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-   -   How to get a large amount of money out of China (https://www.flyertalk.com/forum/china/1968561-how-get-large-amount-money-out-china.html)

garykung May 8, 2019 8:07 pm


Originally Posted by DaileyB (Post 31074772)
I hope someone has some suggestions as to how to move the money...

Long story short - you won't be able to move all money at once, due to China's policy on foreign exchange control.

I would not suggest anything beyond legal...


Originally Posted by DaileyB (Post 31078251)
I have several questions. One time about 10 years in the past, I received a check of about $12,000. However, the American bank wouldn't cash it because the Chinese bank had no correspondent relationship with the American banking sytem. (I might be using the wrong terminology) Has something changed or was I simply dealing with the wrong bank? [I seem to remember at the time it was difficult to find American banks that accepted transfers from Chinese banks -- maybe my memory is wrong]

It is a fairly complicated and costly process.

When a customer intends to cash a foreign check/cheque, the depositing bank will need to tender the physical check/cheque to the withdrawing bank for processing.

Because of all the complications and costs, not many banks are willing to do this.


Originally Posted by DaileyB (Post 31078251)
It seems like if you have the bank routing number and account number, you are in pretty good shape as is the case in the US. Don't know what the Swift No. is, so if someone could explain, I would appreciate it.

Routing number is for banks within the Federal Reserve System. SWIFT is for international banking purposes, which is a necessity for international wire transfer unless the bank can accept routing number.


Originally Posted by DaileyB (Post 31078251)
Also, I am sure everyone realizes that $18,000 cash might not be much for China, but in the US that much cash can cause problems. The Vietnamese mother of a friend was recently traveling to Vietnam with $24,000 cash, and it was seized by the US government. I obviously want to avoid that problem.

The U.S. law does not prohibit currency transportation. However, all transportation above valued USD$10,000 or equivalent must be reported to CBP by FinCEN Form 105 promptly. Your customs declaration is not sufficient (if applies).

Generally, there would be no seizure when you promptly report the transportation, even in a major amount. Seizure is generally a direct result of failure to report.

moondog May 8, 2019 8:15 pm


Originally Posted by garykung (Post 31081665)
The U.S. law does not prohibit currency transportation. However, all transportation above valued USD$10,000 or equivalent must be reported to CBP by FinCEN Form 105 promptly. Your customs declaration is not sufficient (if applies).

Generally, there would be no seizure when you promptly report the transportation, even in a major amount. Seizure is generally a direct result of failure to report.

His son will be an adult by the time he flies back, so he can take 9k on his own without the need to report anything.

889 May 8, 2019 8:55 pm

Making a series of transactions or entries/departures below $10000 to avoid reporting is in itself a crime.

moondog May 8, 2019 9:06 pm


Originally Posted by 889 (Post 31081785)
Making a series of transactions or entries/departures below $10000 to avoid reporting is in itself a crime.

1. Pull out the 18k in a single transaction
2. Keep 9k, and give 9k to the son

How is this a crime?

889 May 8, 2019 9:38 pm

See link above you quoted yourself.

And why on earth should they be taking steps to avoid reporting: what do they have to hide.

Myself, I think taking cash is a bad idea for all sorts of reasons. But if they go that bad route, just take and declare the whole amount, no funny business.

moondog May 8, 2019 10:09 pm


Originally Posted by 889 (Post 31081895)
See link above you quoted yourself.

And why on earth should they be taking steps to avoid reporting: what do they have to hide.

Myself, I think taking cash is a bad idea for all sorts of reasons. But if they go that bad route, just take and declare the whole amount, no funny business.

The fact they are father and son is not relevant because they are different people, and both are adults.

garykung May 9, 2019 12:31 am

I believe that the biggest problem is how you can get this money away from China, not how you can get this into the U.S.


Originally Posted by moondog (Post 31081683)
His son will be an adult by the time he flies back, so he can take 9k on his own without the need to report anything.

I am not sure entrusting a recent adult for this kind of money is wise.


Originally Posted by 889 (Post 31081895)
See link above you quoted yourself.

And why on earth should they be taking steps to avoid reporting: what do they have to hide.

Myself, I think taking cash is a bad idea for all sorts of reasons. But if they go that bad route, just take and declare the whole amount, no funny business.

The money is clean. So there is absolutely no reason not to report it.

But with this much of cash? Yeah...it is a bad idea.


Originally Posted by moondog (Post 31081966)
The fact they are father and son is not relevant because they are different people, and both are adults.

Not true.

In this case, because the father and the son will return separately. So it should be fine.

Nevertheless - CBP uses the same customs principal in dealing with this transportation - not $10,000/person, but $10,000/travel party.

DeepUnderground May 9, 2019 12:52 am

So many people confused about the USA 10 thousand dollar thing? I can travel with a million in cash if I wanted as long as I declared it and have a reasonable explanation.

JPDM May 9, 2019 7:02 am

People are making this a lot more complicated than it is.
1- you can carry more than $10,000 as long as you declare it.
2- Despite exchange controls (limit to convert to foreign currency is $50,000 much above the $18,000) there is no problem to wire transfer finds to US. I have several friends who do this regularly to pay for tuition for their kids in the US.
These are the two simplest options for the OP.

garykung May 9, 2019 2:37 pm


Originally Posted by DeepUnderground (Post 31082268)
So many people confused about the USA 10 thousand dollar thing? I can travel with a million in cash if I wanted as long as I declared it and have a reasonable explanation.

Because many don't actually travel in cash, but plastic.

Nevertheless - financial institutions routinely import/export currencies into/out of the U.S. So shipping millions of cash is no big deal for CBP, as soon as the money is clean and legitimate.

anacapamalibu May 9, 2019 3:34 pm


Originally Posted by moondog (Post 31081824)
1. Pull out the 18k in a single transaction
2. Keep 9k, and give 9k to the son

How is this a crime?

intent - state of mind......;)
  1. Section 5324. Structuring transactions to evade reporting requirement prohibited
(3)
structure or assist in structuring, or attempt to structure or assist in structuring, any importation or exportation of monetary instruments.

xooz May 9, 2019 3:51 pm

There is also the slight risk that US Border Patrol may decide to confiscate your money and declare that they suspect you of some crime. The risk should be small, but with cash, there is the risk of unwarranted seizure (temporary or permanent) that would not exist in a bank transfer.

anacapamalibu May 9, 2019 4:56 pm

https://cimg5.ibsrv.net/gimg/www.fly...81aa65eb9b.jpg
https://cimg1.ibsrv.net/gimg/www.fly...d96f36e72a.jpg

Originally Posted by xooz (Post 31084754)
There is also the slight risk that US Border Patrol may decide to confiscate your money and declare that they suspect you of some crime. The risk should be small, but with cash, there is the risk of unwarranted seizure (temporary or permanent) that would not exist in a bank transfer.

U.S. Customs and Border Protection

moondog May 9, 2019 10:21 pm


Originally Posted by anacapamalibu (Post 31084719)
intent - state of mind......;)
  1. Section 5324. Structuring transactions to evade reporting requirement prohibited
(3)
structure or assist in structuring, or attempt to structure or assist in structuring, any importation or exportation of monetary instruments.

If I were to give you 9k in hard cash, there is no way in hell that the US people would have a clue.

garykung May 9, 2019 11:05 pm


Originally Posted by moondog (Post 31085545)
If I were to give you 9k in hard cash, there is no way in hell that the US people would have a clue.

Don't forget that CBP has search authority at all ports of entry. In many cases, these incidents happen during a search.


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