Money transfer from China

Felfirez

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Hello. I'm going to China for 3 years of work. Does anyone have any recommendations for transferring money back to SG monthly?
 

mngedo

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Hi hi ! You may refer to the other thread on “Gave China bank account- how to remit/transfer” there are some advices there.
 

Felfirez

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That is for transferring from SG to CH. I'm looking to do the other way round for sending money back to SG from China.
 

SibehHL

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Safest & most convenient way is to get your company to deposit your wages directly into your Singapore/or wherever account.

However, if above option unavailable, can consider transfer via bank but will have to provide proof of legit income, including income tax etc. It's quite troublesome.

Hand carry, not easy nowadays due to limited air travel but can carry up to USD 5K each time. Back before the COVID situation, I know of people who fly every weekends just to hand carry cash back... and I was sure they were exceeding the legit maximum amount each time :)
 

beanstalk6

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Do you have a WeChat Pay account in China? I know of people who top up their WeChat Pay and then in Singapore use WeChat Pay as E-Wallet. The exchange rate is acceptable, apparently.
 

Felfirez

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Safest & most convenient way is to get your company to deposit your wages directly into your Singapore/or wherever account.

However, if above option unavailable, can consider transfer via bank but will have to provide proof of legit income, including income tax etc. It's quite troublesome.

Hand carry, not easy nowadays due to limited air travel but can carry up to USD 5K each time. Back before the COVID situation, I know of people who fly every weekends just to hand carry cash back... and I was sure they were exceeding the legit maximum amount each time :)

Not possible as the company is using merchant's bank only.

I read of this but can't seem to find more details of it online anywhere.

Isn't that rather expensive, even in budget airlines fees? Plus 14hrs to and fro wasted each time just to carry USD5k each time. :s22:

Do you have a WeChat Pay account in China? I know of people who top up their WeChat Pay and then in Singapore use WeChat Pay as E-Wallet. The exchange rate is acceptable, apparently.

This can be done for a one or two time transfers. Its kinda in the grey area for now.


Anyway, I guess there's no convenient way other than bank transfer with proof of income and tax deductions. I've asked a few people working there and the methods are not consistent which is even more annoying. :s8:
 

SibehHL

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Isn't that rather expensive, even in budget airlines fees? Plus 14hrs to and fro wasted each time just to carry USD5k each time. :s22:

USD 5K is the legit maximum amount... But I heard stories of people managing to change RMB to Euros with people who has lots of Euros... :o :o

And later hand-carry up to 40-50K Euros back each trip. Not too much to carry since mostly in 200 or 500Euros banknotes and unlikely to be detected at the Chinese customs :(

But these are the good old days without quarantine & restricted air travel.
 
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