HERE ARE THE BASICS
OPENING A BANK ACCOUNT
DEPOSITING & WITHDRAWING MONEY
Banks in China do not issue checks.
OPENING A FOREIGN BANK ACCOUNT
A foreigner, regardless of what kind of visa he/she holds, can go to the Bank of China and open a foreign currency account in his/her name (this service is free of charge). Of course he/she must have a valid passport in order to open the account.
CONVERTING RMB INTO FOREIGN CURRENCY
If you do have RMB savings, you can convert it into foreign currency to send home. Keep in mind that there is a daily maximum amount that can be converted, about 500USD.
If you want to exchange more than 500USD in one day, you will need to show your IIT tax paid receipt to the State Administration of Foreign Exchange, who will then issue you with permission to convert your RMB into foreign currency.
Once you have received all the personal legal documents you can go to the Bank of China to convert your RMB salary income into foreign currency (over 500USD). The Bank of China needs to receive the following documentation:
It is important to remember that at EF, we offer a full set of working documents so that you can go to a legitimate bank and exchange money. The black market does exist for people who are not in possession of official work permits and exchange rates are poor.
SENDING FOREIGN CURRENCY ABROAD
The Bank of China charges include 0.1% for the bank processing fee and approximately RMB 200-800 for a tele-wiring fee. Please note the bank can only wire the foreign currency to the overseas account designated by the teacher. The exchange rate will be the official selling rate published by the Central Bank.