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Discussion in 'Teaching abroad' started by Stillstayingjohnson, Jun 6, 2017.
Any advice on transferring money from the PRC back to the UK appreciated.
Is your school able to send part/all of your salary when you are paid? This is certainly how at least one of the schools in Beijing assists with transfer.
They do offer 'assistance', and this is organised during orientation. To what extent this is useful, I am yet to be sure. I believe I can choose to chunk part home/part local, but want to cover all eventualities. I have done some personal research, and am currently with Lloyds (they don't seem too bad, but I imagine this will change)
Its very easy to send money home if it is paid into the Bank of China or Bank of Shanghai as I have used them before and still do.
You can send up to 75% of your salary or up to the value of 50,000USD/year without question based on your monthly Tax printout. Anything more then this and you need extra paper work, such as savings you have collected over several years.
But generally you need only;
Residence Visa inside your passport.
Work Visa(obtained from your HR office with a crowbar).
Temporary Residency Registration.
Monthly Tax Receipt. Several if its a large amount of money to send back say 100,000rmb
Work Contract, all 52 pages of it!
UK Bank Details, including SWIFT, the other number I cant remember what its called and full address with post code.
Photo copy every thing twice as this saves time in the bank and the whole process stops if the banks copier is not working or there is a long queue for it and expect to sign your name 20 times.
My local branch of BoC has a Starbucks coffee shop inside to make the one hour and a half it takes to send money out of the country easier to withstand. Imagine you are sending money from a bank run by Capt Mannering 75 years ago is just like BoC today!
Best to do the process once with 10,000rmb and confirm it has arrived safely and keep hold of the blue copy of your money transaction. Then next time you send more money home, hand over the blue copy as they can then copy all the details from that again for the new transfer!
I am just hopping for a hung parliament with a Labour/SNP coalition to F & C K the pound and I will get 1GBP for 1RMB!
Only one and a half hours - your bank is speedy!
Welcome to banking in China - be prepared to lose days of your life you will never get back.
When our bank in Spain asks us 'to pop in' it usually means a 3-hour 'cita sin previa' - so only an hour & a half to two hours when we go to China will be a bonus
I would disagree with february 31st's suggestion that it is "very easy" to send money anywhere from China. That has certainly not been my experience. Possible? Yes? Easy? No. For a start, you will need your passport (no, they will not accept a copy and it is bad luck if you do not have your passport because you are getting your visa renewed). Then you need the tax certificate thing from your school's finance department. Then you need to go to the bank and take with you a lot of patience and maybe a copy of War and Peace. You will also need your mobile phone. (Why are so many pretty Chinese girls so keen on getting my phone number?) You will also need the name of the account holder, address of the bank, the IBAN and the SWIFT code, plus the amount you want to transfer. Even if you have all of these things written down clearly, things can still go wrong and then you have to start all over again. For example, if you have a newish passport, they will want to see you old one as well!
The sensible thing to do is to send money home in big dollops, if possible, and then get a pile of cash from the ATM and change it at an exchange bureau just before you fly out in the summer. There are a few of these exchange places in SZ and you can change as much RMB as you like, with no questions asked. Sometimes they may not have the currency you want, so the best idea is to order it in advance.
I can only send money home every three months as it takes a few weeks to recover my sanity after I have been to the bank.
I wake up screaming in the middle of the night, "What do they do with all the ******* photocopies". In a year I must be responsible for 500pages of copies of all my documents made in the bank, what does the BoC do with them. Is there a warehouse where every single photocopy that has been made of every single transaction in the bank I have ever made in China is stored!
It is very easy to send money home, my branch of BoC has leather arm chairs to wait on, a waiter service for Starbucks and if you leave to go for lunch some young lady from the bank phones you up to inform you its your turn. That's why the young ladies want your phone number Mr Hippo, well its what I tell my wife.
oh so true @the hippo and @february31st ...and I thought it was just the bank we use.
