Singaporean gal transferred2 Shanghai. 1st questions remit $ home

ahnana · 2010-08-21T10:47:48+02:00

New to Shanghai? Find insights on renting in Huai Hai, RMB accounts, and remittance options for Singaporeans adapting to life in China.

ahnana New member

Member since 21 August 2010

ahnanaNew member21 August 2010 08:47:48

Hi All.. new to this forum and this city.. already doing up on renting a place close to my office in Huai Hai area. Who else is in Shanghai?! hhahaa..

Already I am fidgeting and trying to get used to the traffic and china taxation, need to open up a RMB account for salary crediting soon. Heard that might be restrictive to get money out in future as the china govt is tight on RMB flowing out of their country.

Does Citibank provide no handling charges if I withdraw the funds from RMB account in a foreign country? How about if I do an internet transfer from RMB to foreign currency account? Or to get RMB out, will remittance to my family such as Western Union be better in terms of charges?

Thank you all in advance for sharing your experiences!

FeeAcer ViP

Member since 06 August 2009

FeeAcerViP21 August 2010 10:15:06

6172

Hello and welcome to 海角乱伦, ahnana!
I've moved your topic to Shanghai's forum for a better visibility by the other members and allow prompter responses to your questions.
Good luck with this new adventure.
Cheers
Arlette

SgSh New member

Member since 09 April 2010

SgShNew member24 August 2010 07:59:40

Hey there,

If I am not wrong, there will still be charges. I would recommend that you choose a local bank as it will be easily available and also make it more convenient to pay for your bills.

There is a limit to the amount of money you can bring out of the country. So you got to plan for it and not try to do it all at once at the end here in Shanghai/china.

Not too sure about the rates, prob can find them online.

Good luck

chenlan Member

Member since 24 August 2010

chenlanMember25 August 2010 04:34:23

For foreigners to transfer money to outside China, any bank(chinese or foreign) will need at least the following things, by SAFE(Shanghai Administration of Foreign Exchange) rule:

1. work and residence permit
2. IIT(individual income tax)
3. your payslip in China

your transferred amount cannot exceed the net amount recieved which can be justified by your IIT reciept.

So, tips:
1. instead of waiting for annual IIT certificate, you can go to local Tax bureau to print your monthly IIT certificate.

2. Use maximum amount of each certificate.
聽聽for example, if your monthly income is RMB50,000, and you pay RMB10,185 of tax every month, and your net monthly recievable is RMB39,815.
聽聽each monthly IIT certificate entitles you to transfer RMB39,815.
聽聽then, if you want to transfer RMB50,000 at one time, you must provide 2 months tax certificate to the bank, on which they will chop, and you can no longer use it for another time transfer. so you loose a quota of 39815+39815-50000=29630.

Hope this can help.

Nas77 Active member

Member since 12 October 2010

Nas77Active member14 October 2010 13:33:10

hi there,

you can open a bank account with bank of china and u can transfer money to sg from there, i usually send money back to france every month and its a lot easier that way and they charged u聽 a small amount of fee to transfer, not much tho ..

ps. from sg myself

good luck!