How Do You Transfer Money out of China? (for those of you working there) How does it work?
So there is a POSSIBILITY that I will take up a summer analyst with a BB in Shanghai. I am not asian and have never ever been to any Asian country, much less worked there. If I accept this position it gives around $17k for about 3 months. But I am confused about how this whole process works.
I've heard from a few Chinese friends that it is TOUGH to wire money out of a Chinese bank account and that the country has strict laws and are pretty damn anal about transferring money OUT of China.
Is this true? For those of you who have, or know someone working in Mainland China, how does it work? Does the bank we work for wire the paycheck to our American bank accounts automatically? (Although I heard in one guy's case, it took HSBC China months to just wire one paycheck and he almost took them to court). If I get a Chinese bank account, how the heck do I get the money back to the US without physically carrying $17k USD of Chinese cash onto a plane?
So: Best way to transfer money out of china?
I don't know who you talked to but I'm pretty sure it's not hard to wire money out of China as long as it does not exceed 1 million USD a day. I've never really worked in China but since I was born and raised in Beijing I think I could speak authoritatively on this one.
If they're paying you dollars, you would have no problem getting it out of China. Non-citizens living or working in China are allowed to wire money out of China as long as it's through legitimate sources. Bank of China would be perfect since it has relatively better franchises in Hong Kong.
If they're paying you renminbi and you want dollars, the exchange ceiling everyday is 50,000 USD; should be enough for you, I think.
So, no problem whatsoever and no need to worry about anything. Well there may be one thing you do need to worry, which is that people working for Bank of China typically don't speak English. Given you are not Asian you might need to work on your language a little bit before you come.
I think you could choose whether to be paid by USD or CNY. but it's true that the exchange has a ceiling everyday. but I mean it's not so bad and how you got paid (how to transfer the money and stuff) should not be one major consideration of accepting the job or not right?
Usually for expats they will pay you a portion (i.e. living expenses) in the local currency into a local bank account and the rest will be put into a US based bank account via direct deposit. That's how it works for higher level expats, but I'm assuming they would/could do that for you.
I believe you can carry US cash out of China. A buddy of mine's father works in Asia as a consultant and he brings back 10k USD (I believe max you can bring w/o declaring in the US) each time he comes back from his trip.
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