Transferring Money from a Chinese Bank to a US Bank

[Doug]

What is this 500 US limit per day thing?

 

Agree It is important to find someone who knows what they are doing at the Chinese bank. One of the transferres we did took several days with people at one bank who were not sure of themselves but the others went smooth. Wife then transferred the sale of a home to her sisters account and I seem to recall a 50K US or what ever the equivelent was in RMB limit which is a Chinese law/rule or something. So her sister used another relative and then the last Tfer was with a friend. Lot of trust going on there to get the cash here. I don't recall why they used a dif bank each time. It took 3-4 Tfers to get all her money. After she bought the home here she had $$ left over and wanted to send it back. I pointed out the exchange rate thing and how it is not going in the favor of keeping it in China. Just sayin.

[Guest ExChinaExpat]

What is this 500 US limit per day thing?

 

Agree It is important to find someone who knows what they are doing at the Chinese bank. One of the transferres we did took several days with people at one bank who were not sure of themselves but the others went smooth. Wife then transferred the sale of a home to her sisters account and I seem to recall a 50K US or what ever the equivelent was in RMB limit which is a Chinese law/rule or something. So her sister used another relative and then the last Tfer was with a friend. Lot of trust going on there to get the cash here. I don't recall why they used a dif bank each time. It took 3-4 Tfers to get all her money. After she bought the home here she had $$ left over and wanted to send it back. I pointed out the exchange rate thing and how it is not going in the favor of keeping it in China. Just sayin.

 

A little over one year ago, China started even stronger restrictions about transferring money out of China. China has strong currency controls, which enables them to control the value of their money. It is possible to get special business exceptions to the standard 500 USD per day limit, but you will need a lot of help to get it done.

[Randy W]

What is this 500 US limit per day thing?

 

Agree It is important to find someone who knows what they are doing at the Chinese bank. One of the transferres we did took several days with people at one bank who were not sure of themselves but the others went smooth. Wife then transferred the sale of a home to her sisters account and I seem to recall a 50K US or what ever the equivelent was in RMB limit which is a Chinese law/rule or something. So her sister used another relative and then the last Tfer was with a friend. Lot of trust going on there to get the cash here. I don't recall why they used a dif bank each time. It took 3-4 Tfers to get all her money. After she bought the home here she had $$ left over and wanted to send it back. I pointed out the exchange rate thing and how it is not going in the favor of keeping it in China. Just sayin.

 

A little over one year ago, China started even stronger restrictions about transferring money out of China. China has strong currency controls, which enables them to control the value of their money. It is possible to get special business exceptions to the standard 500 USD per day limit, but you will need a lot of help to get it done.

 

That would seem to run counter to their policy of promoting the yuan as an international reserve currency.

 

Can't say that I've tried, though, and most likely never will.

Edited March 11, 2012 by Randy W (see edit history)

[dan1984]

Today I was on my Bank of China account page online. I discovered that you can actually make the international transfers yourself, right online.

 

I did not go through with it, as I'm not ready to make the transfer and have yet to gather all my information, but, it looked straightforward and simple.

 

I hope to try it in the coming days, and I will report back.

 

Dan

[Randy W]

I'm not enough of an economist to know how much this relates to the exchange situation, but here it is

 

 

 

Analysis:China offshore yuan market booms even as yuan bets fade

[dnoblett]

This topic has too many good tidbits it needs to be pinned, any other suggestions are helpful.

[Hunter68]

What will the IRS demand in taxes once you bring money back in the US. Has anyone experienced??

[dnoblett]

What will the IRS demand in taxes once you bring money back in the US. Has anyone experienced??

Nothing, there are no tax on transporting money into or out of the USA, just need to declare any amount above $10,000.

 

http://www.cbp.gov/xp/cgov/travel/id_visa/kbyg/money.xml

 

IRS is only concerned with income, moving money into or out of the USA is not income.

 

Income made overseas should be reported on your tax return (1040) each year, and if working overseas some or all income overseas may be exempt from being taxed.

[Guest ExChinaExpat]

 

What will the IRS demand in taxes once you bring money back in the US. Has anyone experienced??

Nothing, there are no tax on transporting money into or out of the USA, just need to declare any amount above $10,000.

 

http://www.cbp.gov/xp/cgov/travel/id_visa/kbyg/money.xml

 

IRS is only concerned with income, moving money into or out of the USA is not income.

