypal way - 2 Paypal accounts - one Chinese, one at home. I just do a 'Send Money', and done!
It appears that this is no longer an option...
Someone mentioned Alipay as a way to send money... is this true? And, are there the usual restrictions (ie, foreigners get shafted, local can do what they like?)
I do know about straight bank to bank transfer, but has this changed in any way? (such as, needed tax reciepts, or a work contract). Again, I know Chinese seem to have unlimited sending amounts, while we're limited to $500 US.
What about Western Union? Is that still maxed out at $500? And is the limit for Chinese $1000 - or is it higher?
7 years 3 weeks ago in Money & Banking - China
just back on topic...
you do not have a 500$ limit if you go to the tax bureau and get your tax payment receipt. You can send as much money equal to what you earned legally (paid tax for).
alternatively if you have the option:
let your company transfer your rmb salary to the actual rate to your foreign account. They always get much better rates.
Note that this is only limited to your salary payments
philbravery:
Wow Thats a great idea. Wish i new that when were in that position. Thumbs up from me
Stiggs:
Yeah, that is a good idea. I knew someone who was doing that, or at least getting part of her salary sent to her home bank acct.
Are companies able to do that though? I know that there is a limit of 50k a year (I think) for individuals. That's the amount they can send out of the country. How does it work with companies?
I don't know for sure but I think I remember hearing that the money was being sent to the teacher's acct using the I.D of a random member of staff.
dom87:
Companies are allowed to do that. I do it every month (my contract salary is RMB) and they will use the current exchange rate at the bank, which is for companies usually 0.1 better than for individuals.
You just have to clarify with your employer who takes the bank charges.
The limit of 50000$ per year is only for chinese nationals and does not apply to foreigners.
If you salary is 1m RMB per year and you paid tax for that, you can transfer your complete net salary out of china.
Bad thing about it is of course that you cannot play the rates. Till you got the tax papers etc. the nice rate of the morning is maybe already gone :P
If the company transfer your salary directly, you do not need any paper work (don't know what the company needs to show, but seems pretty easy)philbravery:
Thanks for the information. ..definitely something to remember.
You'll pay high fee at WU. 360 Rmb to Pakistan cost me 60 Rmb last year.
Bank to bank transfer: 'you are required to show passport with valid RP and FEC (2 docs with pic) to open an account in China!'
PayPal: I have it and I sent 6000 Rmb to US firm two months ago with some not too high fee, i.e. acceptable. I don't remember the exact fee amount. maybe it was just low end exchange rate at PP, not % fee.
It was quite handy with PP, but as I understand you are required to have bank account, from where you'll transfer the money to PP. I don't think, you can 'feed' PP with cash.
Chinese buddy could do it for you. As I remember one post here was saying that is the least PIA option.
Shining_brow:
What browser are you using? And which bank? (CMB, as usual?)
icnif77:
Browser? for banking? I run Opera, which is a tad better than Safari. However, if you'll set PNV on, it won't load any site. Any site in China or in USA!
I opened Reuters without any problems on the day I posted here about Opera (4 days ago).
Next morning, I had to disconnect PNV, so Opera would open link (eChina link), what tells me, block on Opera VNP hit after my post here.
Yes, CMB is my fav. bank in China, but PP set-up is different (than that of regular people ...LOL). I have ICBC CC and PP account of the dental clinic manager. I asked him to book ticket to Delhi for me (for cash refund) and he just gave me everything. All passwords and ICBC ATM card. I deposited my monies to his card in ICBC Bank's machine with bank's cam 'staring' at me.... I was thinking, they'll going to get me, because I am using Chinese person's ATM card, but nobody bothered me.
As soon as I sent monies to BootAmerica, I returned ATM card to the manager and he'll give me card again, when I want to purchase something. I must deposit money to his card first, so I'll need his ATM card. On the puter, I have all passwords in, so if I have monies on his ICBC, I can shop online endlessly ...LOL.
Hot told me here once about PP linked to CMB for online purchases, but I couldn't be bothered with PP set-up.
Opera sucks today comparable to the last two days. FrostWire has not too many peers displayed ... I downloaded some 15 flicks during Qing holidays, today FW is dead/slow as I expected, 'cause all are back from holidays straight to the smart-phones.
At 00:35 this am, FrostWire runs with 6-7 downloads, no. of peers increased for some 100% and everything else on my puter is c&d ....when everybody on pillows, Internet is OK ... in China.
Do you know why it's no longer an option, people blab about how they send money out. In case anyone's been asleep for the last 2-3 years, China is restricting money leaving the country
Who do you bank through? They should have an option for this.
Commentary to 'tits':
There are ways around .... I am not sure, if you are aware .... 
c&p with pics:
http://www.zerohedge.com/news/2017-04-03/hot-money-hong-kong-businessman...
"Hot Money": Hong Kong Businessman Pays $2.5 Million For 18-Year-Old Romanian Model's Virginity
There is so much excess liquidity in China that an 18-year-old Romanian model has agreed to sell her virginity to a "very friendly" - and generous - Hong Kong businessman for the "life-changing" sum of $2.45 million (€ 2.3 million).
