On my first Footprints assignment in China I encountered some problems trying to close my account and convert my RMB to Canadian dollars. The bank wanted a variety of documents including my contract, pay subs and a letter from the headmaster of my school. Luckily my Chinese friend, who had accompanied me, arranged to do the transaction with her ID card. Last year I simply carried the money back and exchanged it to Canadian dollars in Canada.
I knew I would be returning to China in the fall so I kept my bank account open and simply had the balance transferred from Shijiazhuang, Hebei to Anqing, Anhui. I was able to retain my old bank card and was issued a new bank book for a mere 50 RMB.
If you need to transfer funds back to the West or have funds sent to you and don’t want to deal with a bank you might consider Western Union. These are located in most major cities, sometimes in major hotels. The fees are quite reasonable and the transfer is almost instant. My former teaching colleague resorted to this method after the Bank of China lost his funds on two occasions.
However officials at the Bank of China recently indicated to me that telegraphic transfer is both safe and efficient with the transaction taking 3-5 days . The minimum fee is 50 RMB with the maximum set at 260RMB plus the bank charges where ever you are sending the money to.
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