Bringing money into the US

[pha]

My SO's family wants to send some money to the states with her. Anybody know the best way to get it converted and into the states without paying huge fees?

[pha]

I've heard a couple options. One is bring the money in cash, but it's over 10,000 and it will have to be declared at customs. I read something that it might draw attention, but would they really have a problem considering my SO is obviously moving to the states?

 

Another option is to wire the money. Anyone know about fees for wiring money?

[tonado]

http://candleforlove.com/forums/index.php?showtopic=9892

[C4Racer]

We just transferred $xx,000usd to China by wire transfer. The cost was $50usd bank charge. We got around 7.3rmb per usd exchange rate. Not as good as if you shop around and exchange in person, but just as good as most banks and better than western union. The exchage rate was the same as if I took a debit card and withdrew money from an ATM in China.

 

Check into how much her bank will charge for a wire transfer. It seems to be the easiest way. You just need Bank Routing Number, Account Number, Account holder name and address for the destination account. It only takes 1-2 days to complete the transfer.

Edited January 14, 2008 by C4Racer (see edit history)

[jim_julian]

I've heard a couple options. One is bring the money in cash, but it's over 10,000 and it will have to be declared at customs. I read something that it might draw attention, but would they really have a problem considering my SO is obviously moving to the states?

 

 

If you bring $10K or more in cash or other financial instruments you must declare it at the Port of Entry. It just involves filling out a form.

 

If you deposit $10K or more cash in your bank (some banks have a lower threshold) your bank will question you about the sources of these funds and then submit a report to the USG.

 

If the money was earned by your wife in a year previous to you and her filing income taxes together (married filing jointly) then taxes are considered to have been previously paid in China (no proof required) and the US does not tax what she brings.

 

As long as you follow the path above there are no problems.

[IllinoisDave]

If the money was earned by your wife in a year previous to you and her filing income taxes together (married filing jointly) then taxes are considered to have been previously paid in China (no proof required) and the US does not tax what she brings.

 

Jim,

What about the sale of property? If,for instance, my wife sold some property in China after she was already living here, would the proceeds of that sale be considered taxable income for us if we file jointly? Or would our gov't consider the taxes on that sale to have already been paid in China (no proof required)?

[MikeandRong]

Jim,

What about the sale of property? If,for instance, my wife sold some property in China after she was already living here, would the proceeds of that sale be considered taxable income for us if we file jointly? Or would our gov't consider the taxes on that sale to have already been paid in China (no proof required)?

 

Best to always talk with your accountant on this, but I would say yes. That being said, a loss on the sale would not be taxed as there was no gain.

[IllinoisDave]

Jim,

What about the sale of property? If,for instance, my wife sold some property in China after she was already living here, would the proceeds of that sale be considered taxable income for us if we file jointly? Or would our gov't consider the taxes on that sale to have already been paid in China (no proof required)?

 

Best to always talk with your accountant on this, but I would say yes. That being said, a loss on the sale would not be taxed as there was no gain.

 

Thanks Mike.

Yes, I'm quite sure there will be a loss given the current situation in China.

I'll be talking to my accountant very soon.

[pha]

Thanks for the information, but it still seems a little ambiguous. The international debit/credit card option seems like a good idea.

 

What about this 5000 dollar limit that some people are talking about? Anyone bring in more than 5000 recently? What if she brought in 5000 and I brought 5000 as well. (Since I'm still in China right now). Would that work?

 

There's good information in the links you guys provided, but it's all from a few years ago. Just wondering if anyone had a recent experience.

[Sebastian]

My SO's family wants to send some money to the states with her. Anybody know the best way to get it converted and into the states without paying huge fees?

 

There's also the wiring of money.

Called TT, or Telephonic Transfer, in China.

Not sure what you mean by 'huge fees', but it's gotta be

less than what Western Union Charges (and then you are limited to 2999.99 per month).

 

She'll have to go to her bank, and wire the money to your account in the USA. Other's have mentioned International ATM card - lets see what that looks like?

400 usd max withdrawal per day, 2.00 service fee each time.

10000/400 = 25 days,

25 * 2 = 50 bucks.

 

There may also be currency conversion fees, depends on the chinese bank and the type of account.

[tsap seui]

I've got limited experience with money FROM China, and for that matter TO China, having only Western Unioned a max of $7,500 to China with a $17 fee. Are the Western Union fees in China higher? I don't know. And, although, I may be testing Western Union's "limits" one day (maybe soon), I don't have a clue what their limits, into or out of either country, are now.

 

Has the $10,000 limit, carryed into America, been revised? Seems that would be easy enough to find out. If so, maybe Western Union or bank wire some money over and then carrry whatever the limit is.

 

tsap seui

[Randy W]

I've got limited experience with money FROM China, and for that matter TO China, having only Western Unioned a max of $7,500 to China with a $17 fee. Are the Western Union fees in China higher? I don't know. And, although, I may be testing Western Union's "limits" one day (maybe soon), I don't have a clue what their limits, into or out of either country, are now.

 

Has the $10,000 limit, carryed into America, been revised? Seems that would be easy enough to find out. If so, maybe Western Union or bank wire some money over and then carrry whatever the limit is.

 

tsap seui

Jim julian has reported on this - anything over $10000 must be declared, but there is no problem carrying it with you.

[tsap seui]

I've got limited experience with money FROM China, and for that matter TO China, having only Western Unioned a max of $7,500 to China with a $17 fee. Are the Western Union fees in China higher? I don't know. And, although, I may be testing Western Union's "limits" one day (maybe soon), I don't have a clue what their limits, into or out of either country, are now.

 

Has the $10,000 limit, carryed into America, been revised? Seems that would be easy enough to find out. If so, maybe Western Union or bank wire some money over and then carrry whatever the limit is.

 

tsap seui

Jim julian has reported on this - anything over $10000 must be declared, but there is no problem carrying it with you.

 

 

And that's what I seen on the card in planes for years and years of travelin' to other countries, Randy. I just wondered if something had changed in the last few months. The thread was startin' to look that way.

 

tsap seui