Paid in RMB

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Paid in RMB
Mar 17, 2009 00:19
ARTHURD Points: Join Date: Mar 16, 2009 Status: offline	If you have a job where you are paid in RMB what's the cheapest way to exchange that for US Dollars if it's even possible? From what I have read you need a receipt from exchanging USD into RMB but if you are paid in RMB you won't have that. There has to be a way otherwise how would people in China buy things from the USA.

Mar 17, 2009 10:48	#1
JABAROOTOO Points: Join Date: Jul 4, 2005 Status: Offline	Really depends how much you want to change. It's free but if you do the formal way you need lots of paperwork Ask Chinese friends to change it for you. If it's a lot then have several do it in smaller amounts. Buy them a meal or a beer. I've even had strangers use their ID to change my money. Ask about a dual currency bank account as well. Some banks offer them.

Mar 25, 2009 12:05

YENJAMES
Points:
Join Date: Mar 25, 2008
Status: Offline

Only Chinese citizens can buy foreign currency, the bank will exchange for free but at a diffrent rate as this is their service charge. Jabarootoo is right have a Chinese freind change it for you. Also I don't think the amount is a problem , I have exchanged diffrent amounts up to US$5000.00. Also some banks have diffrent policies depending on whether you are an account holder. I have an account at Bank of China and since I have a temporary residance permit they allow me to buy foreign currency but other banks don't.

Mar 28, 2009 09:50	#3
APAULT Points: Join Date: Mar 11, 2006 Status: Offline	Foreigners who have temporary residence permits (such as come form having entered on a Z visa) can buy foreign currency but as Jabs says the paperwork absurd. My bank refused and said get a Chinese to do it for me. My guess is that James' banks were refusing on the same grounds, rather than on law.

Mar 31, 2009 04:50

WCTMAN
Points:
Join Date: Dec 17, 2005
Status: Offline

The Bank of China offers dual accounts ie RMB / US, RMB / CDN. You will be limited to buying 500.00 US per transaction so if, for example, you wish to transfer 1000.00 US$ to an American account, you will need to go to the bank twice. Lots of paperwork to fill out, lots of signatures, lots of b.s., but it can be done. Be sure to bring your passport and copy of your contract. Then, having done it once, keep copies of the bank forms for future reference so that you can check all the right boxes etc and try as best you can to always go to the same clerk.

Apr 4, 2009 07:50	#5
APAULT Points: Join Date: Mar 11, 2006 Status: Offline	Be aware that foreign currency accounts can only be accessed in the province in which they were opened.

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