[Disclaimer: speaking as an American citizen legally employed in Mainland China. Amounts of money allowed to convert/send overseas may vary by citizenship.]
5 + 1 ways of getting your money out of Mainland China. I’ve tried them all except #5, but many associates of mine have used that method.
OVERSEAS WIRE BANK TRANSFER – IN BANK
Costs: 150 RMB – 230 RMB total [varies by bank, I use ICBC]
- Add’l costs: Wire Receipt Fee from home bank. [Bank of America charges $15 USD]
Materials: Wire Transfer Form, Passport, Local Bank Card
Info needed:
- Full name, local address (I just put my district & Beijing city), passport info
- Amount in USD that you want to send,
- Overseas receiving bank name & SWIFT code (some banks, such as local credit unions do not have SWIFT codes)
- Overseas receiving bank’s address (choose any address in your home state)
- Your account number at overseas bank
Steps
- Go to bank, and tell them you want to send a transfer outside the country.
- Fill out form (they have an example form at the counter)
- You are the Sender & the Recipient
- Wait in line. 30 minutes to 3 hours. Chinese banks are EXTREMELY, GLACIALLY slow. They fill out, and you sign, A LOT of papers.
- Wait 24 hours.
Additional, but important notes:
- Although you can send up to $10,000 USD at one time… you can only CONVERT $500 USD per day. Which means you can…
- Go to the bank many times – something I do often bc I’m lazy.
- Go to the local tax office to ascertain a certificate proving you pay taxes through your company/place of employment. Also have some proof of current employment. At this point, you can convert as much as you want at one time
OVERSEAS WIRE TRANSFER – ONLINE BANKING
Costs: Less than 100 RMB [Varies by bank]
Add’l costs: Wire Receipt Fee from home bank
Info needed: Same as step 1
Steps:
- First have already converted money inside your bank account’s Forex. Because you are a foreigner, you must physically go to the brick-and-mortar bank building to convert money. Ridiculous, I know.
- Plug online banking USB into your computer (needs a one-time setup process).
- Log into online banking.
- Go to “transfers”. Then “transfers to overseas bank”.
- Fill out the information as prompted. Your “reason” for conversion can be any of the options – doesn’t matter.
- Confirm, then double-confirm on your USB. Wait 24 working hours.
Additional, but important notes:
- Saves money. ICBC online transfers only cost 40 RMB plus the receiving fee your overseas bank charges.
PAYPAL TO PAYPAL
Costs: varies by amount
Materials: Same as steps 1-2, except SWIFT code
Info Needed: Same as all info before
Steps:
- Create a Chinese PayPal account on Paypal.cn.
- As far as I know it’s mostly in Chinese, but perhaps I just failed to find the English option.
- Link your Chinese bank account to it.
- Using a VPN set to a server in your home country, create an overseas PayPal (for me, an USA PayPal account).
- Log off VPN, so you’re back on Chinese server, log into Chinese PayPal, withdraw from your bank at a service fee of about 4-6%. If you choose USD, it will convert for you.
- Send to your home PayPal address just as a person sending to another person.
Additional, but important notes:
- Total costs are nearly equivalent to an at-the-counter bank wire but a little more convenient.
- Not sure on limits; I’ve only tried $500 – 1000 at a time.
- Might need to be able to read Chinese characters.
WESTERN UNION
- Costs: can vary, but usually about 100 – 230 RMB
- Add’l costs: Your time finding a bank that definitely offers WU [the signs sometimes lie]. And time is money.
- Also need to pay $15 USD in cash to send.
- Materials: Passport, Cash, Info (especially ID info for extra safety) of receiver
- Steps:
- Fill out form.
- Wait in line. This is a Chinese bank.
- Make sure to double-check your info.
- Add’l info:
- Also be sure to have them circle, highlight, etc. the number your recipient needs in order to pick up your money
- Common places: China Post Office or China Agricultural Bank
SAME ACCOUNT, TWO DEBIT CARDS. [ONE IN CHINA, ONE OVERSEAS]
Costs: 5-15 RMB for a duplicate Chinese bank debit card. Postage to mail your debit card. Or ticket for a flight home to give it to a trusted friend/family member.
Materials: Passport and original Chinese bank debit card.
Steps:
- Go to the bank.
- Request a duplicate. Tell them just because you want one (they’re so nosy).
- Give it to your friend/family member back home.
- They can withdraw the money in your home currency for a small fee.
Additional, but important info:
- Your country must take Union Pay at their ATMs. I know that America, Australia, S. Korea and Malaysia do.
- Fee varies by ATM, but it seems to be significantly cheaper than bank wires.
- Mailing your card has a high risk of it being stolen. This is China.
HUIPIAO 汇票 [TEMPORARILY/INDEFINITELY SUSPENDED
- I’ll post more details if this comes back, but essentially they would write a physical check. You could then use your banking app, such as the Bank of America app to take a photo & thereby deposit the check. It was only 15 RMB. So mad it’s gone!!!! cries a river