ÉÙÁÖ Posted October 28, 2012 Report Share Posted October 28, 2012 I am interested in knowing how someone can transfer large amounts of money from the U.S. to China (for investment), in the millions USD, with minimal fees, best exchange rates, etc. Thanks Link to comment Share on other sites More sharing options...
Randy W Posted October 28, 2012 Report Share Posted October 28, 2012 Check your exchange rate at a site like www.oanda.com Link to comment Share on other sites More sharing options...
2mike&jin Posted October 28, 2012 Report Share Posted October 28, 2012 Ok, so if this is a setup I'll bite anyway...... The question is not "how" to transfer money to China - the issue is "what" you can and can't do with it once you get it there. Your choices are limited, but the same as in the US, someone will be more than willing to take it away from you. Step One: Call your bank give them the Bank Account Number, Name, Address of bank and account holder, and the 13 Digit SWIFT NUMBER of the bank that you want to move the money to. (Note if you don't have a bank account number in China - I will be more than happy to give you my account number and you can transfer the funds there) (Also - if you do not have an account there - you can go to a US location of said bank and open an account that will transfer and handle things for you, i.e. BOC, iCCB, HSBC, etc) Step Two: Receive all your money which will be posted within 24-72 hours in your account in China, it will be in USD. As far as rates - there is a Published daily rate for transfer between USD and any other currency, the world-around the bank will not have a choice only you will have the timing controls - exchange when and where the need arises. FINISHED: Your USD is in China and is in the bank. Some can be converted, as the need might arise, within the current law. Converting back, also has similar restrictions. Some exceptions can apply. You should be fully aware of new US reporting requirements for foreign investment accounts, and I will assume if you have that much money you have consulted lawyers, accountants, and IRS compliance specialists to avoid "real issues". If you have not "Now" would be a good time to do so. Information you get here on the this board, from the likes of me, is partial, outdated, and at best tainted by personal experience and local color - your mileage "WILL VARY". Best of luck. Link to comment Share on other sites More sharing options...
antryg Posted October 28, 2012 Report Share Posted October 28, 2012 I'm sorry. I just find it funny that someone has millions of dollars to invest and comes to an online forum for advice. I'm just hoping to scrape together a few hundred dollars to send to my Qīzi. 1 Link to comment Share on other sites More sharing options...
knloregon Posted October 29, 2012 Report Share Posted October 29, 2012 I'm sorry. I just find it funny that someone has millions of dollars to invest and comes to an online forum for advice. I'm just hoping to scrape together a few hundred dollars to send to my Qīzi. ----Well, antryg, my first instincts ( since you admit to a bogus post) its that you are trying to cover up the far more important NYT post on the wealth of WJB. ---- I hope that isn't the case, but I call attention to the moderators ~ ! Link to comment Share on other sites More sharing options...
knloregon Posted October 29, 2012 Report Share Posted October 29, 2012 Ok, Listen to me, antryg, I'm going to give it to you bluntly, in American style, you SSOS --- I have read everything you have posted here: IMHO you are a plant, designed to mask the truth. Candle is ALL about the truth, so you have no place here. I'm the proud American Son of Party Members --- and they rely on me for the TRUTH from the free press which they can't get in PRC. Father was one of the First> He joined the Party long before you were born (and listend nightly to Voice of America) --- he joined to kill Japanese. But he fought for a better system (without corruption) than you are here trying to hide --- the corrupt system that has become WJB. I understand why the current PRC wants to hide Wen's fortune --- but that has no place here at the Candle ---- and neither do you. Link to comment Share on other sites More sharing options...
warpedbored Posted October 29, 2012 Report Share Posted October 29, 2012 Whoa here! I too read all of antryg's posts and saw nothing out of sorts. Perhaps you are confusing him with the OP who is new here. Link to comment Share on other sites More sharing options...
knloregon Posted October 29, 2012 Report Share Posted October 29, 2012 You're right Carl, stand corrected.. ... but the OP and antryg have much in common. All of it covers, like a (red herring) from the NYT's article on the extended Wen family fortune. Carl, as you know, (and others do as well) I'm no fan of the NYT's as it relates to reporting on China --- But they got this right, and it should not be buried --- not in China, and certainly --- not here at the Candle... Link to comment Share on other sites More sharing options...
