China customs cash declarations
Mar 20, 2017 | 5:04 pm
#16
Join Date: Nov 2006
Programs: MPC,CA,MU,AF
Posts: 8,171
Yes, there are Chinese versions of CD's. I assume the grandmother's money is in RMB instrument not USD. There is of course no point in bringing RMB back to the U.S. except as a last resort, to sit on until the next trip, or trade with a frequent traveler Chinese-American in the USA for dollars at a negotiated exchange rate close to full value. In China, the conversion process to USD by a foreigner does require their passports and I'm not sure if it will be allowed if they are minors. There's also going to be a limit on what can be exchanged back per day ($500 or $1000 at some major airports). Chinese citizens can get much larger amounts converted to foreign currency so it would be easier if the relatives did the conversion, if you wanted to bring the funds back to the USA. I personally wouldn't want to saddle a minor--even a mature one--with the responsibility of carrying that much currency back.
The most logical way to deal with this is is for you to set up a local account in your name (with ATM/Union Pay card access), deposit the cash in it, then access it during the annual trips to China for spending there. You can give the card(s) to your son to use. I am not sure if Chinese banks will set up an operating account for a minor though I'm willing to be corrected on this. This would require you to physically be in China. One of the relatives could also set up the account in their name and then give your son the card, but that is short of total control and requires some trust. Note: Union Pay is increasingly accepted in the USA at point-of-sale terminals, so paying for things in the USA with the Chinese account is absolutely possible now. This would make physical transfer of the cash by your son irrelevant.
The most logical way to deal with this is is for you to set up a local account in your name (with ATM/Union Pay card access), deposit the cash in it, then access it during the annual trips to China for spending there. You can give the card(s) to your son to use. I am not sure if Chinese banks will set up an operating account for a minor though I'm willing to be corrected on this. This would require you to physically be in China. One of the relatives could also set up the account in their name and then give your son the card, but that is short of total control and requires some trust. Note: Union Pay is increasingly accepted in the USA at point-of-sale terminals, so paying for things in the USA with the Chinese account is absolutely possible now. This would make physical transfer of the cash by your son irrelevant.
As far as UnionPay, there is a new high-end outlet in Livermore, California. I don't think the outlet is operated by Chinese but I may be wrong. It is nowhere near a Chinese community. They have big signs saying UnionPay welcomed there. There are probably equal number of Chinese tourists as locals there. So if you can get a UnionPay debit card in your name, you should be able to spend the money at certain places in US (but check with the bank).
Mar 21, 2017 | 8:46 am
#17
Join Date: Jul 2009
Programs: Delta Gold, silver, what yr is it?
Posts: 2,516
http://2016web.unionpayintl.com/arti.../3011563.shtml
Mar 21, 2017 | 3:10 pm
#18
Join Date: May 2009
Location: SIN (with a bit of ZRH sprinkled in)
Programs: KrisFlyer Gold
Posts: 9,606
If you're having some funds in China, I'd strongly suggest to keep it there (unless your urgently need the funds right now in your home country)
Chinese banks are still offering pretty nice interests (especially if you freeze the money for a fixed period)
The interest rate got a bit down over the years, but it's still WAY higher than the 0.0% we basically get in Europe (I think the US still has interest rates slightly above that, but still..)
I think over the last 10 years, I've had an average interest rate of roughly 3.x%. You can do the math yourself if it paid off or not
With the RMB gaining vs. most western currencies, I've also not just had a good interest onto it (vs. none), but also gained value in case I've to bring the money out of China (at least at the moments exchange rate)
Oh, and SHOULD something happen and you urgently need to get out of your country and "flee" to China, you're having some funds there ready. It's not a bad idea to have accounts with a few thousand €'s in a few countries, readily available, just in case something "big" happens.. (if you're not very tight on money, it is)
edit: I should read the second page before answering. My suggestions have more or less already been posted, so I'll just second the others
Chinese banks are still offering pretty nice interests (especially if you freeze the money for a fixed period)
The interest rate got a bit down over the years, but it's still WAY higher than the 0.0% we basically get in Europe (I think the US still has interest rates slightly above that, but still..)
I think over the last 10 years, I've had an average interest rate of roughly 3.x%. You can do the math yourself if it paid off or not
With the RMB gaining vs. most western currencies, I've also not just had a good interest onto it (vs. none), but also gained value in case I've to bring the money out of China (at least at the moments exchange rate)
Oh, and SHOULD something happen and you urgently need to get out of your country and "flee" to China, you're having some funds there ready. It's not a bad idea to have accounts with a few thousand €'s in a few countries, readily available, just in case something "big" happens.. (if you're not very tight on money, it is)
edit: I should read the second page before answering. My suggestions have more or less already been posted, so I'll just second the others
Mar 21, 2017 | 7:29 pm
#19
Join Date: Oct 2007
Location: Southeast USA
Programs: various
Posts: 6,710
As far as UnionPay, there is a new high-end outlet in Livermore, California. I don't think the outlet is operated by Chinese but I may be wrong. It is nowhere near a Chinese community. They have big signs saying UnionPay welcomed there. There are probably equal number of Chinese tourists as locals there. So if you can get a UnionPay debit card in your name, you should be able to spend the money at certain places in US (but check with the bank).