Transfer CNY Out of China
#1 2009-10-10 15:44:11
- cchili
- New member
- From: Xiamen
- Registered: 2009-10-08
- Posts: 6
Transfer CNY Out of China
Hi everybody,
This is to seek for anybody's advice on the best way to transfer Chinese Yuen out of the country. The best way means the cheapest, most convenient ways possible.
Btw, do you receive your salary in CNY or in other currencies?
I checked with the local bank and according to them there is a cap of an equivalent amount of USD50k per year that can be allowed to be transfered out of the country. Not to mention the accompanying transfer fee of max CNY410 per transaction.
Not that I am having that amount of money, but just curious to know what if we suddenly decided to quit work and move out from China. Traveling back here again just for money withdrawal can be quite taxing financially.
Anybody's suggestion or sharing of experience will be very much appreciated.
Last edited by cchili (2009-10-10 16:09:19)
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2009-10-10 15:44:11
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#2 2009-10-14 16:29:54
- khawar_javed
- New member
- From: Nanjing
- Registered: 2009-07-19
- Posts: 1
Re: Transfer CNY Out of China
Hi Cchili,
Two possibilities, one take your ATM debit card with you to your country. City bank now supports China Unionpay. Simply insert the card in any branch of city bank in your country, check the balance, and withdraw money. Here in Pakistan, it gives the best exchange rate.
Other option, go to your bank and ask for VISA or Master Card supported ATM debit card. It not only work with City bank but also with a number of other banks like standard charters, HSBC, and many more.
Normally, you need to have 50K RMB for one month in your account after that you are eligible for VISA/Master ATM debit card.
Hope this information is useful for you. Feel free to contact in case you don't understand any thing.
Best regards.
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#3 2009-10-15 14:50:38
- cchili
- New member
- From: Xiamen
- Registered: 2009-10-08
- Posts: 6
Re: Transfer CNY Out of China
Hi Khawar,
Brilliant ideas! I will try out the first option when I am back to my hometown. Thanks!
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#4 2009-11-01 00:34:20
- kenneoh
- New member
- From: Shenzhen
- Registered: 2008-07-13
- Posts: 1
Re: Transfer CNY Out of China
I used my China's ATM card in my own country for withdrawal, and the fees is only RMB20 per transaction. I would say, it's worth to do this way, for security and convenience.
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