How to get a large amount of money out of China
May 6, 2019, 11:43 pm
#1
Original Poster
Join Date: Jun 2009
Posts: 351
How to get a large amount of money out of China
In 2008, my deceased Chinese wife left what her family calls a Bill of Exchange in the amount of $18,000 in China for my son, who will turn 18 on May 19th of this year. They want to give the money directly to my son through a US bank (I am more than fine with that). I think they have it in a CD which expires on July 30, 2019 and want to transfer the money before that date. My son will be in China (Wuhan) from 7/6 through 8/4. I will be leaving 7/17.
I hope someone has some suggestions as to how to move the money -- Obviously, it will not be turned to cash. Thanks for any help that can be given.
I hope someone has some suggestions as to how to move the money -- Obviously, it will not be turned to cash. Thanks for any help that can be given.
May 7, 2019, 7:47 am
#3
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May 7, 2019, 10:03 am
#4
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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.
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.
May 7, 2019, 11:07 am
#5
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While that is a lot of money for your son, $Billions are wire-transferred daily. The easiest and safest way to accomplish this is to have whoever controls the account in China ask at the bank holding the funds what information it will require for a wire transfer and what its fees will be. Chances are that the cost is reasonable and the information will involve his name, address, a phone number, ABA routing number and account number. Most wires can be sent for payment immediately, in 4 hours or as long as 2 days. Unless he needs the money immediately, there is no reason to pay for expedited service.
Make certain that your son obtains the backup paperwork (that can be mailed/emailed) showing that this was part of your wife's estate and is a bequest. That may have tax implications for him down the road and it is best not to have to scramble for documents located in China should the need arise.
Make certain that your son obtains the backup paperwork (that can be mailed/emailed) showing that this was part of your wife's estate and is a bequest. That may have tax implications for him down the road and it is best not to have to scramble for documents located in China should the need arise.
May 7, 2019, 6:52 pm
#6
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While that is a lot of money for your son, $Billions are wire-transferred daily. The easiest and safest way to accomplish this is to have whoever controls the account in China ask at the bank holding the funds what information it will require for a wire transfer and what its fees will be. Chances are that the cost is reasonable and the information will involve his name, address, a phone number, ABA routing number and account number. Most wires can be sent for payment immediately, in 4 hours or as long as 2 days. Unless he needs the money immediately, there is no reason to pay for expedited service.
Make certain that your son obtains the backup paperwork (that can be mailed/emailed) showing that this was part of your wife's estate and is a bequest. That may have tax implications for him down the road and it is best not to have to scramble for documents located in China should the need arise.
Make certain that your son obtains the backup paperwork (that can be mailed/emailed) showing that this was part of your wife's estate and is a bequest. That may have tax implications for him down the road and it is best not to have to scramble for documents located in China should the need arise.
May 7, 2019, 10:47 pm
#7
Original Poster
Join Date: Jun 2009
Posts: 351
Thanks for the useful replies.
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 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.
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.
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 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.
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.
May 8, 2019, 1:01 am
#8
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Join Date: Dec 2000
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Thanks for the useful replies.
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 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.
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.
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 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.
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.
2. I still advocate withdrawing cash, and converting to USD (if it's not already in USD)
-you and your son could each physically carry 9k each
3. I rarely wire money from Chinese banks to US banks because I've had issues in the past
-these issues usually get resolved, but are kind of annoying
May 8, 2019, 1:26 am
#9
formerly known as 2lovelife
Join Date: Dec 2000
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I wire money every month. As a foreigner, there’s a stack of paper I need to bring each time to do it.
Chinese citizens can wire up to $50,000 annually. Without the above mentioned paperwork, I think foreigners are restricted to $500 per transaction.
Chinese citizens can wire up to $50,000 annually. Without the above mentioned paperwork, I think foreigners are restricted to $500 per transaction.
May 8, 2019, 6:55 am
#10
Join Date: Feb 2013
Location: China and Canada
Posts: 1,886
Best is to ask your bank in the US what information is required to wire transfer funds to them.
About the Vietnamese mother's experience, traveling with cash on you is a totally different matter. And even more of a problem if she failed to declare it. Limit is $10,000. Above this amount you need to declare it (in the case of cash on you).
About the Vietnamese mother's experience, traveling with cash on you is a totally different matter. And even more of a problem if she failed to declare it. Limit is $10,000. Above this amount you need to declare it (in the case of cash on you).
May 8, 2019, 6:58 am
#11
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Unless I am missing something, this is a Chinese national wiring money from China to a US bank. There should not be an issue. If the Chinese bank is able to wire the funds, it necessarily has access to the system. This is the value of the wire transfer vs. paper check. If the Chinese relative's bank is unable to wire, then the relative can find a bank which does.
There is nothing illegal about traveling with cash, the $18,000 must simply be reported to CBP on arrival and there will likely be questions about its source. Those seem entirely benign here and OP's son ought to have the documentation for the source anyway as he may need that later for tax purposes.
The starting point here is for the relative to ask the bank holding the CD in China whether it has the capacity to wire transfer the funds to a US bank and then what information it (the Chinese bank) requires.
There is nothing illegal about traveling with cash, the $18,000 must simply be reported to CBP on arrival and there will likely be questions about its source. Those seem entirely benign here and OP's son ought to have the documentation for the source anyway as he may need that later for tax purposes.
The starting point here is for the relative to ask the bank holding the CD in China whether it has the capacity to wire transfer the funds to a US bank and then what information it (the Chinese bank) requires.
May 8, 2019, 7:14 am
#12
Join Date: Oct 2014
Posts: 3,097
"There is nothing illegal about traveling with cash, the $18,000 must simply be reported to CBP on arrival . . ."
That amount of money must certainly also be reported to Chinese Customs on departure (and perhaps also to transiting countries) and it may very well also be necessary to get other approvals beforehand in China or risk confiscation. Look into this closely.
That amount of money must certainly also be reported to Chinese Customs on departure (and perhaps also to transiting countries) and it may very well also be necessary to get other approvals beforehand in China or risk confiscation. Look into this closely.
May 8, 2019, 10:32 am
#13
Ambassador: China
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1. For SWIFT codes, simply google the name of your bank, and include SWIFT in the search box
2. I still advocate withdrawing cash, and converting to USD (if it's not already in USD)
-you and your son could each physically carry 9k each
3. I rarely wire money from Chinese banks to US banks because I've had issues in the past
-these issues usually get resolved, but are kind of annoying
2. I still advocate withdrawing cash, and converting to USD (if it's not already in USD)
-you and your son could each physically carry 9k each
3. I rarely wire money from Chinese banks to US banks because I've had issues in the past
-these issues usually get resolved, but are kind of annoying
https://help.cbp.gov/app/answers/det...o-or-leave-the
May 8, 2019, 8:01 pm
#15
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Join Date: Dec 2000
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"Please be aware, if persons/family members traveling together have more than $10,000, they cannot divide the currency between each other to avoid declaring the currency."
https://help.cbp.gov/app/answers/det...o-or-leave-the
https://help.cbp.gov/app/answers/det...o-or-leave-the
@op If you visit the Chinese bank, and have reasonable confidence that they can pull off the wire in reasonable period of time, I suppose this might be the best option. However, if they seem clueless, pulling out the cash might make the most sense. That having been said, if you do pull out cash, you need to be sure you have a means to convert it to USD because CNY is almost (but, not completely) useless in the US.