Transfering RMB to a bank account abroad

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gyom2004

Squeeker

Joined: Jan 24, 2006
Posts: 19

Status: Offline

Posted: Jan 26, 2006 - 01:41 PM
Post subject: Transfering RMB to a bank account abroad

At the bank, they said to me that in order to transfer RMB to an account abroad (Europe in my case) it take the following papers:

- Passeport
- Work Contract
- Work Permit
- Tax Certificate

The 3 first papers are easy to provide. The Tax Certificate is more of a problem. If I am right nobody gets this paper before 1 year in China.

Does it mean it is not possible to transfer RMB abroad before 1 year? How to do then?

Fobia

Seeker

Joined: May 25, 2005
Posts: 54

Status: Offline

Posted: Jan 26, 2006 - 03:10 PM

My wife and I went to the same last week. We found that the company where she works for file tax every month. The problem is that we never ask but now that we know every month we will ask for it. You can send as much as is in the tax file and cost 195RMB per opertation. Be sure that you send it to a person and not a company. Also is a good excersise to ask for the tax declaration since they can make an stupid mistake like put that we are from an other coountry. They did it on 5 of them so we can't used and to correct it will take a lot of time.

hammerforlife
Fire-eater

Joined: May 24, 2004
Posts: 2701

Posted: Jan 26, 2006 - 04:41 PM
Post subject: Re: Transfering RMB to a bank account abroad

gyom2004 wrote:

Yep they are the documents that are needed. But it is not true about the tax certificates. Your company should be able to provide them shortly after each months salary is paid. I get mine within a week or so of each months end.

Michael

Moderator

Joined: Mar 22, 2002
Posts: 5274

Status: Offline

Posted: Jan 26, 2006 - 05:17 PM

So how does this work. Several other times this has come up, the answer has been you needed to change it to a foreign currency first and then you do a foreign currency transfer. Does your bank back home accept RMB or do they convert it?

hammerforlife
Fire-eater

Joined: May 24, 2004
Posts: 2701

Posted: Jan 26, 2006 - 05:21 PM

Basically when I do mine I just name the amount of RMB I want to transfer and the money appears in my UK bank account in sterling. The forms I fill in at the Bank of China are for both the transfer and the exchange. So the exchange is done in China I believe.

I think the reason that the paperwork is so onerous is because of the exchange. I think the transfer itself is pretty straightforward.