In late 2016, Romanian Alexandra Kefren ignited a firestorm of outrage after it was reported that she had put her first sexual experience up for auction for a minimum of $1 million on Cinderella Escorts, a Germany-based agency which specializes in teens looking to sell their virginity online. According to the Shanghaiist, Kefren says she got the idea from watching Indecent Proposal when she was 15 years old.
After the news made headlines around the world, Kefren's parents nearly disowned her. She later went on a British daytime television show to explain her decision. The teen said that she was selling her virginity so that she could pay for a good life for her parents, as well as a home and education for herself.
With the YouTube clip alone getting nearly 2 million views (unclear if it ran Coke ads), the surge in media attention caused the bids to skyrocket. Finally, an anonymous Hong Kong businessman offered $2.45 million for the privilege of lifting her, well, offer. It was an amount she could not say no to.
On Cinderella Escorts, Kefren explained her decision last month, asking "How many would possibly forgo their first time in retrospect if they could have 2.3 million euros instead?"
I am glad to have decided to sell my virginity throught Cinderella Escorts, I would never have dreamed that the bid would go so high and we would reach € 2.3 million. This is really a dream come true.
We had commandments from all over the world and there was a long process. I was criticized in the press.
It was felt as a taboo that I can do with my body what I want.
But I have kept to it that I wanted to sell my virginity with Cinderella Escorts rather than giving it to a future friend who might have left me anyway. And I think many other girls have the same attitude.
How many would possibly forgo their first time in retrospect if they could have 2.3 million euros instead? Everyone has to ask himself this question. Of course, there will be different opinions, but everyone should be able to represent and live their own.
Now everything has to be organized. The hotel is booked. Cinderella Escorts accompanies me to the meeting and stays nearby as security if problems arise. I have the possibility to terminate the meeting at any time, but I am quite confident. I could talk with the buyer before and we are very friendly.
But while Kefren may have hit the jackpot, if only once, the biggest recurring winner in the arrangement appears to be the agency, Cinderella Escorts, which will profit on this deal, taking a 20% commission from the transaction. Additionally, Kefren's story appears to have inspired more girls to follow in her footsteps. The agency claims that they have received requests from 300 girls from around the country wanting to sell their virginity on the site as well.
As for Hong Kong and Chinese bidders, we are confident that they will soon figure out a novel way of converting this scheme into the latest and greatest way to funnel hot money out of China's closed financial system and into more mature market. Curious where to "park" several million in "hot money"? Then head on over to the money laundering, pardon, virginity auction website.
diverdude1:
Ok guys reading this, please put on notice to all Females you may know that I am Officially putting up for Auction my own (slightly used) Virginity.
Bidding will start at 10 bucks or a Six-pack of Budweiser.
*paying attention Viki?
icnif77:
Ay 
think, proper word is "you 'pawn -it''?
I'd say, economically that isn't sustainable .... you know, 'cause 'too big supply' 
.
2.5m based on photo shopped pics? Having a lot of money doesn't mean you're not a loser
icnif77:
You don't get it, do you? 
See the last sentence on c&p and think about ... You can't move monies out through regular sources, so you buy sumtin' out of China for very (or 'too') -high price. Whole amount goes to the Cinderella Escort first and they pay to the girl some % of the whole amount ''minus '20%'' as fee for Escort Co., rest goes toward new apartment block in Vancouver ..... watch for many 'copy-cats' in China .....
Stop fidgetin',@ Random .......LMAO
just back on topic...
you do not have a 500$ limit if you go to the tax bureau and get your tax payment receipt. You can send as much money equal to what you earned legally (paid tax for).
alternatively if you have the option:
let your company transfer your rmb salary to the actual rate to your foreign account. They always get much better rates.
Note that this is only limited to your salary payments
philbravery:
Wow Thats a great idea. Wish i new that when were in that position. Thumbs up from me
Stiggs:
Yeah, that is a good idea. I knew someone who was doing that, or at least getting part of her salary sent to her home bank acct.
Are companies able to do that though? I know that there is a limit of 50k a year (I think) for individuals. That's the amount they can send out of the country. How does it work with companies?
I don't know for sure but I think I remember hearing that the money was being sent to the teacher's acct using the I.D of a random member of staff.
dom87:
Companies are allowed to do that. I do it every month (my contract salary is RMB) and they will use the current exchange rate at the bank, which is for companies usually 0.1 better than for individuals.
You just have to clarify with your employer who takes the bank charges.
The limit of 50000$ per year is only for chinese nationals and does not apply to foreigners.
If you salary is 1m RMB per year and you paid tax for that, you can transfer your complete net salary out of china.
Bad thing about it is of course that you cannot play the rates. Till you got the tax papers etc. the nice rate of the morning is maybe already gone :P
If the company transfer your salary directly, you do not need any paper work (don't know what the company needs to show, but seems pretty easy)philbravery:
Thanks for the information. ..definitely something to remember.
