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still_here
Reacher
Joined: May 29, 2007
Posts: 370
Location: Century Park Area
Status: Offline
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 Posted:
Aug 30, 2007 - 02:22 PM |
 
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| Post subject: Currency |
I have accepted a job offer in Shanghai but wasn't aware of the currency fcuk up till now.
I will be paid in RMBs only.
Now, my question is: The savings, if any, that i make during my tenure here in China, what happens to it? I mean the limit that the government has set for converting RMB to foriegn currencies is ..........??? Don't know yet but won't be enough am sure of that. So how do i take my money out of China?
The company is not willing to split the pay into RMBs and US$s.
Any and every comments/experiances are appreciated. |
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freeman2007
Reacher
Joined: July 07, 2007
Posts: 342
Location: connecticut
Status: Offline
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Aug 30, 2007 - 02:37 PM |
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from what people are saying here if you pay taxes and keep the tax receip you should be able to exchange money from rmb to other currencies
looks like also they are loossing up the law on exchange
i am sure others know better than me |
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Angie
LoopKicker
Joined: Feb 01, 2004
Posts: 848
Status: Offline
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Aug 30, 2007 - 02:39 PM |
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if you pay taxes (and have the receipt) you may (legally) convert RMB into foreign currency.
Other options are: ask Chinese colleagues/friends to convert RMB into USD (or whatever). They may change up to a certain amount (can't remember if it was 20,000 USD or 50,000 USD/year). if you have much more money you have to ask more people.
Then there aer always friendly people standing in front of the banks, sometimes even people working at the bank have friends who can help you. Not very recommended though. Even if the exchange rate is better you can't be sure if the money is real. |
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nguyent8
Lurker
Joined: Jan 14, 2007
Posts: 20
Status: Offline
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Aug 30, 2007 - 02:51 PM |
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I think there was a thread in this forum about RMB and foreign currentcy and being paid in the company.... it might be helpful to you...unlike my obscure comment. hehehe |
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hammerforlife
Fire-eater
Joined: May 24, 2004
Posts: 2701
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Aug 30, 2007 - 02:52 PM |
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Shouldn't be a big problem if you are employed legally and pay tax etc. I get paid in RMB and transfer (and exchange) plenty out each year. I don't know what or if there is a limit but I transfer much more than USD 50K per year. The only problem is having to go through the paperwork in the bank for a couple of hours each time. |
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mswp
Rocker
Joined: Mar 06, 2005
Posts: 725
Status: Offline
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Aug 30, 2007 - 02:59 PM |
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If you're American, you're better off getting paid in RMB. As long as the company has you properly documented and are deducting and paying taxes for you, you'll be fine. But because the RMB is getting stronger and the dollar is softening, it's like getting a raise every month. |
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Juan_Tamad
Board Royalty
Joined: Jan 29, 2007
Posts: 6267
Location: Smoky Mountain
Status: Offline
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Aug 30, 2007 - 03:55 PM |
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Lucky you. I am paid in USD and its like having a decrease in salary every month. |
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chingiskhan
StreetBeater
Joined: Apr 24, 2007
Posts: 2244
Location: Shanghai
Status: Offline
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Aug 30, 2007 - 04:31 PM |
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Save in RMB - the value will only go UP against the dollar - it's like a little pay rise every month! |
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still_here
Reacher
Joined: May 29, 2007
Posts: 370
Location: Century Park Area
Status: Offline
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Aug 31, 2007 - 11:12 AM |
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Thanks guys!
hammerforlife: If u exchange in excess of 50k US$ every year then i do not think i will have any problems as the amount in my case is going to be less than that. Can you please confirm that its your personal experiance and not heresay. Thanks.
And yes, everything is legal, i will have tax reciepts (work and residence permits are also in order).
Another question though: Since $ is pretty weak at the moment, will it be a good idea if i keep changing my RMB savings into $s and keeping it at home (assuming no theft or fire in my house, i guess it will be safe enough except for my beer urges  ).
