send money to usa

[happymoon]

hi

[tywy_99]

Let me elaborate on happymoon's post here...lol.

 

I posted a question on the "send money to china 101" topic about bringing RMB's out of China. Thanks for the reply, tparrent.

I am curious, is there a set limit on the amount that can be carried out of China or would I have to pay duty or delcare any amount above a set limit?

Can I open an account with, for instance, Bank of America in Hong Kong and deposit RMB's there?

I admit, I am lost on this subject about any rules or regulations, not to mention laws dealing with this sort of transaction.

Any info. would be appreciated.

Thank you

[gigibebe]

Hi tywy_99

 

Have you try to wire the money by international wire through bank of china. To another account in Hong Kong or USA I think the limit for a 24 hour period is 10,000 USD. If you dont have an account there have your fiancee or wife open one up. It is pretty simple.

 

As for limits of what you can carry out I heard in the past it is 5,000 usd total. unless you declare more when you enter china custom.

 

Hope this helps.

[tywy_99]

Thanks gigibebe, donahso...

 

According to the Administration of Foreign Exchange Control in China, for the type of visa(K3) applied for, the limit is 25,000 RMB that can be converted to USD. There's your 3g's, donahso!...lol.

 

Three International banks in Shanghai; Bank of America, Citibank, and Chase Manhattan all deal in corporate accounts only.

 

sidenote: one can deposit RMB's at a post office(up to 100,000 yuan) and with an issued card can draw at any post office in China. Seems like a safe and secure way to move about without carrying alot of cash.

[tywy_99]

Maybe you misunderstood me, donahso...

 

After reading your reply yesterday saying "...typically $3000...", well, that is basically what the authorities said! I was only acknowledging your comment.

If that had been a craps shoot then you 7-up'd on the out!

Of course, I know none of this procedure that we are all going thru is a game of craps,(although it seems that way at times.) Just my little metaphor to clear the air if you found my previous remarks offensive in any way.

I dont want to "crap out!" "baby needs a new pair of shoes!"

 

Of course, how does it go?, "Believe nothing you hear and only half of what you see?"

[happymoon]

wonderful!

[owenkrout]

An interesting side note is that the Merchants Bank in China has informed us that my Visa card that is through them can now be used in America and repaid in China in RMB. Previously I had to repay in the same currency that was charged to it.

[skrunks]

In the financial field myself...but only from the US side. I do not know chinese laws. At any rate, anything over $10k sent/rec'd in the US in a single day must be declared, as stated by others. There is a form for that. There is another form for carrying the funds yourself. If you need these, I can send you email copies. Anyone in the US who receives the money (bank, S/L, credit union, securities agency, etc) for you will be required to have receipt of that same form, even if the money is not carried but sent by wire. You can't break it up and send it $5K in one account and $5K in another to circumvent the regs. Otherwise, wihtout proper documentation, under the 2001 US Patriot act, a report of suspicious activity (SAR) is required to be filed by anyone receiving the funds (and they are liable if they do not do so -- hefty hefty fines plus jail time as an incentive) and your funds may be confiscated and you could be arrested as well. Customs looks for these kinds of things too. Ugly ugly. Once the feds have their hands on cash....well....good luck fighting that dog.

 

Also if you can't explain why you have a lot of cash on you, ie, no good reason to have the money, an SAR must be filed. It doesn't have to be $10K, it can be any amount.

 

Not trying to scare you! Just do things on the up and up and nothing will happen.

 

As others have stated, and for all the reasons I mentioned above, if you have money to transfer, do it by wire. Also, it is much safer and the funds will arrive, intact and ready for your own use. Just make sure you have the EXACT wiring instructions for the transfer and give those to the bank originating the transaction. You can get those wiring instructions from the receiving bank or financial institution here in the US. It can be a touch complicated, so make sure they are written down exactly as the bank requires.

 

good luck

[owenkrout]

Wiring money either to or from China can be a real pain. I have done it. Obtaining the numbers needed from the Chinese bank was a real ordeal. It probably would go much smoother from a Bank of China in Shanghai, Shenzhen, or Beijing, but my wife was living out in the sticks at that time. ("Little" city of only 100,000) There were fees assessed for receiving the money and for distributing it to her.

 

Sending from Bank of China in Dalian to the States was equally trying. Fees and multiple paperwork needed to convert the RMB to dollars. Fees for the wire and great confusion over how to do it. Literally took several hours to get funds wired out.

[tywy_99]

Sending from Bank of China in Dalian to the States was equally trying.  Fees and multiple paperwork needed to convert the RMB to dollars.  Fees for the wire and great confusion over how to do it.  Literally took several hours to get funds wired out.

Hi Owen,

 

I see you have experience on this. Difficult but possible? I have been trying to find a way that this can be done, RMB to USD.

So, Bank of China, maybe Shanghai branch? The money(RMB) can be converted and transfered by wire to USA?

This concurs with gigibebe's earlier post on this topic.

 

Thank you

[owenkrout]

Right now, you can only change RMB to dollars at the Bank of China. Not all branches can do so, only the main branches, but they can tell you where you will have to go to do it. It is a hassle and different branches seem to have different ideas of what paperwork is required. The Merchants Bank of China tells me that they will "soon" be able to do so also, but they have been saying that for two years.

 

Wiring the dollars to the USA can be done, but is a hassle. Again, only main branches of the Bank of China can do it. There are branches of the Bank of China in New York and San Francisco. I don't know if having an account there makes it any easier to transfer the money. Using them to wire money to China does not help speed up the process. It has taken up to a month for them to credit the funds to the account in China when I used them three years ago to wire the money.

[tywy_99]

Right now, you can only change RMB to dollars at the Bank of China.  Not all branches can do so, only the main branches, but they can tell you where you will have to go to do it.  It is a hassle and different branches seem to have different ideas of what paperwork is required.  The Merchants Bank of China tells me that they will "soon" be able to do so also, but they have been saying that for two years.

 

Wiring the dollars to the USA can be done, but is a hassle.  Again, only main branches of the Bank of China can do it.  There are branches of the Bank of China in New York and San Francisco.  I don't know if having an account there makes it any easier to transfer the money.  Using them to wire money to China does not help speed up the process.  It has taken up to a month for them to credit the funds to the account in China when I used them three years ago to wire the money.

I am grateful for this helpful information.

 

I thank everyone who has posted here. Now I have a much better idea on how to pursue this matter whereas before I was at a loss.

 

Thanks again!