| changing currency | |
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| Nov 22, 2005 06:40 |   |
 | Excuse the seemingly dumb question, but I am in a very rural town. Obviously I am paid in rmb. How do I exchange it for US currency? Now or later or both. I was not set up with a "friendly bank account" as I have seen job ads mention. I rather wonder when departing this country how I go about doing it. Thank you. |
| Nov 22, 2005 06:55 | #1 |
| Try the local Bank of China. |
| Nov 22, 2005 08:54 | #2 |
| Hi Got2go, I don't know if you are teaching but presumably you are or at least you have a contract with someone. It should read that you are entitled to convert a percentage of your earnings up to 80% after tax to a currency of your choice. This is usually done at the head office of the Bank of China in the larger cities. You may need to give advance notice or make a few small exchanges if you are in a smaller city as they may not hold large amounts of foreign currency. Have someone help you open a bank account, just need ID, to keep our RMB safe until you need to change it and make it easier to get money while travelling etc. Any of the larger banks are OK and you can use most ATM machines around the country. Good idea to check with the bank what documents they need to see when you make the currency exchange. There is no fee involved but you will be required to show your contract, passport and perhaps a letter of release when your contract expires but I only needed my contract and passport last time. Hope this helps |
| Nov 22, 2005 22:59 | #3 |
| Yes, I am teaching. Our FAO is also a teacher. Our school has over 6000 students with only us 2 foreigners in the entire city. Hence, my reason for not knowing much and not getting answers from him. He doesn't reply to our emails so I want until pay day to ask whether he has gotten my email about such and such. Generally speaking, are taxes taken out each month or at the end of the contract, or are the wages in the contract net? It has never been mentioned to me one way or the other. I like my FAO, school and students, but would choose a larger city next time. I was told Wuhan was an hour away. Not even as the crow flies having eaten chile peppers could you get there that quickly. Nearly 2 hours by private car and 3 hours by bus. I wondered if airfare reimbursement (for coming out) is paid in RMB (with currency changes and my ticket showing USD). I would guess so, just like the return home. I heard I am limited to the amount of money I can return with on the plane and other things I will need to find out. Figured I would start looking into now since information seems to difficult to obtain. Thanks for the information, I'll see about setting up an account. |
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