How to get a large amount of money out of China
May 8, 2019, 8:07 pm
#16
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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...
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.
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.
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.
I would not suggest anything beyond legal...
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]
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.
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.
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.
May 8, 2019, 8:15 pm
#17
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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.
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.
May 8, 2019, 9:06 pm
#19
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May 8, 2019, 9:38 pm
#20
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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.
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.
May 8, 2019, 10:09 pm
#21
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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.
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.
May 9, 2019, 12:31 am
#22
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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.
I am not sure entrusting a recent adult for this kind of money is wise.
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.
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.
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.
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.
But with this much of cash? Yeah...it is a bad idea.
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.
May 9, 2019, 7:02 am
#24
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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.
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.
May 9, 2019, 2:37 pm
#25
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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.
May 9, 2019, 3:34 pm
#26
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(3)structure or assist in structuring, or attempt to structure or assist in structuring, any importation or exportation of monetary instruments.
May 9, 2019, 3:51 pm
#27
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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.
May 9, 2019, 4:56 pm
#28
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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.
Last edited by anacapamalibu; May 9, 2019 at 5:08 pm
May 9, 2019, 10:21 pm
#29
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intent - state of mind......(3)
structure or assist in structuring, or attempt to structure or assist in structuring, any importation or exportation of monetary instruments.
(3)structure or assist in structuring, or attempt to structure or assist in structuring, any importation or exportation of monetary instruments.
May 9, 2019, 11:05 pm
#30
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