And the teller gets it wrong EVERY single time, even though I give them the document from the last time I did a transaction. Take your laptop, write reports, watch a DVD, book a holiday, play online poker...anything to relieve the tedium
Yes, the teller usually gets it wrong in my bank too, but she is very sweet and she looks as though she is fifteen. Therefore I try my best to remain calm. When the teller (or whoever) realizes that they do not know what they are doing, they go off and leave you for ten minutes while they fetch someone else. The second person also will not know what to do and so this goes on, until you have five or six people around the computer. Does this sound familiar, rouxx?
It sounds familiar to me too! I normally give them a copy of the blue form with all the details from last time which does help matters but it is still a good 1 1/2 hours to 2 before everything is done. I'm really jealous of the starbucks and waiter service though. And the pretty girls from the bank don't ask for my phone number either (Feeling very hard done by now)
@the hippo oh yes, familiar - and then they always have to go and get someone else to actually authenticate the whole transaction once they have finally completed it.
Do the Chinese banks have any form of electronic banking at all, and, if so, what can you do/not do online? Thanks
mmmm...that GBP/RMB parity would be nice
Online bank - yes - but for overseas remittances you have to go in person, show passport and sign some money laundering prevention document (or something like that). When I first got here it could be done quite simply by faxing 5 hundred forms, but at least you didn't have to head to the bank in person.
However day to day - Alipay/Wechat wallet (mobile systems)
Everything can be done, pay home bills, split restaurant bills, send money to a mate, order and pay for a taxi, buy a flight/train ticket, pick up a shared bike (very, very popular), buy cinema tickets, order food in, pay for your coffee at a small street stall, pay for any shopping...and so the list goes on.
You could almost get by without cash. The shared bike system - just to explain - it's threatening to take over the city:
I went to our bank a while ago with my OTT form already filled in with all the numbers and codes that the hippo mentions only to be told that I had fiilled it in with the 'wrong' black pen, and so of course had to do it all over again. Luckily I managed to secrete the aforementioned pen about my person when I left so I now have the 'correct' black pen. That is of course until the next time when no doubt it will be 'wrong' again.
However they do try to be helpful sometimes as op's have mentioned. On another ocassion my wife had spent the ususal hour or so sending money back to the UK and had made it home around 6 ish. She then got a phone call from the teller saying she had made a spelling mistake on the form and that she would have to come back to the bank to do it all again. When she got to the bank it was closed, the shutters were down and the teller was waiting outside. The teller then proceeded to re-open the bank and do all the new paperwork and send it off, this time without a hitch
Even an overweight pachyderm has discovered the silver and orange joys of Mobike. Actually, I have a nasty suspicion that Mobike are in league with the mobile phone networks, as your mobile has to have the Bluetooth, the GPS and the Uncle Tom Cobbley and All switched on. My guess is that your phone credit quickly disappears every time you hire a bike. The bike hire itself is amazingly cheap, usually about 1RMB.
China loves electronic cash. As an international model, Mrs Hippopotamus gets paid via her husband's Wechat when she has a "shoot". You can even pay for meals with Wechat or use it as a sort of electronic tong on the MTR.
Perhaps someone will start a "Campaign for Real Money". I wonder if any of the parents of my students pay their little darling's school fees with Wechat.
@makhnovite I fully believe every word of those stories.
What always amazes me is that every single time the transfer does go through and somewhat speedily once you have decimated a small rainforest with the paperwork and repeat paperwork...and repeat..and repeat...
How does this compare to Chinese citizens sending money out of the country?
I think I will be getting my wife to handle these things, and wonder if it as complicated and frustrating a procedure?
I do remember that we sent £25000 back home when we last left China, and it arrived without too many problems.
The same process more or less, but with the added advantage your Chinese spouse can also send 50k USD, plus your 50k USD each year. But I prefer to use my named bank account in china to my UK named bank account for good tax and security reasons. Basically I can shove a load of paper work up the UK Tax mans ass to show where the money has come from and that tax was paid on it in China. Try transferring 50USD worth of GBP into your UK bank account without been asked some serious questions from the tax.