Feathers268 Posted March 23, 2013 Report Share Posted March 23, 2013 (edited) Howdy Y"all,Jen just hit me with a question that I'm sure has surfaced here in the past but was never someting I thought I would need to care about, so here we go.With out getting specific, party A is planning a trip to China. Part of that trip is with the intention of going to the bank with the hopes of bringing a lot of money back to the US. Now we are talking, A LOT, of money. You know, you might use words like "hundreds" in front of "thousands" type money. Soooo, what are the implications of this? Where are things like taxes or tarrifs involved? If it were say a "gift" from say, party B, does that change anything?I am sure this has been delt with by someone here, so what can party A expect? And of course, being Chinese, party A feels the less amout given to crummy politicians, the better. (me too) If any nice folks from the IRS are looking at this, this is an academic exercise only. No real money is involved. Oh, and WHERE IS MY TAX REFUND! I FILED OVER A MONTH NOW! Edited March 23, 2013 by Feathers268 (see edit history) Link to comment Share on other sites More sharing options...
Randy W Posted March 23, 2013 Report Share Posted March 23, 2013 It shouldn't be a problem, at least not at the POE. Be sure to declare the money. I don't think there are any tax consequences, either. I think most people who have wanted to do that choose to wire the money, rather than carry it, but maybe someone will have direct knowledge of a similar experience. Link to comment Share on other sites More sharing options...
tsap seui Posted March 23, 2013 Report Share Posted March 23, 2013 Jim, this is a tough one. I had thought at one point Party C & D were going do something like this. WIth that thought party D did research on the matter. Research consisted of observing boarding proceedures for United Airlines in the Beijing International airport. They had every passenger place their carry-ons upon a table and they picked through them. Don't know if they still do, or not. Party D immediately thought of his large safari vest he bought in Australia. No good. It, and he, get run through the X-ray machine. Fear of bundles in vest as well taped to party D's body being seen, then questioned. I know party A is wisely not going to trust checked luggage. Party A needs some help from well trusted friends in country C to help in conjunction with party A to wire copious amounts of money, within the limits, to country A. Good luck to unknown parties. Our very wise and very wealthy uncle 2Mikes has written about this subject. He is the most intelligent man I know. If he doesn't see this maybe a PM would be in order. Party D is not above bending the rules from time to time but there are laws about how much money can be carried or checked in luggage per party going from country C to country A. While this challenge has been well pondered by party C and party D, things changed and the point became moot. Time. Take time Party A. Money, safely in country C bank is worth much more than possible loss of money and resulting trouble in country C airport. Party A needs help from friends and family in country C, during her trip, using wires to move loot. See what uncle 2Mikes says. I trust his sage advice implicitly. tsap seui Gee Wally, this reminds me of former drug dealing dayz using pay phones to talk in code. lol Link to comment Share on other sites More sharing options...
Feathers268 Posted March 23, 2013 Author Report Share Posted March 23, 2013 Wise words Randy and Tsap,I can safely say that party A has no intension of just carriing that much cash onto an airplaine, especially with her "pack mule" staying home on this journey. Now I have also learned that being that party A in the child of party B, they have direct access to the acount in Country C. (this is getting hard to keep track of) Any transfers will most likely be done electronically so they might look to relatives E,F,G,H,and I if needed. There is still time so the research will continue.Thanks Link to comment Share on other sites More sharing options...
Randy W Posted April 4, 2013 Report Share Posted April 4, 2013 I'm going through the FAQ's, and just came across this little "nugget" from Cerberus http://candleforlove.com/forums/topic/12212-shipping-goods-from-china/?p=148283 I should also mention money. Have you wife buy 24 karat gold with Chinese RMB. China is now seeking investors and the Bank of China now sells ignots of gold. One of Yin's friends is a bank manager there. She took both of us in and showed us how we could purchase $10,000 gold ignots. Gee, if only pigs had wings they could fly!!! $10,000. Who has $10,000 to toss around? However, there are smaller "denominations" available. Bring gold into US and then resell to jewelry stores in Oriential communties (e.g Koreatown, LA, Chinatown LAS or SF, VN communties.Not sure how (or if) applicable it is, but it might be worth considering. Link to comment Share on other sites More sharing options...
Feathers268 Posted April 5, 2013 Author Report Share Posted April 5, 2013 Wow Randy, that does look like a great idea. I'll mention it to Jen. If doing that is possible I'm sure Party A should be able to make that happen. Link to comment Share on other sites More sharing options...
david_dawei Posted April 11, 2013 Report Share Posted April 11, 2013 Why not just transfer the money to the US bank? Bank of America said they had no limit... so they accept anything sent... We just sent some, without any fee. http://candleforlove.com/forums/topic/43272-can-i-open-a-bank-account-that-works-in-both-the-us-and-china/?p=599223 Link to comment Share on other sites More sharing options...
warpedbored Posted April 11, 2013 Report Share Posted April 11, 2013 Transfering the money to the US is not a USA problem. The problem would be getting the money out of China. There is no limit as to how much money you can bring into the US as long as you declare it. China on the other hand doesn't like their wealthy citizens moving the money out of the country. Link to comment Share on other sites More sharing options...
Recommended Posts
Please sign in to comment
You will be able to leave a comment after signing in
Sign In Now