Repatriating Money From China to Australia

[BawaBoy]

I'm not sure this has been covered, but I was wondering what's the best and most efficient way of sending money from China to my bank account in Australia?  I'm assuming my company in China will pay me in RMB to a locally opened bank account.

 

On a side note: considering the currency controls and RMB manipulation in China I can see why there would be such huge demand for bitcoin.

 

Any advice will be appreciated!

[atongmu]

if you are with a foreign company with many foreign employees they may set you up with an account with an international bank. that is the case for me and many of my contacts, that makes international transfer a little easier, only because the bank specializes in these types of transactions. Having said that I also have an account with a local chinese bank and they also do it. I just remember the first few times they were a little nervous as they hadn't had much experience with it. no doubt the rules are equally as strict. Either way, as far as my experience is concerned, it is a two step process, firstly changing RMB to AUD, and then remitting back to aus. Your bank needs evidence that you have paid tax on the funds you wish to transfer. In my case, I am limited to remitting 70% of annual earnings (as stipulated on contract) and need to provide official tax receipts. I don't know if this is a province by province rule or a national rule. So not sure if that applies to everyone or not. If you want to have a regular transfer back then you can also set that up so you dont need to go into the bank every time. Again it will depend on your tax situation and which bank you are with.

[BawaBoy]

Hi AT - great post. Thanks.

 

The company I will work for seem pretty good, so I'm sure I won't have any major issues.  I opened an HSBC account here as a back up anyway - they're pretty good as they have no fees