Banking in China

[Niko]

English teachers expect banking problems in China!

I'm sure other English teachers in China can relate with this blog. I don't save that much in China, but when I do want to send money back home, it's a real challenge.

Unfortunately, Chinese banks are becoming increasingly moody about handing over foreign currency.

Yesterday I tried 9 big ones, including 3 "official" currency exchangers, with no joy. Western Union may be your best bet, but still expect the paperwork. They want to know where the funds are from, where they are going to and why.

As China operates under strict communist control, I can't see the situation changing anytime soon.

China is a wonderful country - until you actually want to get something done!

Angelina T.
(TEFL Teacher - China)

[Hypiereon]

A S.W.I.F.T. account allows you to bring money into China via wire transfer with a standard fee for transfers. It seems to me that a S.W.I.F.T. account set up back home could serve the same purpose when you want to send money back.

It's simple enough to set up, requires paperwork once, and then you just tell them you want to wire money out of Account X and into Account Y in your home country.

As long as Account Y is a S.W.I.F.T. account, they don't really have a choice, and it has the benefit of enabling you to wire the money whenever you want. There would be a standard fee each time though, so I suggest you send in "bulk" whenever possible.

When the money shows up as RMB in your Account at home, have them flip in the exchange rate and withdrawal in USD or whatever currency you want.

I haven't tried this even once mind you, but getting money into the country via a transfer through a S.W.I.F.T. account should be the same both ways in my mind - and a lot less trouble.