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Humac
FooJay
Joined: July 07, 2007
Posts: 1619
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 Posted:
Dec 18, 2008 - 03:12 PM |
 
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^
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Thanks for that Chingiskhan. Do you know what the max amount is if you do have tax receipts etc? |
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Humac
FooJay
Joined: July 07, 2007
Posts: 1619
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Dec 18, 2008 - 03:15 PM |
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| AJ2008 wrote: |
My gf is coming to england with me so we can split half and half which will be well under the 20,000 RMB limit for one person to take out of china mainland. |
No problems then. You will be legal and I was happy with the rate I got from my bank back home. |
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chingiskhan
Low Seater
Joined: Apr 24, 2007
Posts: 3347
Location: Shanghai
Status: Offline
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Dec 18, 2008 - 03:21 PM |
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Yes if you are going back anyway and it's just 33,000 RMB even if you took it yourself nobody is going to make a big issue of it even though the limit is 20,000 rmb.
It's true it will be a problem that not many banks are going to have 3000 GBP just sitting around, but often you can book the money and they can get it for you in a few days.
Humac - My understanding was that if you can prove you earned it here and paid tax on it, you can change all of it. If not, at least a very high amount, more than most people would need. I can't change all I earn because I have to spend some of it here anyway for living. |
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Humac
FooJay
Joined: July 07, 2007
Posts: 1619
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Dec 18, 2008 - 03:27 PM |
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Chingiskhan, many thanks for your help. Most grateful. |
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dys
Barker
Joined: Feb 14, 2007
Posts: 136
Status: Offline
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Dec 18, 2008 - 03:35 PM |
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Basically if you don't have the tax receipts to change it or you can't enlist the help of a chinese person, you're just going to have to huang niu (black market money exchanger) it all the way. Once you see the pounds have been paid into your account then you give them the RMB - only was to do business with the guys. Once the pounds are sitting in your account you can transfer the money out of china without any documentation other than your passport.
There are risks - but the likelihood of the bank challenging you because they suspect you've used one are tiny in my opinion - I've used this method countless times. |
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chingiskhan
Low Seater
Joined: Apr 24, 2007
Posts: 3347
Location: Shanghai
Status: Offline
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Dec 18, 2008 - 03:39 PM |
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Yes that's true, if you ALREADY have pounds you can transfer it freely. The huang niu usually make some money on the rate, but otherwise they're fine (but illegal) to use. |
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slapthebutcher
Squeeker
Joined: Oct 26, 2008
Posts: 10
Location: Shanghai
Status: Offline
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Jan 14, 2009 - 12:08 AM |
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I have a BOC account...am paid in Euros. Each month I need to send the equivalent of 600 POUNDS back to the UK to top up my mortgage. I no longer have a UK bank account -only the mortgage account. I obviously need to be able to access my wages here AND send money to the UK. Any suggestions on the most economical way to achieve this? Only been in Shanghai 4 months and don't speak any Mandarin (yet...perhaps never, the rate I am going...) Really appreciate any help as have been tearing what little hair I have out trying to find a simple way around this. |
_________________
Don't think just feel |
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MoonOverMiami
LoopKicker
Joined: Jan 07, 2008
Posts: 864
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Jan 14, 2009 - 12:31 AM |
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Are you paid in cash (Euro), or do they deposit the funds into your BoC account? BoC can be a pain in the ass when it comes to transmitting forex overseas....and they charge a little more than other banks like ICBC. |
_________________
"One who falls asleep with an itchy backside, will wake up with smelly fingers..." |
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slapthebutcher
Squeeker
Joined: Oct 26, 2008
Posts: 10
Location: Shanghai
Status: Offline
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Jan 14, 2009 - 01:13 AM |
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Hi MoonOverMiami
I am paid in Euros that are deposited directly into a BOC account.
Went with BOC as recommended by someone at my school - proving to be a nightmare to be honest. |
_________________
Don't think just feel |
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MoonOverMiami
LoopKicker
Joined: Jan 07, 2008
Posts: 864
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Jan 14, 2009 - 02:03 PM |
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Anyone can correct me if I'm mistaken, but from experience whenever I tried to send USD overseas from my foreign currency savings account or cash in hand, I'm subjected to a double conversion where I would lose a big chunk of change. The bank will take my USD (cash or from my foreign savings account), convert it to RMB, and then buy USD to be sent overseas. When I did this with BoC, it cost me roughly RMB450-500 per transaction of USD$2,000.
