Teacher Resources News

Money Management

日期: 2017-07-20
浏览次数: 161
SDE Teacher Resources

How much money you might need, how to pay for thing in China, and how to send money from China to your bank account back home. 

Money Management

How much money should I bring to China?

We recommend teachers to save a 15,000-20,000 RMB to help with upfront costs.

What are some upfront costs of arriving in China?

1. Rent - 1 month upfront +1-2 months agency fee (7000-9000 RMB)

2. Health check- 450 RMB

3. Phone / Sim Card - 200 RMB upfront then 80-90 RMB per month.

4. Fapiao - 6 - 12% of rent to be paid upfront before receiving the fapiao.

5. Utilities - 100+ RMB per month depending on usage.
6. WIFI - 700 - 1300 RMB upfront (6 months - 12 months) + Service Fee 100-200 one time.
7. Passport / Social Insurance Photos - 20 RMB for Passport photos, then 65 RMB for the other photos for social insurance.
8. Residence permit - 400 RMB to be reimbursed by SDE afterwards.

9. Metro Card - 100 RMB upfront (45 RMB for the card & 65 RMB for credit).

10. Opening Bank Account - 10 RMB deposit.

How can I pay bills? 

Bills can be paid via bank ATM, WeChat or Alipay.

How do I handle taxes as an American abroad?

SDE will help with this. The United States practices tax equalization. Since the Chinese tax rate is higher than the United States’, teachers will generally only pay Chinese tax, deducted each month, and file a US return, with no payment due. Of course, if you have other forms of income, your circumstances may be different, and we encourage you to consult a tax professional.

Is Shenzhen an affordable city to live?

While Shenzhen is a modern city, it will be more expensive than smaller Chinese cities. However, it is still very affordable for those looking to save money. 

Is it possible to transfer money outside of China?

Yes, it is possible to transfer money outside of China. You can do an international wire from your bank or use western union. If you buddy with a Chinese local, they can help you transfer money back home quite conveniently.

How can WeChat connect to my bank?

Once you have opened a bank account, you will have to enter in WeChat your personal and bank information to link both accounts. Once completed, you are free to pay directly from your bank account via WeChat! Almost every store and person accepts WeChat pay.

How do I set up a local bank account?

As part of orientation, an English-speaking staff member will take you to the bank to help you open an account. 

Watch a video created by our teachers which goes over managing your money in China!

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