How to Transfer Salary (Money) from Wenzhou-Kean University (China) to (foreign) Home?
by Jeonghwan (Jerry) Choi2019. 9. 5.
반응형
How to Transfer Money from Wenzhou-Kean University (China) to (foreign) Home?
Living in China and transferring money to a foreign home can present certain challenges. However, with mutual cooperation, we can navigate this process smoothly. Here is a potential practice to facilitate and manage international money transfers effectively.
Prior to June 30, 2019, we experienced no difficulties with regards to salary disbursement and managing financial consultations related to tax, as we had unhindered access to all requisite tasks and documents through the Kean Payroll Portal.
However, since the responsibility for handling all salary and compensation-related tasks has transitioned to the local administration, we have faced several challenges and ambiguities. To address the challenge, we simply need to share our knowledge and the best practice here to overcome it.
Make a primary account that has no 'International Money Transfer' limit.
Firstly, establish a primary account that has no restrictions on 'International Money Transfers'. China has stringent controls on international money transfers, particularly from China to foreign countries. To facilitate this, you need to open a primary account with your Chinese domestic bank that does not impose limits on international transfers.
To do this, you will need to provide several documents, such as your passport, tax records from the school's finance department, and a Chinese domestic phone number.
You may need to visit the bank physically at least one time to make the 'No Limit' primary account.
Here is the information of ICBC Wenzhou HeadQuarter location.
No.99 Xiangyuan Road (opposite to Shangri-La Hotel) , Wenzhou Mr. Li's Phone number: 18658700005
Bank Tel: 0577-8887-7878
Once you open yoru limitless Internaional money transfer bank account, you can get a Check card.
From Sept. 01, 2019, Wenzhou-Kean University (WKU) directly deposits salary of (foreign) faculty members on 'Chinese Bank Account'.
Transferring money from China to (foreign) home is becoming faculty members' responsibility.
Monthly, A Chinese banks (ICBC) comes to campus and help WKU's foreign faculty members transfer money. But WKU faculty members need to be prepared to transfer money from a Chinese bank account to a foreign bank account.
ICBC Bank address: No.99 Xiangyuan Road (near Shangri-La Hotel), Lucheng District, Wenzhou 温州市鹿城区香源路99号 工商银行, Contact person: Mr. Li YiningPhone number:18658700005COVID Test requiredwithin 72 hours
For Bank of China user to make a transfer, please use the Li'ao Branch
BANK OF CHINABank address: 2nd Floor, Building A Chatang Huayuan, Li'ao Street, Ouhai District, Wenzhou. 温州市瓯海区丽岙街道茶堂花苑A幢2楼Contact person: YuliaPhone number:15067868575COVID Test requiredwithin 72 hours
[GUIDE] Transfer your salary to your home account (monthly or whenever you want) when the Chinese bank comes to the WKU campus.
Updated Necessary Documents (July 05, 2024)
Updated Necessary Documents (2020 after COVID-19)
The document that banks require for international transactions are:
1. Passport 2. Income Statement with Red Stamp (Salary information, Print & Get a Red Stamp from HR Department, WKH A-211) 3. Tax Certificate (Get it from https://etax.chinatax.gov.cn/ ) or WKU HR 4. Annual Contract with Red Stamp (Get it from WKU HR) 5. Transferring Foreign Account Information (Name, SWIFT CODE + Account Number, Address) 6. Chinese Bank Card (Please check the possible amount of International Transfer)
---- optional --- 7.Declaration & signature (Optional at Bank Site) 8.E-banking Tool (Only for Bank of China)
*Salary deposits on Every 5th day of month (12 months evenly distributed) without SARS/Time sheet (since Sept.2022).
* Tax Certificate is necessary every month to transfer money. It is available after every 15th day of every month at HR or by Oneself (Please see the belowTax Certificate Obtaining Procedure)
** Tax Certificate Obtaining Procedure (since July 2023 by WKU HR)
⚫ The password is your first name with the first letter uppercase+”123@”, e.g.: Alex123@ (Please watchout the pass is case sensitive, Capital or small letter) ⚫ If it’s your first time to get the Chinese tax certificate and don’t have the account or the password is incorrect, please contact Tiantian Huang from HR Office via Email: huangtiantian@wku.edu.cn , Office: A211, WKH
3. Enter the code on the text message that sent to your phone: 4. Click the menu button for tax certificate: 5. Select the tax period: 6. Download the tax certificate: 7. The certificate is password protected. The password for the document is the last 6 digits of the PASSPORT or other official ID number:
** Watchout: The Password is "Case Sensitive", please check out the Capital or Small letter!
*** Remarks: The password of the TAX Document is last 6 digit of Passport Number
*** Information: For Tax Work Delegration, You need to comple adn submit this document to WKU HR (annually)
*Please remember to get red stamp fromWKU HR forboth annual contract and month salarypay information from WKU HR. That is new policy from the banks from 2022 Fall.
** Example of "Red Stamps" on Income Statement (Salary pay stub)
** Example of "Red Stamps" on Annual Contract (Appointment letter with Salary information)
2023. 07. 17: The proposal to shift from a 12-month to a 10-month salary disbursement schedule for foreign faculty members has been suggested due to the challenges associated with transferring money from China to foreign bank accounts during the summer break.
The 12months distribution was practice in July 2022 by school admin side without disucussion with faculty members during pandemic situation .
==========
2023. 07. 17: The proposal to shift from a 12-month to a 10-month salary disbursement schedule for foreign faculty members has been emerged.
July 01, 2019: Initially Archived: Kean USA handed over all "People Management" including the Salary deposit affairs to Wenzhou side. Faculty members in Wenzhou campus get salary directly from Wenzhou campus via Chinese Bank Account.
[OPTIONAL] You can make a secondary account (10,000 RMB limited international money transfer) for Living Expenses in China.
Secondly, consider opening a secondary account for domestic expenses, which has a limit of 10,000 RMB for international money transfers.
Having separate accounts for international transfers and living expenses can help better manage your finances. The secondary account can be used for domestic expenses in China (e.g., Alipay, Taobao, WeChat pay). When you visit your Chinese bank, you can set up both the primary and secondary accounts simultaneously. This way, you can manage your 'International Money Transfer Account' and 'Domestic Transaction Account' separately.
Once your bank accounts are set up and you start receiving your salary, you can transfer your money from your Chinese bank account to your designated International Bank Account.
댓글