Transferring money from your US Bank Account to a bank in Beijing is a non-trivial task. Even harder is trying to move money from a China account to a Bank in the US. To enable both scenarios, you are going to need an account in a Chinese bank and an account in an American bank.
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[edit] Transferring Money to China from US
First step is to get the SWIFT codes for the banks on either end of the transaction. SWIFT identifies the payment beneficiary’s bank; the bank designated to receive the funds transfer. It usually consists of 8 to 11 characters that adds bank identification to the details provided by the Basic Bank Account Number or BBAN. SWIFT has been renamed BIC which stands for Bank Identifier Code, however most banks still refer to SWIFT codes, SWIFT numbers or SWIFT addresses. (Adapted from http://www.currencysolutions.co.uk.)
The fee will be $30 per transaction, plus whatever charges the recieving bank in China chooses to charge you.
[edit] Transferring Money to US from China
How can I repatriate my RMB income back to my home country? To purchase and repatriate foreign currency, you have to go through a special process governed by the Chinese regulations on foreign currency exchange and overseas transactions. The Bank of China offers this service and may charge a service fee for a limited amount for currency exchange. Depending on how much money you need in your home country, you find it easier to get an ICBC Visa Credit Card and use that in the US to spend your Chinese money. Please find below guideline for detailed process:
[edit] Preparation
Documents to obtain from HR Department
- Company letter (on Letterhead) verifying employment Stating Passport number, monthly salary (gross - matching salary slip amount with company chop and signature from HR Department)
- Employment contract (Chinese version - all pages) with company chop. Employment offer letter (this one support the one above with company chop / signature of HR department)
Document to obtain from Finance Department
- Original Tax Certificate (matching the EXACT same period as salary slip with company chop and signature from Accounting Department)
- This will need to be obtained each month manually (by contacting accounting)
- Pay Slip (company chop/signature not required). The Pay slip that you print should match the Tax Certificate you will take to the bank. You can transfer RMB equivalent to the matching taxed salary (as shown on the pay slip)
Original documents to be presented at time of transfer
- ALL items from “Documents to obtain from HR Department”
- ALL items from “Document to obtain from Finance Department”
- Foreign Passport: Bank will need to see and copy the Photo page. Note that your Residence Permit (page in Passport) is not used/required
- China Alien Employment Permit (Work Permit). This is the little passport looking book that you got when you applied for your visa. Bank will need to see/copy the Official Seal (page 2, will need to see/copy the Photo ID (pages 3 & 4), and will need to see/copy the Valid period (pages 5 & 6).
- Bank of China Passbook (for your account number: top right of page 1)
- Bank of China ATM card (to make the withdrawals)
[edit] Bank of China Forms
Together with these documents you need to complete two forms. It’s helpful if you obtain (and complete) them ahead of time from your local BOC branch.
Form #1: "Application for Telegraphic Transfer (Overseas) This requires the following details from you
- Your Foreign Passport number
- Your own address in China (in English is fine)
- Your contact telephone number in China
- Foreign bank name and address
- Foreign bank "SWIFT" code
- Foreign account name and account number (to send to)
This form will be processed by Teller #1, who will copy this to multiple forms in Chinese for internal processing
Form #2: "reporting Form for Payment Aborad (Individuals)" This requires the following details from you
- Your bank account number (from "Passbook of Savings")
[edit] Tips and Tricks
Tips for making the transfer go "smoothly":
- Call Bank of China and request the closest branch to you with a "Foreign Exchange" teller
- Telephone the Information Center: 010-95566 or access website http://www.boc.cn/en/static/index.html
- Example branch: 205 South maoming Road. Confirm the hours of the bank (as they usually close for lunch and on weekends). Normal hours: 09:00-12:00, 13:00-16:00 Mon-Fri.
- Obtain a ticket for "Personal Foreign Exchange Purchase" and take a seat!
- Present all the paperwork (inc. passport, etc.) to the Teller in a single clear plastic folder
- They will verify that the amount on the tax certificate matches the company payroll salary slip section: "Deductions / Individual Income tax".
- The (original) tax certificate will be signed and stamped (i.e. to show it has been used)
- The teller will complete their work, and then ask the security guard to get you a new ticket). When they finish their work, you are ready to do the telegraphic transfer!
- Take a seat! And wait for a "Personal Banking" teller showing your new number
- The teller will provide a "Foreign Currency Exchange Slip" for your completion
- Post processing of this, a security guard will again be summoned to do some photocopying
- This is required as more stamps have been added to the forms.
- Finally the exchange rate will be advised, the fees calculated, and receipts issued. Done!
[edit] Approximate Waiting and processing times
- Queuing for Teller #1 (based on single teller in branch): 40 mins
- Processing application with Teller #1: 20 mins
- Queuing for Teller #2 (based on 4 tellers in branch): 30 mins
- Processing telegraphic transfer with Teller #2: 25 mins
Total time - estimate: 2 hrs
You should end up with seven (7) items related to the transfer (plus all your originals)
- Copies of the Form #1 and Form #2
- RMB withdrawal receipt (showing foreign amount converted to RMB)
- RMB Total Fees receipt
- RMB->Foreign Currency Fee (currently 0.1% of transfer amount)
- RMB Telegraphic Transfer Fee (currently RMB150)
- "Exchange Memo" showing the Sell Rate, and Foreign Transfer Amount
If there are any problems with the transfer, simply take back all of these items
I use the Bank of China and transfer RMB to Bank of America. This process can only take place at one location that I know of in BJ, found below.
Remember to bring photocopies of all documents (labor contract, tax receipt, passport) with you to the Bank. And don't forget the bank's routing number and your account number. Apparently it takes 3 days. There is also a 150 fee in addition to the 0.1%.
All your net take home pay can be remitted out. There is no tax implication, only service charges from Bank of China.
- Prepare documents: passport, work permit, offer letter/contract, salary slip (stating your monthly gross salary, income tax amount, and net take-home salary, must have company stamp on it, HR can help stamp the slip)
- Go to Bank of China Beijing Branch Address：KaiHeng Center, No.2 ChaoYangMenNei, ChaoYang District, Beijing (South west corner of ChaoYangMen Bridge)
Phone：010-8512 2127 / 2128 Fax：010-8512 2125
- Present the documents to bank staff and wire transfer your money abroad
Here's a summary of the charges:
- Service charge: 0.1%, min charge RMB50, max. charge RMB260
- Handling fee: RMB80/transfer for HK/Macau, RMB150/transfer for rest of world.
- The foreign currency can only be transferred abroad.
(adapted from email written to a "Foreigners in Beijing" mailing list)
[edit] Swift Codes
Here is a scanned image from some SWIFT codes from a document at China merchants bank.
Swift Codes for the popular China Merchant's bank and it's partner Wachovia.
| Bank | SWIFT Code |
|---|---|
| Wachovia Bank, National Association, New York Branch USA | PNBP US3N NYC |
| China Merchants Bank, Beijing Branch | CMBC CNBS 201 |