Changing RMB to dollars and sending to US

[owenkrout]

In the two years that I have been in China, I have never changed any RMB to dollars. My first year on this trip, my pay was remited to the Bank of America in Wichita, Kansas in Canadian dollars. That actually worked quite smoothly as I could then withdraw funds in RMB from that account here in China using my ATM card.

 

I know that people working in other parts of China do change RMB to dollars and on a regular basis. The trouble seems to be with doing it in NorthEast China, Shenyang in particular. Others have told me of changing RMB to dollars quite easily at the Merchants Bank, CITIC, and others in Guangdong. Here in Shenyang, it is like the old times.

 

Last week I tried the Merchants Bank, as I thought that I had understood that I could withdraw dollars from my account. Nope, can't do that. Asked the school for help exchanging RMB. "Gee.... I don't think we can do that."

 

We went to CITIC today to pay for the visa fee for our daughter's application. While we were there, I asked about changing RMB to dollars. No way. You have to go to the Bank of China for that. (The People's Bank in my wife's parlance) So... we went to the Bank of China nearby. There they insisted that I could only change RMB to dollars if I had the receipt where I changed dollars to RMB when I entered the country and then only at the airport. No go there as I only changed $100 when I came in two years ago. I put on the upset foreign guest routine and they finally took my Foreign Experts book, which has pages for entries of money exchanges. They looked at it like it was some sort of weird new plant life and finally called the main branch. They insisted on a stack of paperwork from my college.

 

We haven't even gotten to the part about sending the funds to the US yet!

 

The question is, does anybody have experience with sending funds from China to the US, especially from up here in the backward North? If so, how did you successfully manage it? I just need to get about $200 into my Bank of America account so that I can pay the last of the bills before I return this summer. This summer I can just carry the cash with me. Bank of America will even exchange RMB now if I can just get the funds to them. Need to solve this one so that I won't have wheelbarrow loads of RMB.

[sarah36]

Hi, Mick:

I'm in Qingdao, a quite northeast city and I have experienced once to send money to foreigh country. But it was not America, I'm not sure whether it helps.

 

Before I worked in a foreign company as a translator and an assisstant. Once, the manager needed to send 10,000RMB to another country personally. So I was required to do that. Obviously the RMB should be first changed into dollars. If that was through company's business, then there would be no problem. Because the bank and the trading itself would have the system to change currence. The problem was only when you wanted to do it in person.Usually the bank wouldnt change RMB for you into dollars unless you offer some certain kind of certificates, even in that way, the bank change only a little amount which couldnt be enough.

 

So I went to the black market to change the RMB into dollars and then immediately I sent the money smoothly out by west union. Of course by west union, you need to pay some processing fee, which is about 10% of the sum you transferred. B)

[sarah36]

oopse!put into wrong name, owenkraut B)

[ChinaRose]

Here where I live (in Jiangsu not too far from Shanghai), I can take my RMB to the "men dressed in black" outside the main office of the Bank of China and they will convert my money into USD. Since February I have been selling my stocks and taking the sales proceeds to these men. They actually go with me inside the bank to the bank window. There I give the banker my RMB and my savings account book. (I have a USD savings account with the bank.) This week the exchange rate was 8.30 RMB = 1 USD. The "man in black" shows the banker his savings account book, too. So I guess he must profit from what he gives me and whatever the bank gives him. All I know is that I get USD added to my savings account.

 

When I leave here with my husband, I plan to close my account and get a USD bank draft to take with me to America. And even if I can't get all of my money included in the draft (because of limitation), I'll take the rest in USD and hide it in my bra or panties or somewhere until I clear customs and immigration.

 

I don't know if this can help you in any way. If I can get you a bank draft in USD, please PM me and we can arrange the details. But it might take some time for the mail to reach you.

 

[owenkrout]

It gets more complex. I know that in Dalian you could find those "men in black" waiting outside the bank and they would go in with you to expedite the exchange. I never had to use them, but I knew people who did. I have never seen such going on in Shenyang. Shenyang tends to be more "politically correct" (in a more exact meaning than what that means in the US).

 

I got real insistent with the school's foreign affairs officer this afternoon and he finally admitted that it could be done, but that he would have to go with me to the bank. Hopefully we manage to accomplish this tomorrow afternoon.

 

I went into the post office where they had a Western Union sign prominately displayed and asked about sending money to the US. They insisted that it was only for receiving dollars.

 

I thought that the WTO rules insisted on equality in such things. That they would be required to allow international banking to go on.

