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Humac
FooJay
Joined: July 07, 2007
Posts: 1617
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 Posted:
Apr 06, 2009 - 02:57 PM |
 
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A bit off topic I know but you might know about this Under. Last year China Unionpay put out a press release saying that from early 2009 Unionpay card holders would be able to withdraw cash from any machine in the Link network in the UK.
I understand that previously you could do this at two citibank machines in London but the Link network has thousands of machines all over the country.
I've asked before on this forum but no one seems to know if this is up and running yet and emails to Link have gone unanswered.
Do you have any inside knowledge? Can I now take my card (ICBC with the Unionpay logo on it) home and withdraw cash at any Link machine? Here's the link to the press release. http://en.chinaunionpay.com/news/newsroom/file_3366668.html |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Apr 06, 2009 - 03:54 PM |
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^ I may be wrong, but I heard this agreement was implemented and online already.
However, if this is the same as past agreements with ATM network operators in other parts of the globe, not every Link ATM machine will work. In all the past agreements UnionPay has had with ATM network operators, only a very small percentage of their networked ATM machines were UnionPay enabled.
If possible, I would suggest opening a Bank of Beijing account and getting theirt instant-issue Visa debit card. It's good in any ATM machine in the Visa / Plus network -- probably a good 50% of all the ATMs in the world are on this network -- and can be used even though you only have RMB on deposit. Best of all, the card has no issuance fee. |
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"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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Humac
FooJay
Joined: July 07, 2007
Posts: 1617
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Apr 06, 2009 - 04:36 PM |
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^ Many thanks. I'll see when I get home later this year. The Link press release seemed to indicate the service would be on all their machines but will believe that when I put it to the test. Thanks for the Beijing bank suggestion. |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Apr 06, 2009 - 04:50 PM |
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^ The press release they came out with for their Citibank agreement implied that each and every Citibank ATM in the US would be UnionPay enabled.
The reality is that the vast majority are not. If you're in big cities where Chinese tourists flock, you'll be ok. But then if that were the case, WTF go home?  |
_________________
"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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Humac
FooJay
Joined: July 07, 2007
Posts: 1617
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Apr 06, 2009 - 05:25 PM |
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| underh20 wrote: |
| If you're in big cities where Chinese tourists flock, you'll be ok. But then if that were the case, WTF go home? |
Good point. There are plenty Chinese where I'm from but you hardly see them outside restaurants or casinos.  |
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kate84
Lurker
Joined: Sep 26, 2007
Posts: 25
Status: Offline
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Apr 09, 2009 - 11:52 PM |
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I have a bank of china account, and i want to send money to my bank account in the uk...
what do i need to take to the bank with me to sort this out? I've gathered i need:
passport
a copy of my employment contract (why?)
my receiving bank accounts swift/iban...
and i need to convert my rmb to GBP first, right?
anything else? does anyone know how much it'll cost me to make a transfer? say like, 6-10k rmb.
or is there a better way to do it? i know i can western union it, but i'd rather not have to ask someone to pick up a few hundred pounds for me, and then go put that in my account. unless it's much cheaper... |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Apr 10, 2009 - 07:46 AM |
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| kate84 wrote: |
I have a bank of china account, and i want to send money to my bank account in the uk...
what do i need to take to the bank with me to sort this out? I've gathered i need:
passport
a copy of my employment contract (why?)
my receiving bank accounts swift/iban...
and i need to convert my rmb to GBP first, right?
anything else? does anyone know how much it'll cost me to make a transfer? say like, 6-10k rmb.
or is there a better way to do it? i know i can western union it, but i'd rather not have to ask someone to pick up a few hundred pounds for me, and then go put that in my account. unless it's much cheaper... |
To simply wire foreign currency (i.e. GBP) abroad, you only need your passport.
To change your RMB into GBP is another story. For that operation you will need not only your passport, but also:
1. Work-based residence permit;
2. Employment contract;
3. Work permit;
4. Salary statement from employer;
5. Tax receipts from Tax Bureau;
6. Some banks demand to see proof your salary has been direct-deposited into their bank on an ongoing basis.
Once your RMB has been converted into GBP, you will only need your bank's SWIFT / UK equivalent, physical address and phone number of your bank and your account number.
The bank fees for this wire will be in the neighborhood of 300 RMB plus charges by your bank in the UK. Western Union would, for the amount you want to send, likely be cheaper but you face the problem you already mentioned plus you must first convert your RMB into GBP because Western Union will not accept RMB.
Another option you might think about is buying a cashiers check payable in GBP on Bank of China UK. The fee is about 60 RMB and you buy this cashiers check (they call it demand draft) made payable to yourself. Endorse it with a restricted endorsement and send it to your bank for deposit into your account. It is slower, obviously, than a bank wire, but even sending it registered mail leaves you paying about 1/3 the cost of a wire. |
_________________
"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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kate84
Lurker
Joined: Sep 26, 2007
Posts: 25
Status: Offline
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Apr 10, 2009 - 09:52 AM |
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Thanks underh20! It all sounds very complicated...
