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anonymous
Q: Best way to take money back to home country
I ve got 50 000 rmb to take back to the u.k.
Am I best exchanging it back in the uk to pounds
or
exchanging it in china to pounds
or
transferring from my bank in china to the uk
what methods best to avoid getting killed by the exchange rate. If I sell yuan in the uk I lose 5000 compared to the official exchange rate.
Also do people worry about losing money long term iif they build up savings in china.
A final question. Is there any advantage to having a bank of china account in china and the u.k?
9 years 35 weeks ago in Money & Banking - China
If you hold Residence permit, I suggest you open Gold account with Visa/Mc ATM card at China Merchants Bank. You can open Gold account with 1000 Rmb deposit.
Once, you'll receive your salary to the account, you can buy any currency (limit US$ 50 000/year) with 'spot exchange rate' applied (rate without banking fees) .
If you use ATM card outside of China for purchases or cash, CMB will deduct funds from your Rmb holdings, again with 'spot exchange rate' applied. 'add-it': there are more threads on CMB. Search above for 'laowai friendly bank'
ironman510:
I also got this Visa Gold card from China Merchants bank, did you ever figure out how to buy stuff with it online? The address part always causes me problems.
icnif77:
That's pain! Online! I go to the nearest CMB, and play stupid. I ask them to do it for me with my ATM card.
In Urumqi last December, manager couldn't do it with my card, so she booked 4 tickets for me with her CC, and I handed her cash.
They gave you USB stick for use of ATM online. You must stick USB in Windows based computer, and try again. Stick doesn't work with OS X (Mac).
I think is shorter just to go to CMB and bother them to do it for you. I say: 'Can you show me, please….?'
icnif77:
@sausage: 'would you accept full-time job @ eChina'?
http://answers.echinacities.com/question/do-you-think-mrsausage-should-have-permanent-job-echina
Exchange the rmb into pounds while you're here in China. Take a Chinese friend or colleague that you trust, who also has a bank account at your Chinese bank. Foreigners are limited to exchanging the equivalent of 500 usd/day. Chinese nationals are only limited to 50,000 usd/year. They can transfer rmb from your account to your Chinese friend's account, and then exchange the whole shebang into pounds. For that quantity, you might want to call ahead and make sure they have the pounds on hand.
Hakupatasa:
Or, deposit RMB to trusted Chinese friend's account just before transferring the money. Then let he/she do the paperwork and transfer money directly back to your home country account, if you have any (my friend's reason for bank transfer: paying my tuition fee). I did it a year ago, and I did recently. Doing so, there is no need to change the money and it cost only 213 RMB (BOK charge) plus 16 to 20 USD charged back home per transaction.
better exchange the money in china, with the help of a chinese person.
Are you planning on taking some in cash? Because there's a limit on cash that you can take out of the country, it's about 20,000 RMB. If you do change any in the UK, don't go to the bank. The exchange rates are awful. The best places to go are the random tourist bureau de change around Covent Garden, like Covent Garden FX. It will make a difference of hundreds of pounds if you're exchange large amounts.
Are you serious? Making money in China and bring it back to a wealthier country? In the US, there are many illegal Chinese immigrants who work in Chinese restaurants so that they can bring or send the USD to home. The best way to do it is to find a good friend of yours who plan to go to China and he or she can take your RMB in China while he or she leaves you the exact amount in pounds at UK. That is how I did with my mom.
