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How to send Rmb out of China (PayPal, Wire, Western Union, Money Gram)

 

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23/07/2015 Update : That article is writtent for USD but will work same with EUR, AUS, or any major curency. Please comment article to improve it, and share your experience 

 

1 Changing rmb into usd

2 Bank wire (with rmb)

3 Western Union/Money gram (Need usd cash)

4 Paypal (Need union card with rmb)

5 Alipay (Need to be Chinese)

6 The Union Pay trick (Need union rmb card) My prefered move

 

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Changing into USD

China will allow any foreigners to change for a maximum of 500$ ,or the equivalent in other currency, per day. With an annual limit of 50 000$ per passport

If your taxes are correctly paid you are allowed to exchange more than that amount depending on your monthly salary

If you need more than the legit 500$ daily or more than your salary allowance, you could

1 ask for a chinese friend to do it for you (with the limit of 50 000 USD per year)
2 ask the Golden Cows

These are men who work for companies who have large quantities of USD or other foreign currency, who want to buy as much RMB as possible without the tax implications of legally changing the money over. In Tianjin, they hang out at the entrance to the Bank of China’s main branch on Jiefang Bei Lu. (中国银行 -解放北路与大同道– Zhōngguó Yínháng – Jiěfàng Běi Lù yǔ Dàtóng Dào – Bank of China at the intersection of Jiefang North Road and Datong Street). They will change for you any amount of RMB to USD at the day rate or even better. The process is to go to the bank of china main entrance, they will spot you and ask you if you want to change money. Then you go to the bank, show them the money in RMB, they will withdraw the amount in USD and the exchange of cash happened in front of the cashier!! This is the way that most of fellow expats will follow for their western union needs.

Once you have the money, you can send it back home via western union”

Bank wire

 Do not bring paper USD to the bank for a wire transfer, they will convert it back to RMB, then back to electronic USD. Result will be for you to pay all fees triple.

Bank will allow you wire transfer a daily 500 USD with no taxes payment proof.

Or will allow you to transfer an amount corresponding as a part of your salary after paying taxes.

Or will allow you to transfer an amount up to 50 000$/year if you go with a chinese friend.  

Please prepare depending on your case :  

-Passport with valid Residence Visa (and sometimes Residency Permit)

-Employment contract And Tax receipts original copy officially stamped or ‘chopped’ for each month of your employment (depending on how much you want to transfer)  or Chinese friend with his Chinese ID up to 50 000$ per year

-SWIFT code of your bank back home (e.g. BARCGB22 for Barclays UK)

-Bank account information for both sending and receiving parties (name, address etc.)

Chinese bank don't like the "chinese friend move", so be prepared about. One good explanation is Chinese friend need that money for her/his son/daughter back home to pay for some (medical, university stuff). Another smart move could be not to go with your friend to the bank, and let him handle alone the process, you could prefill the form before.

 

  

Western Union / Money Gram

Western Union 

Western Union you will need to bring them USD, so here will apply the 500 USD per day rules. If you need to transfer 5000 USD, you should go to the bank 10 times. Sometimes you could try a few banks the same day.

Western union as counter in :

Agricultural Bank of China (中国农业银行)

Bank of Jilin (吉林银行)

Bank of Wenzhou (温州银行)

Bank of Yantai (烟台银行)

Construction Bank of China (receive only) (中国建设银行)

Everbright Bank of China (中国光大银行)

Fujian Haixia Bank (福建海峡银行)

Harbin Bank (哈尔滨银行)

Huishang Bank (徽商银行)

Longjiang Bank (龙江银行)

Postal Saving Bank of China (中国邮政储蓄银行)

Shanghai Pudong Development Bank (上海浦东发展银行)

Zhejiang Chouzhou Commercial Bank (浙江稠州商业银行)

You will need to prepare

The receiver’s name, country, address, passport/ID, phone number

The sender name, passport, country, address, phone number (in chinese characters)

You could ask a few forms in advance so you can fulfill them at home

Transfer is supposed to be available in the minute

Fee

$15 when sending $1-500,
$20 when sending $501-1,000,
$25 when sending $1,001-2,000,
$30 when sending $2,001-9,000.
Maximum transfer is 9000$

 

Money Gram 

Money Gram can be found in:

Bank of China (中国银行)

Industrial Bank Co. Ltd (兴业银行)

Bank of Communications (交通银行)

ICBC (中国工商银行)

China Citic Bank(中信银行)

Ping’an Bank (平安银行)

Shengjing Bank (盛京银行)

Like western union you will need to prepare USD


You will need to prepare

The receiver’s name, country, address, passport/ID, phone number

The sender name, passport, country, address, phone number (in chinese characters)

You could ask a few forms in advance so you can fulfill them at home

Transfer is supposed to be available in the minute

Fee

$13 when sending $0.01-500
$18 when sending $500.01-1,000
$21 when sending $1,000.01-2,000
$25 when sending $2,000.01-5,000.00
$35 when sending $5,000.01-9,999.99. 

Maximum transfer is 9999.99$

 

 

 

 

 

Paypal

 

We have tested with success the transfer from China rmb account to Spain-Italy-France-USA account in EUR and USD

The trick is you will have to open a new account, only Chinese accounts can accept your Unionpay card. We had great success with an ICBC card, ABC card, never managed to go through with BOC of Chine
Just open your account from china language English and register your bank card. ICBC work pretty well
So again tianjinexpats team recommend you to use ICBC for all your banking needs (wechat : OK, Alipay: OK, PayPal : OK)

Then you will be able to pay usd bills in rmb (and the Chinese bank forex rates are very honest), and you will be able to send money to your home PayPal account

 

The union pay trick

 

Open a Chinese bank card, put all your RMB on it, send it back home by express mail. Or take it with you on your next trip. After good reception from your partner/wife/friend, communicate them the passcode. Money could be retrieved from ATM, with a limit of 10 000 rmb per day or use to purchases goods with no limits. And even better you will enjoy 10% discount in a lot of airport shops and luxury shops

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