How To Transfer Money From China To Usa Without Tax

Many foreign teachers working in People's republic of china are able to save a substantial amount of money over a yr-long contract, and at some point, some of that coin will need to be sent dorsum home. The procedure tin seem daunting, just people do information technology every day, and yous can too!

Steps for transferring coin you earn in China:

Catechumen your RMB to the destination'south currency
Ship it to the destination state

Step 1 – Convert your RMB to another currency:

As a foreigner, you tin can convert the equivalent of $500 USD from RMB to strange currency each mean solar day, without showing tax paperwork. This is unremarkably the simplest way to go about it. Every time y'all have around that amount in your business relationship, go to the bank and inquire for the RMB to be exchanged to USD. You tin can accept it in greenbacks, or some banks will open a USD account y'all can proceed it in.
Equally a foreigner, to substitution more than the equivalent of $500 USD at one time you will need to evidence proof that you paid income revenue enhancement on the money you are exchanging. Required documents are your working contract and argument from the tax bureau showing the taxes you take paid. Your employer's 60 minutes person should be able to help you obtain this.
A Chinese person tin can exchange up to the equivalent of $l,000 USD without showing any paperwork. Then, if necessary, you could ask a Chinese friend to assistance y'all do this.

Step two – Send the coin:

In most cases, your Chinese bank can wire the money to your overseas business relationship. If the money you accept exchanged is existence held in a USD account, they will simply send it from that account. If you have cash, you requite them the greenbacks, and they will wire it. You tin can wait the wire transfer fee to be around $20 USD.
To utilize Western Wedlock, take your strange currency, in cash, to a China Postal banking concern. These banks are role of the Western Matrimony network and can complete the transfer. The costs and sending limits will depend on which country you are sending the money to.

You're done!

Hopefully, this article will demystify the process of sending money from China to the U.Due south. or to any other country. Information technology may seem complicated but one time you have done it a couple of times, you will see that it is actually quite simple. Keep in mind that not all banks have English speaking tellers so fifty-fifty if you are exchanging the coin yourself, information technology may exist useful to bring a bilingual friend.

Trying to figure out how much money you can save in China? Check out our Prc toll of living guide.

Source: https://www.teachingnomad.com/blog/teaching-abroad/transferring-money-from-china-to-a-foreign-country/

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