Changing rmb to US dollars

[paulfmeier]

Thank you to everyone for their input. With respect to the choice of the bank, I cannot easily change that. Since Bank of Communications is the official bank for the company I consult with, they will not change where they deposit the money. Also, it would not be practical to add an additional step and move the money to another bank.

I do have official proof of income, but the steps to get a cashier's check include (1) an Expert Certificate, (2) a Contract, (3) a Salary Statement, (4) a tax Pay Certificate, and (5) a passport. (1), (3), and (4) are not provided by the company I consult with, so this process is also difficult.

I do pay Chinese income tax and this is taken out before I receive the bank deposit. It generally is around 20%. For US taxes, you get a foreign tax credit so this significantly reduces the amount of US federal tax. The state tax is not affected. One very happy note is that foreign income is not subjected to the social security tax, so I save the 14.3% earned income tax.

I did learn that the Bank of Communications has a gold card that can be used world-wide, so I will apply for that on my next trip to China. You need at least 5 business days to receive this card.

What I did on my current trip is to hire a private registered tour guide and have them exchange rmb to $10,000 for me. In addition, I can practice my Chinese and get a private tour of some of the Bejiing sites I have not already seen. They charge 500 rmb for an 8-hour day.

Finally, if anyone else has to do this and you carry more than $10,000 into the US, you need to have a FinCen-105 document to accompany your US customs declaration form and declare it at your point of re-entry.

[Marakanka]

Does anyone know how many USD a year a Chinese citizen can convert into RMB?