Banking in China and transferring money

[GoForIt]

I'm looking at a job in Beijing. I've heard that there may be some strict limitations on what banks expats can use and problems transferring money out of China.

Does anyone have any first hand information?

Goforit

[southernmtn]

The way/s it is done should be a well-kept secret; and should not be divulged with outsiders like this.

I would urge insiders not to divulge this, and not to talk about it too much; so that it does not become a hot topic and it gets to the ears of the authorities.
:oh::oh::oh::oh::oh::oh::oh::oh::oh::oh:

[minibus330]

Only a maximum of 20,000 yuan can be physically carried on per person out of the country.
However, one may transfer through your bank via TT. The amount allowable thru TT will depend on your taxable income.
Doing a TT is lengthy process in China. Some guys do it once every 2 months to save the hassles. I know of no other legal means.
I know of people carrying excessive amounts being stopped at the screening areas. So be forewarned.

[GoForIt]

The way/s it is done should be a well-kept secret; and should not be divulged with outsiders like this.

I would urge insiders not to divulge this, and not to talk about it too much; so that it does not become a hot topic and it gets to the ears of the authorities.

OK, fair enough. I guess I should just take the job and then FIND OUT if it is possible to transfer my money to my home country, or if I will have to retire in China.

[metro301]

All they are saying is that anything is possible, just somethings are not meant for public message boards. Topics on this board have had a history of attracting the attention of various local authorities in the past.

[Timocracy]

As with everything in China, if you go to the same place two days running you'll get two different answers. Also as with nearly all Chinese rules, they change and are different depending on what province your in.

I think technically your extremely limited in what you can transfer and you must log it your Foreign experts certificate, blah blah blah. In reality their are a million different ways, it's just finding the best that works for you and if you don't get the answer you want walk down the street or try again the next day with a different staff member. Also ask around the company your working in when you get there. The other foreigners will have some scams going for getting their money home.

From memory Bank of China charge about 200CNY+some really small percentage 0.01%?.

Trust me when you get here getting yourself home will be a bigger concern then getting your money home.....

This is a forum dedicated to money issues for expats in China.
Money & Banking | Forum | the Beijinger (http://www.thebeijinger.com/forum/viewforum.php?f=49&sid=2b5e6b9c6b0edbeb92c8dab8cb2348eb)

[purple head]

Give your money in RMB to a chinese friend with a chinese ID card. Go to the bank of china with them. Get them to transfere the money to your bank of choice in USA/UK/where ever. Small free of a few 100 RMB. Job done , easy. I do this every few months.

[VRSCSE2]

Your broker/agent should be able to take care of all your transfer needs.
All legally!

Vrsc