[sarah36]

Yes, Owen, West Union only transfer dollars. Maybe you need to take the guise as 007 to contact with those men in black to get the dollars first B)

[Mick]

I sympathize with you Owen. Changing money can be an ordeal in China, especially RMB to US Dollars. Sending money out of the country is even more of a hassle. As to exchanging money, your contract should have a clause that states what percentage of your income can be changed into US Dollars. You need to press your foreign affairs officer on this one. Sometimes they like to keep foreign teachers in the dark about the exact amount that can be changed. At both schools where I taught, the foreign affairs office would be allowed to exchange a certain amount for each teacher. They both low balled the amount they told me I could exchange, then accumulated the exchanges and used them for themselves. It happens all over China unfortunately. In any case, there should be a percentage in your contract somewhere. You will most likely have to take a copy of your contract with you to the bank. They are obligated to exchange it because you have a signed contract. Probably will need to take your FAO with you.

 

In Shantou, changing money used to be a major hassle. It would take anywhere from two hours to half a day. A real nightmare! It has improved significantly over the past year or so. Before leaving, we exchanged a sizable amount of RMB to dollars. All I had to do was present my Foreign Experts book (the red one) and a copy of my contract. Only took twenty minutes. I guess they have become better at it. One other note on exchange, in Shantou only one bank was able to change RMB to US Dollars, that being the Bank of China.

 

As to sending money out, good luck! This was and is a consistent nightmare, WTO or not.

 

The laws regarding this are a moving target and applied unevenly. Supposedly, you can only carry out or send out the same amount that you brought in or less. I was never able to send money out. The only way I could get money back to the States was give it to another foreign teacher who happened to be returning home. They would take the money and send it to a friend who would then deposit it. A real hassle! B)

 

What makes it more difficult is that each city seems to have its own rules regarding all this. There is no uniformity of practice and this process is rife with corruption.

[sylinchinastill]

I know this is an old post- but just in case someone needs this info in the future... The easiest way to get RMB into USD is on the black market. One of those small stores (for water and cigarettes) can do it. I haven't had much experience with this in Shanghai but we did it this way when we lived in Shenzhen. In Shenzhen the guy even came to our house to do it. In Shanghai it seems to be much harder and we have had quite a few friends exchange their money with us. Also- another option is to have a USD bank account in China- that account allows USD to be transferred into that account and then you can get it out as USD or RMB, whichever you prefer- and you can just transfer the money from a US bank account into this account. This might also be an option for those with future wives in China.

[NicolaNSam]

Hey Michael,

 

I have wired money to China several time not from but you need to know that the banks in China do not have a routing number. Give them address phone number bank location name ect but I never could get a routing number. I don't think China banks have one.

[Robert S.]

As I understand it, China will not allow RMB to be taken or sent out of China. I believe your in-laws would have to go on the black market to buy dollars then go to a MoneyGram or Western Union or something like that and wire the dollars via that expensive way. If it was a large enough amount I guess you would have to do a wire transfer but they would have to have a USD account first for that. You might check on the Yahoo groups to see if somebody there knows. Really I have no idea what I am talking about, am just guessing. My wife has a condo in China that she says she could sell if she wanted to and get the money out of it to bring here to America but I shudder to think how difficult that would be.

[Phil & Ningning]

Neither am I an expert on the situation, but I know you are allowed to take out 5000 dollars if you can get it exchanged first. At the imigration checkpoint leaving Zhuhai into Macau there is a huge lighted sign stating to this effect.

I have crossed this border several times and it has been there each time.

Good Luck.

[Guest dick7331]

The Chinese Banking System has liberalized the policy of foreign currency/RMB exchanges in 2003. Anyone with a foreign passport can open an account and transfer/remit USD and RMB. Hang Seng Bank and Bank of Asia in Guangzhou, Shanghai and shenzhen are equipped and authorized to handle such transactions.

 

Bank of Asia:

 

http://www.hkbea.com/whp_servchina/whp_services.html

 

Hang Seng Bank:

 

http://china.hangseng.com/cn/eng/per/oth/main.html

[keelec]

Of course, the last option would be to setup one's own mini-bank services.

 

Say, someone on the Candle wants to send $200 to China.

Have them instead send it to an account in the USA and forward the money in RMB in China.

[king]

Owen:

For what it is worth, I suggest you check out how things are done in BJ with ex-pats or foreign teachers. If it looks good just go there to make exchanges. If you do the "men-in-black" stuff do not take money directly from them, only take it from the bank teller and have it checked for being fake.

[keelec]

Just curious,

 

There are some Chinese who actually get visas to come to the USA (or other countries) for school or tourism.

 

How do they pay for things? For example, a couple of weeks vacation in the USA could run a few thousand dollars which would need to be converted to US Dollars before coming (or on credit).

 

What about international trade? Purchaing US food or other products?