Right now my salary is paid in RMB and I would bring it in with my contract/passport/tax receipt/etc to convert it into USD to be deposited into my foreign exchange account (wai hui - 外汇). Now I pay roughly RMB150-200 per transaction of USD$4,000.
I take it the salary is deposited in your foreign currency savings account? If so, then yes it will be expensive to TT funds overseas. Try bringing in your passport/contract/salary/tax receipt and any other forms needed into BoC to see if you can put a portion of your salary into your foreign exchange account. Specially after they see that the amount they deposited into your account is actually after tax (if applicable). |
_________________
"One who falls asleep with an itchy backside, will wake up with smelly fingers..." |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Jan 14, 2009 - 02:06 PM |
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| MoonOverMiami wrote: |
Anyone can correct me if I'm mistaken, but from experience whenever I tried to send USD overseas from my foreign currency savings account or cash in hand, I'm subjected to a double conversion where I would lose a big chunk of change. The bank will take my USD (cash or from my foreign savings account), convert it to RMB, and then buy USD to be sent overseas. When I did this with BoC, it cost me roughly RMB450-500 per transaction of USD$2,000.
Right now my salary is paid in RMB and I would bring it in with my contract/passport/tax receipt/etc to convert it into USD to be deposited into my foreign exchange account (wai hui - 外汇). Now I pay roughly RMB150-200 per transaction of USD$4,000.
I take it the salary is deposited in your foreign currency savings account? If so, then yes it will be expensive to TT funds overseas. Try bringing in your passport/contract/salary/tax receipt and any other forms needed into BoC to see if you can put a portion of your salary into your foreign exchange account. Specially after they see that the amount they deposited into your account is actually after tax (if applicable). |
You're right.
OP can also check his Bankof China savings account passbook on the off chance that his salary deposit in euros is already "forex" 外汇. That would help. |
_________________
"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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MoonOverMiami
LoopKicker
Joined: Jan 07, 2008
Posts: 864
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Jan 14, 2009 - 02:14 PM |
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Thanks underh20!  |
_________________
"One who falls asleep with an itchy backside, will wake up with smelly fingers..." |
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greenmark
Rocker
Joined: July 28, 2005
Posts: 612
Location: Location Location
Status: Offline
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Jan 14, 2009 - 09:50 PM |
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I'm a bit late on this thread, but for everyone's info - I found out you can withdraw up to RMB 10k per day as GBP using Union Pay at the Citibank branch in Mayfair or at the Strand.
I don't yet know what the equivalent exchange rate is, but when I did this a year previously (when there was a 5000 RMB limit) they weren't too bad overall. |
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hundan
Lurker
Joined: May 08, 2008
Posts: 25
Status: Offline
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Jan 14, 2009 - 11:41 PM |
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I have got an RMB debit card from Citibank. It can access the account from any UK cashpoint with the LINK symbol (ie most of them) |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Jan 15, 2009 - 08:39 AM |
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| greenmark wrote: |
I'm a bit late on this thread, but for everyone's info - I found out you can withdraw up to RMB 10k per day as GBP using Union Pay at the Citibank branch in Mayfair or at the Strand.
I don't yet know what the equivalent exchange rate is, but when I did this a year previously (when there was a 5000 RMB limit) they weren't too bad overall. |
Are you talking about withdrawing GBP from an ATM machine in China? |
_________________
"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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Mister_happy
Ranter
Joined: Oct 28, 2004
Posts: 573
Status: Offline
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Jan 15, 2009 - 10:15 AM |
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Just visit a little man on the street. 100,000rmb to 500 euro notes on the spot! So 100krmb = 20 x 500 euro notes that easily fit in your jacket pocket.
So 33,000rmb will be around 6x 500 euro and a few smaller notes. I have never had my wallet searched at coustoms or imagration!
He does not have that much in UK pounds since it became "Toilet Paper" value. He just holds some petty cash in pounds so you can buy a cup of coffee in the Watford Gap services on the M1. |
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greenmark
Rocker
Joined: July 28, 2005
Posts: 612
Location: Location Location
Status: Offline
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Jan 15, 2009 - 01:30 PM |
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| underh20 wrote: |
| greenmark wrote: |
I'm a bit late on this thread, but for everyone's info - I found out you can withdraw up to RMB 10k per day as GBP using Union Pay at the Citibank branch in Mayfair or at the Strand.
