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Transfer CDN to Canadian Bank

Shanghai Expat Forum Index » Hot Topics Forums » Visas, Taxes, and Legalities

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alwaysfresh

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Joined: Dec 16, 2006
Posts: 46

Status: Offline

Posted: Jan 07, 2008 - 07:19 PM
Post subject: Transfer CDN to Canadian Bank

I would like to transfer money to a Canadian Bank account in Canada from Shanghai. I really do not have too much experience with banks or banking. I have a bank account at the Pu dong development bank. I work in Shanghai making RMB. I will like to start transferring money on a monthly bases to pay the interest on a student loan. It is not alot of money I want to transfer, but I really need to start this process before my credit line gets destroyed in Canada.

Can someone tell me the process for exchanging RMB into CDN then the process of transferring the money from a Chinese Bank to a Canadian Bank? (example: What I need to bring to the bank?, how much it will cost?, how long it takes to transfer the money?)

underh20
Shanghai Royalty

Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar

Posted: Jan 07, 2008 - 07:26 PM

As long as you have C$ in cash, it's easy to transfer the money out. You may, however, find the wire expenses a bit high. You could use the C$ and go to Bank of China to purchase a C$ cashier's check for about 50 RMB. Then you could send that home to pay your bills.

Using RMB to buy C$ is the part that is a pain in the neck. The easiest way is to have a Chinese friend help you as they can buy forex easily just by presenting their ID card. As an expat, however, you have only two legal options. One is exchanging up to US$500 per day just by presenting your passport. If you need more, you need to jump through a few hoops such as present a copy of your residence permit, tax receipts, income statements from your employer and a copy of your employment contract.

You could also look for a black market contact. I have yet to see any that have C$, though. Perhaps you'd have to send back US$.

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MoonOverMiami
Raver
Raver

Joined: Jan 07, 2008
Posts: 461

Posted: Jan 08, 2008 - 11:26 AM

Tried to exchange RMB to USD (more than $500 limit) recently using the tax voucher, work permit, etc and I couldn't do it. Apparently, being paid in cash instead of having it direct deposited to my bank account had some bearing on whether I can exchange RMB to USD (BoC was looking for some type of pay stub or voucher, which I didn't have). BoC told me I could TT the funds back to the US, but it'll cost a lot of money...or...I could find a Chinese citizen to help me exchange the RMB to USD. I chose the latter and asked someone from work to help me.

But, I will try to TT funds back to the US just to see how much it will cost. I'm guessing it will cost me between RMB200-500, depending on how much I send back.

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alwaysfresh

Seeker

Joined: Dec 16, 2006
Posts: 46

Status: Offline

Posted: Jan 21, 2008 - 12:09 PM

I went to the bank. I need to get most importantly a form from the government that shows I pay taxes. I was told it takes 10 days. I will try the long way.

underh20
Shanghai Royalty

Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar

Posted: Jan 21, 2008 - 05:44 PM

alwaysfresh wrote:

I went to the bank. I need to get most importantly a form from the government that shows I pay taxes. I was told it takes 10 days. I will try the long way.

Oh, and they might demand to see your Chinese ID card for foreigners. Smile

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alwaysfresh

Seeker

Joined: Dec 16, 2006
Posts: 46

Status: Offline

Posted: Jan 24, 2008 - 03:00 PM

When transferring funds some advice:
1) Get the Swift code for the bank you are transferring the funds to... NOTE: The first time I called my bank in Canada I was given a Swift code, but found out seconds before transferring the money (called again to confirm the swift code) that I was given the swift code for transferring funds from the US to Canada. So now I know there are two swift codes: One for transfers from the US and one for other places in the world.

2) If you get paid every month and your company can provide a tax receipt from the government for that month you can make an foreign exchange once using that tax receipt for that month. That is what I was told today at the bank, after exchanging money to CAD funds. Total cost 130 RMB (Exchange and Transfer).

Exchanging money needs
-Passport
-Work permit
-Tax receipt from Government
-Company contract

Transfer funds
-Swift code for the bank your transferring the money to. Make sure this is a swift code for transfers from anywhere or China. The first time I called the bank I got a swift code for transferring from the US, but was not told that (wow, that could have been damaging).

underh20
Shanghai Royalty

Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar

Posted: Jan 24, 2008 - 03:06 PM

alwaysfresh wrote:

Sometimes the bank will ask for proof of direct deposit of your salary. This seems to be happening more frequently these days.

Actually, a particular bank branch can only have one SWIFT code. It's impossible to have more because the SWIFT code is international -- not one from transfers arriving from, say, the US and one for other countries.

What happens is that banks have correspondent banks via which different currencies must arrive. When that happens, it is the correspondent bank's SWIFT code that is different than that of the bank branch where the funds will eventually end up in.

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