Thnx everybody! |
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chingiskhan
StreetBeater
Joined: Apr 24, 2007
Posts: 2244
Location: Shanghai
Status: Offline
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Aug 31, 2007 - 11:27 AM |
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You didn't read my post. The dollar will keep getting weaker against the RMB, so the LONGER you hold on to your RMB the better. |
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hammerforlife
Fire-eater
Joined: May 24, 2004
Posts: 2701
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Aug 31, 2007 - 11:47 AM |
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| still_here wrote: |
| hammerforlife: If u exchange in excess of 50k US$ every year then i do not think i will have any problems as the amount in my case is going to be less than that. Can you please confirm that its your personal experiance and not heresay.! |
Yep definately not heresay. I've been making this transfer every 3 months for 3 years. Under 50K you shold have no problem but the paperwork is a hastle. |
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hammerforlife
Fire-eater
Joined: May 24, 2004
Posts: 2701
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Aug 31, 2007 - 11:48 AM |
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| chingiskhan wrote: |
| You didn't read my post. The dollar will keep getting weaker against the RMB, so the LONGER you hold on to your RMB the better. |
True. I try to keep as much as possible in China for as long as possible. |
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iandavid
Newbie
Joined: Aug 30, 2007
Posts: 3
Status: Offline
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Aug 31, 2007 - 01:48 PM |
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| Post subject: Currency |
You can transfer out of China, via electronic bank transfer, each month an amount of rmb for which you have paid Chinese tax on.
Example:- If your salary each month is 30,000rmb and you have a tax certificate to say that you have paid chinese tax on that amount, then you can transfer out, up to 30,000rmb for that month.
My company does this for me.
It is also cumulative, so if one month you don't do a transfer then next month you can transfer up to 60,000rmb.
But you must have a tax receipt from the tax office to show the bank that tax has been paid on the total amount. |
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yu888
Board Deity
Joined: Jan 25, 2003
Posts: 18042
Location: ZhongShanParkArea SH
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Aug 31, 2007 - 03:49 PM |
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StillHere, its not a fcuk up at all, the currency situation for you is probably a plus since the CNY is slowing increasing in value internationally so the longer you hold the RMB, the better it may be for you. Of course if you want to play conservative, your savings cn be transferred out monthly as noted by several above posters. Even with all the above-board methods, I am sure you will be able to transfer what you need out.
Should you have non-above board savings, there are still plenty of ways to get it converted and transferred.
Cheers! |
_________________
Thoughts & updates about Shanghai On my Blog for more details:Random Thoughts about Living in Shanghai...and more |
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freeman2007
Reacher
Joined: July 07, 2007
Posts: 342
Location: connecticut
Status: Offline
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Aug 31, 2007 - 04:38 PM |
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from what was said a couple of years ago the whole world wanted th chinese governement to re-evaluate the yuan by 50% but apparently they do not they just do little by little wich eventually will go up to 30 something % the americans were pushing very hard for it last year i even heard that they were suposed to do it in 1 year but it will not happen so soon ....... so as said before it will go up gradually for some times so anybody paid in rmbs now will be in better shape later |
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chingiskhan
StreetBeater
Joined: Apr 24, 2007
Posts: 2244
Location: Shanghai
Status: Offline
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Aug 31, 2007 - 04:50 PM |
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It's like getting a pay rise every month! |
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gw4khq
Reacher
Joined: Nov 13, 2006
Posts: 262
Location: Shanghai
Status: Offline
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Aug 31, 2007 - 05:45 PM |
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It may be like getting a pay rise every month if you intend spending it here or staying here, but am I right in thinking that if you're going back home within say one year, you'd be better off changing it now?
