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| *Ostroff, Fair and Company>>>Personal Finance |
Best way to remit my salary earned in Shanghai back to Singapore? |
Will be working in Shanghai soon. Learned that salary will be credited to the Industrial & Commercial Bank of China. I need to know what is the best way for me to remit my salary to my Singapore bank account. Are you being paid in Chinese Yuan (RMB) or foreign currency? If it's Chinese Yuan, then it is difficult to change to foreign currency. Plus, your Singapore Bank cannot take Chinese Yuan deposits. So you need to find someone to for ex your money into Sing Dollars first (or into any foreign currency - which a Sing bank can handle). Some people do business in China and are paid in non-RMB, so they need to continually change money into RMB. Try find someone like that. There are also some black market ForEx people who have been exchanging money for years (ie they have a good reputation)... maybe one of those could help you. I am guessing that you are being paid in Sing Dollars. Do you want to automatically remit the money? Or just once? Sadly, Back of China and ICBC are probably the 2 worst-service banks in China. You can go to your banker (try to go during off-peak hours) and tell them you want to wire transfer money bank-to-bank from your ICBC account to Singapore account. You will need the international wire transfer information from your Singapore bank, which includes your accoutn number and the banks IBAN number or some other technical numbers (ask your sing banker for international wire transfer information to remit money into Sing account). Then you can fill out a form in ICBC to transfer the money to your Sing account. If you want regular remittance... I would guess that ICBC will not be cooperative and do it automatically for you, even if you are VIP and plead with them. It would be good if you cold transfer your money to another bank. But within China, you can't transfer foreign currency between banks (it's a stupid rule). You can only transfer foreign currency OUT of China. So if ICBC is not cooperative to do it automatically monthly for you, then I would guess that you will need to go back and sign forms each time. The banking system in China is still far from the best. But the new competition of foreign banks should help the Chinese banks improve. Perhaps you can ask your company to pay you in a Bank of East Asia, HSBC or Standard Chartered bank account? The foreign banks are much more efficient and wouldp rovide better serive. As of a few months ago, those foreign banks can do business in China. There are branches of all 3 about a block away from the Ritz-Carlton Portman on Nanjing Xi Lu. Good luck. Source(s): general knowledge Change your direct deposit to that account or if you can't setup an account transfer that happens on every payday. |
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