To those who wants to convert money in China

I know that Chinese government applied strict rule on foreign currency circulation in China and I know that we don’t have a floating USD/RMB exchange rate but the government set the exchange rate. I can also see it when I made the operative planning for the company, the USD/RMB exchange rate has been very stable in the last 7 years and RMB is even appreciating against the USD in the last 2 years.

But never have I realized how difficult it is for a foreigner to convert their RMB into foreign currency!

I am referring to the foreigner who are currently working in China and receiving partial or full salaries in China.

Today I wanted to convert some money to USD for my Christmas holiday. I thought that I just have to go to the bank, bring my passport and my plane ticket, fill out a form and everything will be done quick and simple.

First, I had difficulties to get the correct form as the customer service in Bank of China doesn’t really speak English. After some body language, she handed me out a form to fill out. I waited in queue until my number was called and I went to the teller to tell her my wish and she gave me a surprise answer.

Apparently, there is a regulation to convert money more than USD 500 or equivalent. I will have to supply the following:

1.My monthly salary slip stating the fact that I receive salary for the service I provided in China and I am paying my income tax in China
2.Working permit (original and photocopy)
3.A statement from the Human Resources department in my company to issue a salary certification, legalized with the company stamp (I will blog about it later)
4.Passport and copy of residence permit
5.My official working contract

And..I can only convert to the maximum of my salary paid in China, means I cannot combine with others to save time on the procedures.

As I don’t feel like supplying my private data to a bank teller, I decided to just go there in some visits. After all, the bank is only located on the first floor of my office building.

PS: For tourists, you can change money at the money changer but remember to keep the receipt of the change. You can convert your money back to the original currency with proof of the receipt.

* RMB is Chinese Yuan Remimbi