I am thinking of getting usd so that when I go back to the uk I can change to pounds. The pound is good against the dollar at present (2:1) but this is cyclical. It was 1.5:1 only about 18 months ago and could return to that if the dollar strengthens. Is that worth trying? |
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yu888
Board Deity
Joined: Jan 25, 2003
Posts: 18042
Location: ZhongShanParkArea SH
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Aug 31, 2007 - 05:58 PM |
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Well if you plan on spending it as RMB , its going to have no effect. If you plan on spending ut as USD, then holding it as long as you can before needing it seems the best bet right now. the rest of the "basket of currencies" seems to be fairly stable |
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Thoughts & updates about Shanghai On my Blog for more details:Random Thoughts about Living in Shanghai...and more |
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frreddie
Talker
Joined: Nov 13, 2004
Posts: 118
Status: Offline
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Aug 31, 2007 - 06:51 PM |
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| freeman2007 wrote: |
| from what was said a couple of years ago the whole world wanted th chinese governement to re-evaluate the yuan by 50% but apparently they do not they just do little by little wich eventually will go up to 30 something % the americans were pushing very hard for it last year i even heard that they were suposed to do it in 1 year but it will not happen so soon ....... so as said before it will go up gradually for some times so anybody paid in rmbs now will be in better shape later |
iam not an expert but i heard economist thinking that it will be a change when the government opens up possibility for chinese people to buy on stock markets outside china(just opened to HK market), this will make them buy foreign currencys and the yuan will lower in value. Predicted to happen a few months before the olympics. |
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chingiskhan
StreetBeater
Joined: Apr 24, 2007
Posts: 2244
Location: Shanghai
Status: Offline
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Aug 31, 2007 - 08:44 PM |
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gw4khq it is the exact opposite of what you describe. If you spend it here then 1000 rmb is ALWAYS going to be 1000 rmb. It's when you change it to USD you get the increase. 2 years ago you needed 8300 RMB to get 1000 USD. Now you only need 7600 RMB to get 1000 USD, so that is 700 RMB less. I guess a few years later it'll be something like 6000 RMB to get 1000 USD and so on. |
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gw4khq
Reacher
Joined: Nov 13, 2006
Posts: 262
Location: Shanghai
Status: Offline
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Aug 31, 2007 - 09:07 PM |
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Silly me. Now I'll have to think again. Thanks Chingiskhan, I could have gone seriously wrong there. |
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chingiskhan
StreetBeater
Joined: Apr 24, 2007
Posts: 2244
Location: Shanghai
Status: Offline
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Aug 31, 2007 - 09:17 PM |
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It's ok. I'm a currency day trader so I know these things (except I'm not but I don't want you to feel bad)! |
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gw4khq
Reacher
Joined: Nov 13, 2006
Posts: 262
Location: Shanghai
Status: Offline
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Aug 31, 2007 - 09:35 PM |
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Thanks. Wish I was. So those that get paid in dollars are not the happiest of people then, and those US citizens who get paid in RMB have their money increasing. Unfortunately I don't think the same is happening to the British Pound. |
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still_here
Reacher
Joined: May 29, 2007
Posts: 370
Location: Century Park Area
Status: Offline
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Aug 31, 2007 - 09:52 PM |
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chinghiskhan wrote:"You didn't read my post. The dollar will keep getting weaker against the RMB, so the LONGER you hold on to your RMB the better. "
Pardon my ignorance, but is there a reason for ur observation/prediction? Betting on a currency's trend is as good as playing BJ or stock markets, i have been to enough developing countries to realize that.
Was offline for sometime and what direction this thread took!!!
Yu, seems like i offended u but i used those strong words b'coz i was pissed at myself for not being informed enough. |
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spandex
Raver
Joined: June 06, 2006
Posts: 478
Status: Offline
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Aug 31, 2007 - 10:42 PM |
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I read an article in the Economist last year that stated it may see the RMB at parity with the US$ in the foreseeable future - 20+ years. Now this may be over-exaggerated speculation, but can you imagine that, changing all of your saved RMB 1 : 1 for US$, yummy! |
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