Originally Posted by Smiley90
(Post 31144499)
I'm rather confused here - my girlfriend's family keeps complaining that they have to physically fly to China to move money to Canada (they are Canadian citizens but still have money in Chinese bank accounts) and are thus restricted by the physical limit of how much they can bring in. In this thread everyone keeps saying that wire transfer wouldn't be an issue at all. Am I missing something obvious? And even if wire-transfer isn't possible, why couldn't they simply declare at the border?
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Originally Posted by tauphi
(Post 31144536)
Wire transfers are only possible if the money is in a foreign currency. You cannot wire RMB out. Also physical carrying capacity is limited by the Chinese exit customs. It's not as simple as just declaring it. You have to get a permit beforehand to get physical currency out when you exceed the limit.
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Originally Posted by Smiley90
(Post 31144542)
Ah, there you go. That's what I was missing. Thanks, that was readily explained. I'm guessing there's no easy way around it, such as simply converting RMB to CAD/USD WITHIN China and then wire-transferring it out?
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Originally Posted by Smiley90
(Post 31144542)
Ah, there you go. That's what I was missing. Thanks, that was readily explained. I'm guessing there's no easy way around it, such as simply converting RMB to CAD/USD WITHIN China and then wire-transferring it out?
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Originally Posted by tauphi
(Post 31147985)
You cannot just convert RMB to a foreign currency legally. Chinese nationals are allowed to convert up to a maximum of USD50,000 per annum. However, this has been tightened up significantly in the last couple of years due to the currency instability so even getting your fair share might not be straightforward. Foreign nationals can only convert USD500 per day without additional documentation.
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Originally Posted by Smiley90
(Post 31148133)
What if, hypothetically, they paid a consultant with a bank account outside of a china some arbitrary amount of money in RMB for work performed? Is that allowed?
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Originally Posted by garykung
(Post 31148303)
IIRC, this is what we call "money-laundering".
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Originally Posted by Smiley90
(Post 31148133)
What if, hypothetically, they paid a consultant with a bank account outside of a china some arbitrary amount of money in RMB for work performed? Is that allowed?
Basically, we need fapiaos for almost all money that comes out of our CNY account. When paying anyone who can't issue fapiaos, we use our HK accounts. |
Originally Posted by moondog
(Post 31148397)
Our accountant would have a cow if we attempted that.
Basically, we need fapiaos for almost all money that comes out of our CNY account. When paying anyone who can't issue fapiaos, we use our HK accounts. |
The OP's money is already in USD, and in a personal account.
As such, he has little to worry about. But, the idea of sending CNY to a foreign contractor shocked me. Maybe it's possible, but plan on getting grilled if you attempt this. |
Originally Posted by moondog
(Post 31149226)
The OP's money is already in USD, and in a personal account.
As such, he has little to worry about. But, the idea of sending CNY to a foreign contractor shocked me. Maybe it's possible, but plan on getting grilled if you attempt this. |
Originally Posted by tauphi
(Post 31147985)
You cannot just convert RMB to a foreign currency legally. Chinese nationals are allowed to convert up to a maximum of USD50,000 per annum. However, this has been tightened up significantly in the last couple of years due to the currency instability so even getting your fair share might not be straightforward. Foreign nationals can only convert USD500 per day without additional documentation.
There was recently a story in the SCMP where a retired People's Bank of China governor was recently turned down when trying to purchase and transfer 20,000 USD overseas. Reason given was he is too old. While that is not an official reason according to SAFE (State Administration for Foreign Exchange) this does show that converting RMB into foreign currency is not as easy as before for anyone. |
Originally Posted by moondog
(Post 31076129)
I want to add that $18,000 is NOT a lot of money by Chinese standards (e.g. a friend of mine changed Y30 million to USD in Shenzhen last year at one of those liquor store places in less than 30 minutes).
That having been said, I personally dislike wiring more than $10,000 at a time from here to US banks. Instead, I wire to my HSBC HK account. My real estate clients from mainland China have pretty much given up on moving any amount over their 50K limit to the USA and our market for real estate investments over here has dried up. I had my HK lawyer come up with a strategy using corporations and stock purchases to move the money out via HK with some light money laundering (ie, quick wash vs heavy soil cycle) but now HK is a full participant in blocking outflows from China into HK accounts without sufficient documentation, everyone figured it's just not worth it anymore. |
How about buying .9999 gold Pandas and carry those in your purse and declare them in the USA despite there being less than complete agreement if bullion coins are cash or not. It would only be 11 or 12 of them.
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Originally Posted by ricktoronto
(Post 31238755)
How about buying .9999 gold Pandas and carry those in your purse and declare them in the USA despite there being less than complete agreement if bullion coins are cash or not. It would only be 11 or 12 of them.
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