Originally Posted by
DaileyB
I have twist on this question. My two children (girl 11 & boy 15) have inherited approximately $3,700 each from their Chinese grandmother in Wuhan. Last summer their aunt asked if I wanted to take the cash back. I was afraid of dealing with $7,500 so I declined. Are children allowed to take this much cash back to the US?
I should mention there are weird logistics here in that my children spend 6 weeks in Wuhan with their aunt and uncle and return by themselves through the airline's unaccompanied minor program. Also, apparently the money is in some kind of certificate of deposit where they only have a week or so window to withdraw the money -- otherwise, it is reinvested in something I am thinking is like a CD. Depending on the timing and the circumstance, I am thinking that maybe myself and my son (very mature) could each take $3,700 back at the appropriate time.
I don't know whether there is any difference between adults and children, but is the money in RMB? The limit is RMB20000 (I don't know if the amount is different for children).
My suggestions:
* Unless your children are going to be there anyway, it doesn't worth it as it will cost you money just to get them there and back.
* During the window of withdrawal, move the money to another account regardless of whether your kids are there or ready to take the money. However, note that you may lose interest if the money sits in the bank for another year.
* Bring less money into China and withdraw some money anyway. They will use some in China and can always bring some back. You don't need to bring all back at once. You can leave some there for their next trip.