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sinned69
SuperStar
Joined: Sep 01, 2004
Posts: 1511
Location: China, Middle East, Asia Pacific
Status: Offline
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 Posted:
Aug 22, 2006 - 08:47 AM |
 
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| Post subject: converting RMB - US$, AU$, EU$ |
In line with all the new and ever changing Government monetary & banking policies. There have been some recent changes concerning locals (Chinese citizens) being able to buy convertible currency bonds for investment purposes etc.
Anyone got the latest information concerning exchanging RMB into other currencies?
I'm particuarly interested to know about conversions for people who are employed in 100% Chinese owned enterprises that pay out in local RMB and don't have access to being paid in a foreign currency. Anyone know of whether or not it's possible yet to walk into a bank and convert RMB into other currencies or wire (TTF) the RMB into an offshore account, without having a employment contract with a WOFE (WFOE) or JV?
I'm employed legitimately (with written contract etc) by a private Chinese Hospital, and get paid in RMB only, as the business cannot pay in any other currency. I'd like to start exchanging a large amount of RMB into another currency, legitimately without going through the typical "golden cow" -which I've done before. So anyone up with the lastest play in this regard?
When employed by a WOFE or JV or even government school/Uni usually one needs to take copies (certified with company stamp) of company business license, operating certificate, contract, passport, etc to bank and go through an arduous process sometimes lasting 30mins+ to exchange RMB into another currency. However these same rules didn't apply when employed with a business outside of this scope. Is this still the case? |
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qing nin shao deng
Last edited by sinned69 on Aug 22, 2006 - 09:26 AM; edited 1 time in total |
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falcon
Seeker
Joined: July 24, 2006
Posts: 68
Status: Offline
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Aug 22, 2006 - 09:04 AM |
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Isnt the problems with converting money one of the last holdovers from the old days. You prevented people from leaving China or even travelling by denying them access to foreign currency. Just to get euros or dollars for a trip is a pain. |
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Adam7
Rocker
Joined: May 11, 2004
Posts: 759
Status: Offline
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Aug 22, 2006 - 10:02 AM |
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As long as you have an employment contract stating you are paid in RMB, a labor permit, and your company is paying your income tax you can convert. Does not have to be a WOFE or JV.
You need to bring all of these items plus your tax papers to the bank - contract, tax papaer, labor permit, passport. They must all be in matching names.
Then you have to fill in 4 forms and get everything photocopied 20 times (they do this for you) and line up 3 times and that's it.
The bank is BOC down beside the Peace hotel, go just at 4pm for quickest service.
This has been the case for many years and has not changed. Chinese nationals can now convert USD 20k per year. |
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Why? Just tell me why? |
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