I don't yet know what the equivalent exchange rate is, but when I did this a year previously (when there was a 5000 RMB limit) they weren't too bad overall. |
Are you talking about withdrawing GBP from an ATM machine in China? |
No - Mayfair and the Strand are both in London.
So you don't really need to risk taking loads of cash out of the country at once because it is pretty easy to withraw it all once you're in London.
It's not so easy elsewhere in the UK. |
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greenmark
Rocker
Joined: July 28, 2005
Posts: 612
Location: Location Location
Status: Offline
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Jan 15, 2009 - 01:32 PM |
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When I get my next bank statement I'll post what the actual exchange rates ended up being (remembering that at the time the official exchange rate was about 10.10 RMB per Pound) |
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underh20
Board Legend
Joined: Sep 27, 2006
Posts: 12702
Location: Veggie-Free Zone
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Jan 15, 2009 - 01:37 PM |
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Kind of difficult seeing Slapthebutcher flying back to the UK every month to use his Chinese ATM card to get 600 pounds for paying his mortgage. |
_________________
"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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jzzzzzzz
Veejay
Joined: July 07, 2006
Posts: 2037
Status: Offline
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Jan 15, 2009 - 02:09 PM |
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jzzzzzzz
Veejay
Joined: July 07, 2006
Posts: 2037
Status: Offline
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Jan 15, 2009 - 02:09 PM |
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| underh20 wrote: |
| Kind of difficult seeing Slapthebutcher flying back to the UK every month to use his Chinese ATM card to get 600 pounds for paying his mortgage. |
Haha, yes not really useful to the OP  |
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woaishanghai07
Barker
Joined: Dec 26, 2007
Posts: 156
Status: Offline
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Jan 23, 2009 - 01:01 PM |
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I've also been looking into taking money back home. The information I have is probably just a repeat of what's already been said (I don't know cause I can't be arsed to read all the way through this) but what I've been told is, there is a 20,000 RMB limit on RMB you can take on board and then a $5000 (that's US Dollars) limit on the amount of foreign currency you can take on board. I have been told that by the British embassy, Virgin Atlantic and Chinese customs.
Also as for exchanging money, I have been told by the Bank of China that I can only exchange a maximum of £300 per day. Kinda sucks that I got 20,000RMB at the moment that I wanna change, guess I'm gonna have to do that day after day after day... |
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chingiskhan
Low Seater
Joined: Apr 24, 2007
Posts: 3347
Location: Shanghai
Status: Offline
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Jan 23, 2009 - 01:14 PM |
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exploreyd
Seeker
Joined: June 19, 2006
Posts: 48
Status: Offline
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Jan 23, 2009 - 01:26 PM |
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After the olympics and recently the global recession have made china sell off US$. Foreigners in china now can exchnage rmb to foreign currencies to a limit of USD 50,000/person annually. You may go to BOC or any banks in shanghai. RMB 20K is the limit for cash one can fly with. Hope the info helps. |
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MoonOverMiami
LoopKicker
Joined: Jan 07, 2008
Posts: 864
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Jan 23, 2009 - 02:16 PM |
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| woaishanghai07 wrote: |
I've also been looking into taking money back home. The information I have is probably just a repeat of what's already been said (I don't know cause I can't be arsed to read all the way through this) but what I've been told is, there is a 20,000 RMB limit on RMB you can take on board and then a $5000 (that's US Dollars) limit on the amount of foreign currency you can take on board. I have been told that by the British embassy, Virgin Atlantic and Chinese customs.
Also as for exchanging money, I have been told by the Bank of China that I can only exchange a maximum of £300 per day. Kinda sucks that I got 20,000RMB at the moment that I wanna change, guess I'm gonna have to do that day after day after day... |
Just went through the bank to get some clarification. We can bring up to USD $5,000 through the airport without declaring it. Anything between $5,000 and $10,000 and you have to declare it and bring along a form from SAFE saying you are authorized to carry this much money out of China. Anything over $10,000 is prohibited.
As for exchanging your RMB$20,000, is it your salary? If so, then bring in your passport, work permit, tax receipt, and a payroll statement that lists your salary and you can exchange all of it at once. I just did it the other day. The bank will take the tax receipt so if you need a copy you can ask them to give you a copy. |
_________________
"One who falls asleep with an itchy backside, will wake up with smelly fingers..." |
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