How to get a large amount of money out of China
Jul 4, 2019, 7:13 pm
#76
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Making even a single transaction, in any amount, with the intent of avoiding a reporting requirement is a crime. Bringing in $9000 and not declaring it just because that's how much you have is not a crime. However, doing what is described above - bringing in $9000 in a single transaction because you want to keep the amount below the reporting threshold - is a crime.
Jul 5, 2019, 6:17 pm
#77
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OP - I have to ask: Who is, at this moment, the account holder?
Jul 6, 2019, 3:31 pm
#78
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If it's the bank wanting to see proof that your son is incurring expenses, that's !@#$% BS and just tossing another obstacle to prevent the money from leaving. Or is it the cousin wanting to see this (can't tell from your phrasing, but none of his business either.) You shouldn't have to prove anything except that the son is the legitimate owner of the money now.
Jul 7, 2019, 6:29 pm
#80
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It should be common in cities for students going to the USA for college to need over $10,000 for tuition, so showing the admission letter will make the bankers see this as belonging to one of their normal and permitted categories.
Jul 7, 2019, 7:00 pm
#81
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Fixing your internet access issues should be a top priority for you. If you haven't done so already, get a local SIM, and connect it to wx pay so you can buy data whenever you need to.
Jul 8, 2019, 2:29 am
#83
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It is a more-than-you-think common problem - too many cooks.
You really need to deal with the person who can actually access the account.
Jul 8, 2019, 6:09 pm
#85
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GaryK: "Not trying to trash any relative of your late wife, seriously you really need to determine who you should deal with.
It is a more-than-you-think common problem - too many cooks.
You really need to deal with the person who can actually access the account."
It was extremely generous of them to give the money to my son. They are simply not financially sophisticated. Will give them a lot of space. I know sophisticated Chinese investors in the US who owe me favors (as a lawyer, I am always being hit up for free advice.) and I will run this by my friends.
Will mention that the person doing all of the heavy lifting in China (my cildrens' 40 yr-old cousin)was asking about how much cash could be taken out which was not something I wanted to hear.
It is a more-than-you-think common problem - too many cooks.
You really need to deal with the person who can actually access the account."
It was extremely generous of them to give the money to my son. They are simply not financially sophisticated. Will give them a lot of space. I know sophisticated Chinese investors in the US who owe me favors (as a lawyer, I am always being hit up for free advice.) and I will run this by my friends.
Will mention that the person doing all of the heavy lifting in China (my cildrens' 40 yr-old cousin)was asking about how much cash could be taken out which was not something I wanted to hear.
Jul 8, 2019, 9:25 pm
#86
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Jul 8, 2019, 9:32 pm
#87
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It is not my wife's estate. It is their money that I gave to them 10 years ago to compensate them for helping take care of my very young daughter after my wife died.
Last edited by DaileyB; Jul 8, 2019 at 9:35 pm Reason: more details
Jul 8, 2019, 9:47 pm
#88
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At any rate, my guess is that the relatives consider it a return of your money, even if your interpretation is that you gave it to them so that = their money. They may be unsophisticated financially, but it seems that they are good honest people.
Jul 8, 2019, 10:06 pm
#89
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The fact that the account is in one of your relative's names may actually simplify things. I'm guessing you and the account holder won't need to visit the bank more than twice in order to pull off a wire, a withdrawal, or an internal conversion to USD. The latter might not be a horrible idea because you could get an ATM card for your daughter, and she could pull out USD when back in the US.
Jul 9, 2019, 1:15 am
#90
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Jie Jie, you are right my post was misleading and wrong in one respect. I apologise, but you will see that my mistakes don't matter to the question asked.
My wife was dying of liver cancer and returned to China in 2008 to be treated by Chinese doctors for a hopelessly large tumor. My daughter was 2 years old and I was alone in Cincinnati with no relatives. All concerned felt that my wife's large family could better take care of my daughter. I gave my wife a check, she cashed it and gave a new check written by her to the family. I took care of my then 7 year old son. The money was obviously to compensate them for feeding and housing my daughter for about 3.5 years.
I felt this long story was not relevant but by not telling it, I mislead some people. I had no idea they were going to return the money until several months ago. My daughter will be getting a large sum of money in the future which directly came from my wife, which partly explains the family's motivation.
My wife was dying of liver cancer and returned to China in 2008 to be treated by Chinese doctors for a hopelessly large tumor. My daughter was 2 years old and I was alone in Cincinnati with no relatives. All concerned felt that my wife's large family could better take care of my daughter. I gave my wife a check, she cashed it and gave a new check written by her to the family. I took care of my then 7 year old son. The money was obviously to compensate them for feeding and housing my daughter for about 3.5 years.
I felt this long story was not relevant but by not telling it, I mislead some people. I had no idea they were going to return the money until several months ago. My daughter will be getting a large sum of money in the future which directly came from my wife, which partly explains the family's motivation.
Last edited by DaileyB; Jul 9, 2019 at 1:16 am Reason: punctuation