 

Income made overseas should be reported on your tax return (1040) each year, and if working overseas some or all income overseas may be exempt from being taxed.

 

 

It depends on where the money came from. If it's income from work in China, or was subject to any China tax, then you cannot be taxed again by the US, at least up to certain amounts.

 

See: http://www.irs.gov/taxtopics/tc856.html

 

If you need to transfer a large amount of cash from China to the USA, there is a law in China that allows a Chinese person to transfer up to $50,000.00 USD per year to a foreign bank. If you have a large amount that is in excess of this 50K, you can recruit Chinese citizens to assist you. To complete this, you will need a savvy Chinese interpreter, familiar with Western culture and Chinese banks. The process may take a couple of hours, but gets the job done.

[Randy W]

I split the tax information off to a separate topic (Form 2555 vs. Form 1116) - http://candleforlove.com/forums/topic/46273-form-2555-vs-form-1116/

[Beachey]

My wife asked me to look into this, I found you can actually do this through PayPal (with a 3.9% fee) and BitCoin if you are in a speculative mood.

 

http://tutorialgeek.blogspot.com/2012/11/the-easiest-way-to-transfer-money-from.html

 

But my question is has anyone ever tried to take money out of Bank of America ATM using a China Construction Bank Card in the US. Are there any fees involved?

[Randy W]

My wife asked me to look into this, I found you can actually do this through PayPal (with a 3.9% fee) and BitCoin if you are in a speculative mood.

 

http://tutorialgeek.blogspot.com/2012/11/the-easiest-way-to-transfer-money-from.html

 

But my question is has anyone ever tried to take money out of Bank of America ATM using a China Construction Bank Card in the US. Are there any fees involved?

 

 

There is a 3% fee going the other way. I imagine there's a fee going this way, also - if it's even possible. I think it WAS possible at only a few ATM's around San Francisco.

 

There may be some possibilities with Union Pay.

 

The partnership between CCB and BofA is all but non-existent.

[rchilde]

regard

 

My wife asked me to look into this, I found you can actually do this through PayPal (with a 3.9% fee) and BitCoin if you are in a speculative mood.

 

http://tutorialgeek.blogspot.com/2012/11/the-easiest-way-to-transfer-money-from.html

 

But my question is has anyone ever tried to take money out of Bank of America ATM using a China Construction Bank Card in the US. Are there any fees involved?

 

I can only answer using BoA card in China; there were no fees and the currency was converted using BOA's rate for the day (which I believe is a running lowest exchange rate for the week or some period of time). It was seamless, easy, and I let my wife take my BoA card to CCB where she used it at the ATM.

 

I can't speak to using CCB Card at Bank of America (in the US) but I'd imagine the process might be the same or easier and there shouldn't be any fees given the reciprocal relationship the banks have (along with Bank of Nova Scotia in Canada, and a few others. ...). In fact, this was the principle reason I even got a Bank of America account - the reciprocal relationships with foreign banks (ie, no fees).

[Randy W]

regard

 

My wife asked me to look into this, I found you can actually do this through PayPal (with a 3.9% fee) and BitCoin if you are in a speculative mood.

 

http://tutorialgeek.blogspot.com/2012/11/the-easiest-way-to-transfer-money-from.html

 

But my question is has anyone ever tried to take money out of Bank of America ATM using a China Construction Bank Card in the US. Are there any fees involved?

 

I can only answer using BoA card in China; there were no fees and the currency was converted using BOA's rate for the day (which I believe is a running lowest exchange rate for the week or some period of time). It was seamless, easy, and I let my wife take my BoA card to CCB where she used it at the ATM.

 

I can't speak to using CCB Card at Bank of America (in the US) but I'd imagine the process might be the same or easier and there shouldn't be any fees given the reciprocal relationship the banks have (along with Bank of Nova Scotia in Canada, and a few others. ...). In fact, this was the principle reason I even got a Bank of America account - the reciprocal relationships with foreign banks (ie, no fees).

 

 

This agreement was terminated in 2013 -

BofA Sells Stake in CCB

 

The BofA now tacks on a 3% foreign transaction fee

[griz326]

Are there any updates to this topic?

 

My wife tried to send a wire to her US bank account and both times the transfer failed. We had all of the transfer info listed in this thread, but no joy.