Singaporean gal transferred2 Shanghai. 1st questions remit $ home

Hello and welcome to Expat.com, ahnana!
I've moved your topic to Shanghai's forum for a better visibility by the other members and allow prompter responses to your questions.
Good luck with this new adventure.
Cheers
Arlette

Hey there,

If I am not wrong, there will still be charges. I would recommend that you choose a local bank as it will be easily available and also make it more convenient to pay for your bills.

There is a limit to the amount of money you can bring out of the country. So you got to plan for it and not try to do it all at once at the end here in Shanghai/china.

Not too sure about the rates, prob can find them online.

Good luck

For foreigners to transfer money to outside China, any bank(chinese or foreign) will need at least the following things, by SAFE(Shanghai Administration of Foreign Exchange) rule:

1. work and residence permit
2. IIT(individual income tax)
3. your payslip in China

your transferred amount cannot exceed the net amount recieved which can be justified by your IIT reciept.

So, tips:
1. instead of waiting for annual IIT certificate, you can go to local Tax bureau to print your monthly IIT certificate.

2. Use maximum amount of each certificate.
   for example, if your monthly income is RMB50,000, and you pay RMB10,185 of tax every month, and your net monthly recievable is RMB39,815.
   each monthly IIT certificate entitles you to transfer RMB39,815.
   then, if you want to transfer RMB50,000 at one time, you must provide 2 months tax certificate to the bank, on which they will chop, and you can no longer use it for another time transfer. so you loose a quota of 39815+39815-50000=29630.

Hope this can help.

hi there,

you can open a bank account with bank of china and u can transfer money to sg from there, i usually send money back to france every month and its a lot easier that way and they charged u  a small amount of fee to transfer, not much tho ..

ps. from sg myself

good luck!

Dear All, thank you so much I got quite a clear idea now..