2/22/11

experience home bank

this is a new expat experience illustrating a process that is necessary. during Expo banking rules were relaxed. you could exchange local money to your country's currency without needing to present a lot of documents. presently the earlier rules apply. so in order to pay bills in my home country and fund my retirement account, i need to change my salary into US dollars. my salary is paid in one bank. i requested it in cash, which meant i was given five and a half big bricks. that felt as if i was running a retail store and needed to fill the cash registers. I then walked it to my bank next door, deposited it and started the conversion process. i showed up to the bank with my passport, my work permit, labor contract, pay stubs and tax statements showing that tax was paid on the income earned. when all of those documents were copied and the money counted, the money was exchanged. there is a limit to the amount that can be exchanged yearly, currently set around 65k. the whole process took about an hour and a half and needed be done during working hours. after the money was converted, it was ready for transfering. i usually do this in the internet to limit fees. this week i forgot my account password, so i needed to reset it. it takes about one week for the password reset, so i must wait.

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