New To Suzhou -Bank Issues

Hi ImperiumVita

Welcome to Expat.com!

I hope other members will be able to help you.

All the best,
Christine

If you haven't solved your problem yet, I suggest you go back to the bank and speak to another person.  You may have to go to one of the major branch offices where the staff is more experienced and better informed.

You can tell them you want to convert your RMB's to USD's and transfer them by wire (or T/T).  They should be able to do the paperwork for you.  You'll need your US bank's routing number, Swift Code, your account number, and the bank branch address and phone number.  Your US bank can supply you that information to you.  It may be available online. You cannot send more than $30,000 in one day, or more than $50,000 in one year.  Smaller amounts shouldn't be a problem.  I know this from personal experience and by confirming this with a local business person.  I can't tell you what the exchange rates and banking fees will be for this, but you have to consider them as the cost of doing business in order to get your student loans paid.

You can also hold USD's and RMB's in the same account, but it will be up to your employer to pay you in USD's.

Thank you for the message Eli, that's reassuring. 

I did speak with my company about this and the lady in charge of finances has assured me something can be done.  She didn't go into detail but it sounded like it involved some paperwork so maybe its what you've described.  She hasn't asked for any of my US Bank info yet though it's probably just because I haven't got to my first payday yet.  It sounds like it will work out.

I came across this additional information while searching for something else.  I'm quoting from the source listed at the bottom of this entry.

"If you wish to transfer RMB from China into an overseas account, you will have to physically go to a bank branch (all of the banks discussed below offer this service) with your passport, your work permit and a contract from your employer vouching your employment and income. You will also need a letter on your company’s letterhead (and with your company’s stamp) verifying the taxes that you have paid on your income. This is a mandatory requirement, as you are not allowed to transfer any Chinese income for which you haven’t been taxed. In addition, you must bring your monthly pay slips, with your company stamp and government issued tax receipts. All of this is just to change your RMB into foreign currency. Next you will have to actually wire the money to your foreign bank, which is a lot easier – just provide the foreign bank’s details, including its routing number and your account number. This service will cost you some money (around 200vRMB) and take some time, but hey – nothing in life (or China) is easy!"

China's Banks Compared: Which Offer the Best Accounts for Foreigners?

Mar 01, 2011, by Andrea Scarlatelli, eChinacities.com   

echinacities.com/expat-corner/chinas-banks-compared-which-offer-the-best-accounts-for.html