Keeping money in China

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Keeping money in China
Jun 10, 2008 15:10
MUDDIEDKNEES Points: Join Date: Apr 1, 2008 Status: offline	Is it possible for foreigners leaving China to keep their accounts in Chinese banks? What happens if the residence permit expires? Can one come back after a few months or years to close the account and have the money converted? I believe Chinese banks require foreigners to present work permits, tax slips, and pay slips when converting RMB.

Jun 10, 2008 20:23

TOMSPENCER
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Join Date: Feb 8, 2005
Status: Offline

At present you can convert sums equal to or less than USD5,000 without having to present much documentation. For over-the-counter currency changes of the lowest amounts you would need just your passport. If you wish to convert currencies and remit the money to an overseas account, then you would need to prove that the money is either tax exempt or that tax has already been paid on it. For sums over USD5,000 the amount of paperwork required increases. Once you get the hang of it, this process is actually quite simple.

As for keeping your money in a Chinese account, it's possible however you should make sure you are aware of your bank's monthly and annual charges, and their policy on dormant accounts.

Jun 12, 2008 02:37

APAULT
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Join Date: Mar 11, 2006
Status: Offline

There is no problem keeping money in China as such. Be aware that a foreign currency account might only be accessible in the province you opened it - I was caught out on this.

My experience is a little differnt from TomS's. There is a heap of paperwork for foreigners converting RMB to foreign currency. At my last attempt the bank 'requested' I got a local to do the transaction on their id so as to reduce the bank's paperwork (they basically refused to do it!)

Jun 26, 2008 08:26

MUDDIEDKNEES
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Join Date: Apr 1, 2008
Status: Offline

Thanks guys for the replies. This dilemma is still troubling me at present, and I only have a few days left.

I had the same experience as Apault a year or so ago--I had to provide a heap of paperwork to buy around US$2000. However, I recently asked my bank about wiring money, and they seemed to require fewer requirements for bank transactions than before. They mentioned that all I needed was my passport and that there was no limit to how much I could wire. Unfortunately, I did not ask about the requirements for converting money.

Anyway, I will figure things out soon and let everyone know how things turn out.

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