Converting RMB to USD

[RJZ+JCW]

Hi, does anyone know of a good way to convert large amounts of RMB to USD?? Bank of America will only allow me to "sell" them $3000 USD worth of RMB at a terrible rate of 0.1073, which is far lower than the actual value of 0.1344. With as much as a few ten-thousand USD worth of RMB to convert, this is a big deal.

 

BTW, I need to convert this money for my SO because she needs this money here in the US. Chinese banks don't like to convert RMB to USD without good reason and some financial business excuse.

[david_dawei]

Here are some threads (collected by Frank)...

 

 

Sending money to US:

 

http://candleforlove.com/forums/index....3b98d2a28aa1b14

 

http://candleforlove.com/forums/index....3b98d2a28aa1b14

 

http://candleforlove.com/forums/index....3b98d2a28aa1b14

[pkfops]

Have her use it to buy airtickets and cover other expenses on her side and then you can pay her back at the best rate in US$$$.

[Dan R]

The best way I know to convert currency is to buy something in China that you have a way to sell here. Items that do well are silks, sandalwood, jade, traditional items, musical instruments and many more. If you know the items and the prices you should be able to gain 70 to 100%. That is much better even after import duties than paying exchange rates.

[tywy_99]

My qizi converted all her yuans into dollars in China and got a great rate at doing so. Around 8.12 yuan to the dollar! I don't know how she did it, but she did! And has the bank receipts to show for it. So it was all "legal eagle!"

I guess you have to know the right people.

[LeeFisher3]

My qizi converted all her yuans into dollars in China and got a great rate at doing so. Around 8.12 yuan to the dollar! I don't know how she did it, but she did! And has the bank receipts to show for it. So it was all "legal eagle!"

I guess you have to know the right people.

Care to share a few of the intimate details?

[RJZ+JCW]

The best way I know to convert currency is to buy something in China that you have a way to sell here. Items that do well are silks, sandalwood, jade, traditional items, musical instruments and many more. If you know the items and the prices you should be able to gain 70 to 100%. That is much better even after import duties than paying exchange rates.

I like to sell fake Louis and Rolex's here. There are many people that really like to buy fake stuff here. My Rolex's sell out immediately

 

But, that's alot of loot to reach the goals we have. I appreciate all the comments, but we need to convert a large sum of RMB to USD. I'm talking enough to put a large down payment on a new car AND a down payment on our second house. My SO is very keen to contribute as much as possible, but it seems that the Commies have made it is difficult as possible. I am just shocked that there is no legal way for private citizens to exchange their hard earned money when they leave.

 

Maybe she can use her American Visa when she receives it to allow the bank to change her RMB to dollar??

[CR1togo]

Have you asked about depositing it in the Bank of America or China and gradually withdrawing funds from such??? Bank of China has two NY and a LA? branch. acw

[lele]

This is really easy to do...it just takes time.

 

There are two ways we found to do this:

 

1. go to the vendors who sit outside of the gong yinhong (you know which one it is). They always trade, but you do not get legal papers this way.

 

2. go to a country that DOES ACCEPT BOTH RBM AND US$. I recommend Vietnam or Thailand. Just go there, in person. Both are heavily dependent on Chinese Tourists and hence will gladly accept RMB. Then just trade from the local currency to US$.

 

there is a third way too...but we have never tried it:

 

3. go to a boarder town on the russian boarder. Most russians entering into China come armed with US$ and want RMB. Make a private transaction trade with them.

 

and a possible derivitive of 2 is to do the same in HK, but I am not sure if this is easily done or not...

 

Good Luck!

[pkfops]

OK...........

 

If she is in or near Beijing or Shanghai, CitiBank has Branch

offices in those cities as well as HK.

 

Have her open an account and your money will follow you around the world.

 

I've been with CitiBank for 25 years.

 

A good bank to have if you travel.

[RJZ+JCW]

For everyone's info:

 

American named banks in China are basically Chinese State controlled and can only handle business the same as any Chinese bank. That means, you need "official" reason to exchange money. I am a Bank of America customer, and I went to the BofA in SH last week, and they could not help me at all. They can't even access my BofA account. They could only "wire" the money to my account, IF I had a "official" reason, same as any other bank in China.

 

Likewise, China based banks in USA have very limited scope. Bank of China in Cali only handles business matters.

 

The solution is from my Chinese boss, he uses the black market also, like many have mentioned. He will introduce me to the guy that my company deals with, it's the only way I will "trust" one of those guys.

 

The fact is, Chinese Commies have the whole thing locked down. I don't see any "legal" way to fairly exchange money.

[yankie]

If you can bring your money to HK, the problem will be solved. But the bank will convert RMB to HK dollar first and then convert to USD. The headquarter of Heng Sheng Bank is a good choice which is located in the Central of Hong Kong Island. The bank will charge 50 HKD as service fee if you don't have an accounting in the bank.

[tonyontherock]

It is called foreign Exchage control.

In China there are three ways to get it legally out.

1). current account. For import and export.

2). capital account for investment, but subject to central government approval.

3). personal account, with valid visa, only a small amount.

 

Solution: Carrying the cash to HK is one way. It is illegal though.

PM me and I can answer your question.

[tonyontherock]

Just could not help it.

I just finished a memo on how to get $50mm out, legally. Hehe. But the transaction cost is high.

[pkfops]

Just get her a bank card for your account.

 

You will spend more than $3000 to get her here.

 

Cut the "Commie" crap and prepare for your SO.

 

You take $2500 from you account in the US it is reported to

the government.

 

The Chinese culture far out weighs the political goverment.

 

The "black market" thrives in the US every weekend.

Have you ever heard of garage sales?

 

Stay focused and bring your woman here.

 

Get real & screw politics.