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Q: Getting money out of China
With the devaluation of the RMB I'm sitting here looking at my saving getting more and more worthless. What are the actual best ways to get money out of China and into a safe haven? I know where I want to put the money, but I'm not sure how to get them out first.
9 years 6 weeks ago in Money & Banking - China
Lol you guys are banking on the fact that everyone on here has at least one chinese friend and bank account they can trust. Not to mention be phone savvy.
Ran into this issue last year, but here is what I actually did being alone in a small town in China.
1. Create second bank account with whatever bank you desire(very easy, this will be the money you want "out" of China),
**MAKE SURE YOUR BANK KNOWS THAT THIS CARD WILL BE USED OUTSIDE OF CHINA"
2. Send this second card to your home address in your home country
3. Once you can confirm that this second bank card is safely in the hands of your family/friends, send them the card information which will include its password
4. Start transferring money from your first bank account into your second bank account
5. With the card in the hands of your loved ones, have them go to an ATM in your home country (that is in collaboration with the original bank in China - UnionPay, Visa, Etc.) and withdraw however much you the ATM will allow
*Note that some ATMs have a withdrawal limit*
6.????
7. Profit
Hotwater:
That's actually a good way of doing it. I'd add that if you have someone Chinese to help then check if there is any difference in their conversation rates and ATM fees
Ask a Chinese friend to help you transfer it with their account, they can send it by phone app in 1 minute, if you go to the bank it'll be hard and difficult.
dongbeiren:
Yep, it's easy for Chinese to send money outta the country so find someone to help send it wherever you want
Yep, easiest way is for Chinese.Wife now British,so her parents and cousins help send stuff out. Generally speaking, I would not keep more than three months salary in the bank, especially now as RMB seems to be depreciating as part of a bigger plan.
27pence:
This is of course, if you are not planning on staying in China
Incongnito:
May I ask why you don't keep more than 3 months salary in RMB/China? What are you afraid of?
27pence:
No real point if like myself, long term I will not be in China. In fact leaving next year in February. My outgoings per month are about a fifth of salary, and really just keep some money here in case of emergency.
How safe is it to transfer money via an APP and will the RMB be further devalued?
What about union pay, bank transfer? You get 2 cards from lets say BOC, then one card you send to the receiving country to someone you trust, then you just bank transfer via ATM, the receiver just has to find an atm which has unionpay they withdraw the money and its minimum tax. Just make sure the card has a number that starts with: 62
So far Hongkong remains a safe haven, since I live in Guangdong I go there every month or so to make regular deposits on my Cititbank account, sure I lose on change but this is a far better choice than keeping that money here in China.
Lol you guys are banking on the fact that everyone on here has at least one chinese friend and bank account they can trust. Not to mention be phone savvy.
Ran into this issue last year, but here is what I actually did being alone in a small town in China.
1. Create second bank account with whatever bank you desire(very easy, this will be the money you want "out" of China),
**MAKE SURE YOUR BANK KNOWS THAT THIS CARD WILL BE USED OUTSIDE OF CHINA"
2. Send this second card to your home address in your home country
3. Once you can confirm that this second bank card is safely in the hands of your family/friends, send them the card information which will include its password
4. Start transferring money from your first bank account into your second bank account
5. With the card in the hands of your loved ones, have them go to an ATM in your home country (that is in collaboration with the original bank in China - UnionPay, Visa, Etc.) and withdraw however much you the ATM will allow
*Note that some ATMs have a withdrawal limit*
6.????
7. Profit
Hotwater:
That's actually a good way of doing it. I'd add that if you have someone Chinese to help then check if there is any difference in their conversation rates and ATM fees
I transfer fund via Western Union. It works well for me. You just need to trust someone in your home country to deposit the money into your bank account.
I have heard that people set up two paypal accounts. One in China and one for their hoe country. They transfer money this way too.
