The money transfer headache
Everyone who has lived and worked in China becomes aware of the difficulty in sending money out of the country.
To begin with, there are no restrictions for foreigners wanting to send a maximum of $500 USD out of the country. Any currency can be transferred, you just need to calculate the amount equivalent to $500 USD. All that is required is a passport to complete this transaction, and time.
For amounts more than $500 USD sending money out of the country becomes more complicated. You will need your record of tax payments, passport, and some banks also require a viewing of the contract you have with your work unit.
Using Wise to transfer money out of China
The service provided by Wise can only be used by people with a Chinese work permit. Transferring money out of China for the first time using a Wise account does take some time to set up. Nevertheless, once the paperwork has been completed, transfers can be made completely online. Anyone who has tried wiring money out of China using the banking system will know how long the process usually takes. Time can be saved in the long run!
Step 1: Registering an account
The first step is to register an account with Wise. To open the website you will need to use a VPN. Although the home page of the website opens, nothing will happen when you try to submit your details. I have tried two VPN service providers. Click here to see what I use. Once you have entered your details into the Wise account, you will need to upload photos of both your passport information page and the residence permit visa.
Step 2: Downloading the income tax APP and registering at the tax office
The next step is to download your record of tax payments from the individual income tax APP that is now used in China. I have a Xiaomi cell phone, and was able to download this from the APP store. It is called 个人得税.
If you have never used this APP before, you will need to go to a local tax bureau to register. I live in Haidian District in Beijing, so ther nearest tax office is at: No 5. Zaojunmiao Road, Haidian, Beijing. The address and name in Chinese is: 海淀区第三税务所：北京市海淀区皂君庙路5号院内海淀区政务服务中心联想桥分中心. When I went there, I had to register a time online for an appointment. It took about half an hour to wait, and the customer service personnel took me through the whole process. They were closed at lunchtime (I think 12:00 – 13:30), so try to arrive in the morning or afternoon. I was then able to download JPEGs of my tax records and upload them to the Wise website.
The guide provided by Wise on obtaining a personal income tax record can be seen below:
Step 3: Transferring money out of China
There are two ways that I transfer money using Wise. The first is using a mobile banking. The second is using Alipay. Using Alipay will cost 100 RMB more than the using online banking with a Chinese account. The transfer fee is dependent on how much money is sent. If you are making frequent transfers, I would recommend using the banking app rather than Alipay just to save on the additional fee.
My first transfer took approximately two weeks because they needed to check my tax details before approval. After tax details have been verified, you do not need to upload it again until you have sent as much as you have earned in China. The transfers should also take one to two days once tax details have been verified.
Full disclosure: the link below is an affiliate connection. You will not be charged any extra money to use Wise, but I will be paid commission if you do sign up using this link. I do not recommend any service that I have not used myself, and will report my experiences as honestly as possible.