I don't think I'd be able to wire money from BOC then, because I don't get tax receipts... and I get paid in cash, not by direct deposit... so changing rmb to gbp at the bank would be...unlikely i guess.
how about changing money using those guys with the bags that hang around outside? is that really sketchy? i take it they won't want to see tax receipts.
i guess western union is looking to be the most useable way to get my money home.
a friend of mine mentioned a post office in xujiahui that can wire money to a foreign bank account for like 90rmb or something. have you heard of this?
and i don't really understand the bankers draft thing. wouldn't i need a bank of china UK account to get one? or can i get one from my bank of china account here, then send it to my UK account? i look on the bank of china UK website but couldn't find much about it...
thanks again for your help! |
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Humac
FooJay
Joined: July 07, 2007
Posts: 1617
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Apr 10, 2009 - 11:50 AM |
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At the risk of incurring Under's wrath, this is what happened to me.
I went to the Bank of China with cash in rmb, my passport, my Foreign Experts Certificate, my resident's permit and my receiving bank's Swift and Iban numbers.
They helped me fill in two forms (Application for Individual Foreign Exchange Sales and Purchases and Application for Fund Transfers (Overseas)). The only additional information they needed was my mobile phone number.
I handed over the rmb and two days later the money appeared in my UK bank statement.
The conversion from rmb to pounds was done without me having to do anything else.
I'm not a customer with Bank of China but I found the staff extremely helpful. So don't let the complications put you off.
Mind you, I did do the transfer during the Olympic period so the rules may have been relaxed somewhat so now I will probably have to admit to Under that, yes, it still hurts when I think. 
BTW the amount I transferred was 40,000rmb and the total charges were 200rmb. |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Apr 10, 2009 - 01:35 PM |
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| Humac wrote: |
At the risk of incurring Under's wrath, this is what happened to me.
I went to the Bank of China with cash in rmb, my passport, my Foreign Experts Certificate, my resident's permit and my receiving bank's Swift and Iban numbers.
They helped me fill in two forms (Application for Individual Foreign Exchange Sales and Purchases and Application for Fund Transfers (Overseas)). The only additional information they needed was my mobile phone number.
I handed over the rmb and two days later the money appeared in my UK bank statement.
The conversion from rmb to pounds was done without me having to do anything else.
I'm not a customer with Bank of China but I found the staff extremely helpful. So don't let the complications put you off.
Mind you, I did do the transfer during the Olympic period so the rules may have been relaxed somewhat so now I will probably have to admit to Under that, yes, it still hurts when I think.
BTW the amount I transferred was 40,000rmb and the total charges were 200rmb. |
During the Olympic period there were very special relaxed rules for currency exchange. If you look, they are still posted on the People's Bank and State Administration of Foreign Exchange's website. You could have bought US$ just by showing your passport.
Unfortunately, things are back to normal -- well, whatever you want to term normal. |
_________________
"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Apr 10, 2009 - 01:40 PM |
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| kate84 wrote: |
Thanks underh20! It all sounds very complicated...
I don't think I'd be able to wire money from BOC then, because I don't get tax receipts... and I get paid in cash, not by direct deposit... so changing rmb to gbp at the bank would be...unlikely i guess.
how about changing money using those guys with the bags that hang around outside? is that really sketchy? i take it they won't want to see tax receipts.
i guess western union is looking to be the most useable way to get my money home.
a friend of mine mentioned a post office in xujiahui that can wire money to a foreign bank account for like 90rmb or something. have you heard of this?
and i don't really understand the bankers draft thing. wouldn't i need a bank of china UK account to get one? or can i get one from my bank of china account here, then send it to my UK account? i look on the bank of china UK website but couldn't find much about it...
thanks again for your help! |
Even with Western Union and getting a BOC demand draft, you still need the documentation mentioned to first exchange your RMB into GBP.
The post office you mentioned is a Western Union agent. Most post offices are and so are most branches of Agricultural Bank of China.
With a bankers draft you don't need an account in BOC UK. You can cash the check in any bank in the UK subject to whatever national check clearing rules you have there. In the US, for example, there is a hold for up to 5 days while the check is clearing.