ÉÙÁÖ Posted November 3, 2012 Author Report Share Posted November 3, 2012 (edited) I have heard that the maximum limit to transfer per year is $50k. So how does one transfer millions? It would take decades through normal transfer. What about writing personal checks? Edited November 3, 2012 by ÉÙÁÖ (see edit history) Link to comment Share on other sites More sharing options...
credzba Posted November 3, 2012 Report Share Posted November 3, 2012 I have heard that the maximum limit to transfer per year is $50k. So how does one transfer millions? It would take decades through normal transfer. What about writing personal checks? 50k is the normal amount without any exceptions.If you are buying property, or other expense that can be proven, I believe you can get an exception to convert larger sums. Link to comment Share on other sites More sharing options...
Randy W Posted November 3, 2012 Report Share Posted November 3, 2012 There are plenty of ways to get the money in - if you really ARE investing millions, you should already know how, and you'd also know not to be asking about it on a public forum. The Mechanics of Moving Cash Out of China Ms. Chu ran an underground bank, according to defense evidence cited by the Hong Kong judges, an operation that they said would match people who wanted to bring money into China illegally with those who wanted to get it out illegally. These strangers would deposit money in each other’s accounts — one inside China, the other in Hong Kong. Money doesn’t actually cross the border, making it difficult for regulators to track. Link to comment Share on other sites More sharing options...
knloregon Posted November 5, 2012 Report Share Posted November 5, 2012 " There are plenty of ways to get the money in - if you really ARE investing millions, you should already know how, and you'd also know not to be asking about it on a public forum." Thanks Randy. This thread represents the best of the Candle --- Even if the OP's original post "might" have been a cynical coverup ---- members step up to assist Link to comment Share on other sites More sharing options...
ÉÙÁÖ Posted November 5, 2012 Author Report Share Posted November 5, 2012 I have heard that the maximum limit to transfer per year is $50k. So how does one transfer millions? It would take decades through normal transfer. What about writing personal checks? 50k is the normal amount without any exceptions.If you are buying property, or other expense that can be proven, I believe you can get an exception to convert larger sums.My expenses can be proven. How does writing a check, using a cashiers check, compare with wire transfer? Any advantages or disadvantages? Link to comment Share on other sites More sharing options...
Randy W Posted November 5, 2012 Report Share Posted November 5, 2012 I have heard that the maximum limit to transfer per year is $50k. So how does one transfer millions? It would take decades through normal transfer. What about writing personal checks? 50k is the normal amount without any exceptions.If you are buying property, or other expense that can be proven, I believe you can get an exception to convert larger sums.My expenses can be proven. How does writing a check, using a cashiers check, compare with wire transfer? Any advantages or disadvantages? A cashier's check will need to clear. The wire transfer takes overnight because of the time difference. If you are talking about actually doing this, however, you NEED to know what you are doing. You DO NOT need any kind of approval from this board. Do you know that they will accept your Cashier's check? Link to comment Share on other sites More sharing options...
credzba Posted November 5, 2012 Report Share Posted November 5, 2012 I have heard that the maximum limit to transfer per year is $50k. So how does one transfer millions? It would take decades through normal transfer. What about writing personal checks? 50k is the normal amount without any exceptions.If you are buying property, or other expense that can be proven, I believe you can get an exception to convert larger sums.My expenses can be proven. How does writing a check, using a cashiers check, compare with wire transfer? Any advantages or disadvantages? I have transferred money many ways, but I think Mike&Jin is the expert. We sent money by personal check a few times. If the bank account your depositing to accepts both US funds and Chinese funds, the check takes about 2-3 weeks to clear before you can use the funds. If the account is old, and can't accept US funds, you can't deposit the check.I've never tried cashiers check, but since those can be forged, I expect they will have a similar delay on access to funds.Wire transfer moves the money overnight, as has been said, but once it took us a week to find out the account we wired the funds too was an old account, and could not accept american funds. The money made it back to us, but it was weeks of trying to figure out what happened. Any of these ways gets the US $ into an account in China, but they remain US$, and not much use until you can convert them to yuan. That's where the 50,000 cap comes in. Talk to your banker in China, and they can tell you what your choices are. If nothing else put up a sign on the street offering to pay 300 yuan to anyone who will use their ID to convert 50,000 for you. 20 people later, and 6000 yuan and your done ! Link to comment Share on other sites More sharing options...
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