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Frequently Asked Questions about Money
1. How Much Money Will I Make and Save?
Here is what the document will look like, but the below image is static. (go here to change conversion ratio and % saved):
2. How Much Money to Bring With You？
"I personally don't bring more than $20 USD with me to China. I bring my ATM card and get cash from my US account at the ATM's in Beijing and the one on Campus. If you want to do this I recommend bringing a Visa debit card (I've never had problems using mine) and call your bank before you leave to let them know you'll be using it overseas."
"I think $150, which is about 1,143 RMB (Chinese) will totally be enough for you as you travel around Beijing the first few days and take care of you as you settle into your new home. If you want to start major decorating you might want to pull out more money when you get here. Seriously though, there's no need to actually bring a lot of money over here if you have an ATM card. To start out I'd just bring $150 and have the ATM or new friends :) who can help if necessary."
"I bring enough USD to assure I could get home in an emergency. Usually soon after arriving at [school] they will give you a partial salary to assist you in getting started. Or exchanging $100 should be plenty until your first pay check."
"In Beijing at the airport it is easy to exchange money. Once you get to the school you can exchange it at the local Bank of China as long as the bills are practically new and have no creases or tears in them. They are very picky about the money they will take."
"We were paid an advance of 500RMB when we arrived, which gave us a good start, and was plenty to cover our basic needs. When you get the first full paycheck, then you can start doing things you might want to make your apartment your home, like painting and buying lamps, etc."
"First take care of all the things you need (toiletries, toilet paper, cleaning supplies) then maybe spend some for decorating to make your room more home-like. Just be careful not to spend all your money before your paycheck."
3. How do taxes work?
Here are tips on filing taxes as an expat. (http://www.irs.gov/businesses/small/international/article/0,,id=97324,00.html)
Check with the IRS as to whether you qualify for the Foreign Earned Income Exclusion. (http://www.irs.gov/newsroom/article/0,,id=108276,00.html)
The US Embassy in Beijing offers some tax help.
Most teachers do not need to worry about taxes being withdrawn from their paycheck in China. Here's some info from Wikipedia:
4. Can I pay my bills back home from China?
To transfer money to America you would need to pay a wire transfer fee or have friends going back to America take your salary (converted to USD) to America to deposit for you.
5. What if I have student loans and other debt?
6. What is included in my salary? How do I get paid?
7. How does money work in China?
The Chinese currency is the Yuan (also called Renminbi, RMB). Roughly, one US Dollar = 6.35 Yuan
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