The black market money changers can be a viable option, but there is some risk involved. You can mitigate the risk of getting counterfeit currency, but there is a chance -- probably quite slim -- that the police catch you and then you have a big problem. Maybe someone here can recommend a reputable black market contact for you. |
_________________
"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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Humac
FooJay
Joined: July 07, 2007
Posts: 1617
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Apr 10, 2009 - 02:05 PM |
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| underh20 wrote: |
| Unfortunately, things are back to normal -- well, whatever you want to term normal. |
Suspected that might be the case. It couldn't be that easy all the time. Similar relaxations during next year's Expo maybe? |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Apr 10, 2009 - 06:03 PM |
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^ Let's hope so! |
_________________
"If I need to buy a TV, I'll definitely buy a Japanese TV. A Chinese TV might explode." -- Jackie Chan |
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Kevin23
Squeeker
Joined: May 07, 2009
Posts: 13
Location: Lujiazui
Status: Offline
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May 07, 2009 - 04:18 PM |
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Okay, i need to open a bank account over here so that I can pay my rent...What do I need to do this. I'm on a multi-entry-Visa from South Africa. Will just my passport be good enough to open this account?
Oh, r the local banks reliable, or should I opt for a CitiBank...
Thanks  |
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Cylon
PopStar
Joined: Mar 28, 2006
Posts: 1156
Location: Hongkou, Shanghai
Status: Offline
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May 07, 2009 - 04:29 PM |
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RussianBear
Veejay
Joined: June 25, 2008
Posts: 2148
Location: Milky Way galaxy
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May 07, 2009 - 04:38 PM |
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| underh20 wrote: |
| ^ Let's hope so! |
Hi Under, we miss you ! Welcome back !
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Kevin23
Squeeker
Joined: May 07, 2009
Posts: 13
Location: Lujiazui
Status: Offline
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May 07, 2009 - 04:41 PM |
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Yeah, but cant do internet banking from an offshore account...maybe this is just a South African requirement, however it would be nice to have a local account anyways....would avoid me paying like 25% bank charges on cash widrawals....
Oh, and the passport...is that adequate enough to open an account.....which is the best Chinese bank to use?
Sweet |
_________________
"Call me so I can make it juicy for ya" - Lil |
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Chrisse
PopStar
Joined: Feb 25, 2009
Posts: 1140
Status: Offline
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May 07, 2009 - 06:31 PM |
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| RussianBear wrote: |
| underh20 wrote: |
| ^ Let's hope so! |
Hi Under, we miss you ! Welcome back ! |
That post was about a month ago dude... |
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RussianBear
Veejay
Joined: June 25, 2008
Posts: 2148
Location: Milky Way galaxy
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May 07, 2009 - 06:37 PM |
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Oooops.. |
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Reggin
Veejay
Joined: Nov 07, 2008
Posts: 2197
Status: Offline
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May 07, 2009 - 06:54 PM |
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| RussianBear wrote: |
| Oooops.. |
Welcome back to Earth, Bear |
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hundan
Lurker
Joined: May 08, 2008
Posts: 25
Status: Offline
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May 21, 2009 - 01:39 AM |
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I am back in England for a bit. Let me confirm: the China UnionPay card can be used in the 5 citibank ATM's in London, incl the Hanover Sq ones near Oxford Street. But the agreement to roll out CUP card use to all ATMs in the LINK network has not been implemented yet. I know the website said that it woudl be early in 2009, but I phoned the LINK in England and they said it hasn't been actioned yet, and all they can say is that it will happen later this year, and the announcement will be on their website. So there are 5 locations in the UK where you can withdraw money on a CUP card - all in London. |
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hundan
Lurker
Joined: May 08, 2008
Posts: 25
Status: Offline
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July 26, 2009 - 08:38 AM |
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hundan
Lurker
Joined: May 08, 2008
Posts: 25
Status: Offline
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Aug 18, 2009 - 02:52 AM |
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It works now. CUP cards can be used in all LINK machines in the UK. I made a withdrawal today in Lincolnshire. |
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doo69
Newbie
Joined: Aug 31, 2009
Posts: 2
Status: Offline
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Aug 31, 2009 - 11:56 PM |
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| Post subject: How to handle major income in China |
I'm working in Shanghai for a European company with local management. I have a very low basic salary for an expat - however, my commission and bonus (over sales) are extremely good. I'm about to close some major deals, and will have significant income, which will be paid in several installments over the next two years. At the moment I'm employed by this company with a standard Chinese contract, and I have a separate agreement signed and chopped for the commission/bonus scheme. I'm considering how to handle this regarding:
- best way to receive $$ (as employee or use a company I have setup in HK)
- tax
- sending $$ abroad if needed
- investing
Any input will be appreciated. |
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DrShanghai
Reacher
Joined: Nov 06, 2005
Posts: 318
Status: Offline
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Sep 01, 2009 - 12:25 AM |
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Hk bank account would be the best way to receive, you don't need to set up a company personal account works fine. No currency controls.
This is what my friend does, very similar situation. It works well for him.
If you get paid to HK account no taxes at the HK end, but China will want tax, and your home country too.
I will not get into that end of it.
You can use the ATM card any where in the world. |
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