Most cost-efficient method of remitting money back to S'pore

lizziechow

Member

Member since 11 July 2016

Jakarta

lizziechow

11 July 2016 13:22:12

lizziechow

11 July 2016 13:22:12

Jakarta

Hello,

I'm from S'pore, and will be moving to Shunde soon. My salary will be paid in RMB. I read several articles online that the Chinese government imposes rather strict regulations on outgoing currency, and foreigners face the challenge of taking their salary out of the country. I've also heard that it takes hours of sitting in the bank, and involves significant paperwork.

I was hoping anyone could share their experience with me and any strategies they adopt. For fellow S'poreans - has anyone requested they be put on a S'pore payroll or a be paid in SGD? Would CPF and other income tax complications arise? Would it be wise to set up a BOC account in S'pore first?

thanks!
e.

firmware

New member

Member since 20 November 2015

firmware

12 July 2016 07:20:37

firmware

12 July 2016 07:20:37

Hi From as far as I know in SG we can draw the money which we put into China bank.
The acct in SG even if its the same bank does not mean they are linked. Bank laws differ from country to country so they will be considered separate. If you employed by CN company they are not obligated to putting in CPF for you. However if its a SG co. by law they have to do this. Let me know if you need more information.