What are my options to take money out of China when leaving the countr

[unmepbmn]

Hi guys,

 

I work here in Beijing and I would like to know my options for taking my money out when I leave Beijing.

 

1. How do I get my money (income) out of China? If I am not mistaken, I am only allowed to carry 5K $ cash from China - while US airport allows you to carry in like what 10K $?

 

2. What would I need if it is allowed? Tax certificates?

 

3. Is bank transfer only way to transfer my money when I leave? If so, what is the limit each time?

I am a foreigner so I am sure there will be a lot of restriction for the transfer like 500$ per day or some couple of thousand if you have your tax certificates + employment verification letter.

 

If I am not mistaken even Chinese national are allowed to send like 50K $/ year only?

 

4. Can someone share the recent information on how much deduction they make in each side for incoming and outgoing transaction for different banks? I need info for sending money from China to US.

 

Thank you all.

 

[Randy W]

Talk to your (Chinese) bank to see what you can do while here in China. Find out what documentation (including your employment earnings) you will need to convert the money here. There are TWO steps involved - to convert RMB to USD, and to get the money to the US - NOT necessarily in that order.

 

You may be able to convert additional funds by enlisting family members - you may be able (yourself) to convert online. I have a USB dongle key for this purpose - they (China Construction Bank) tell me I can convert all I want this way (no $50,000 limit). CCB charges no fees.

 

You might ask about sending RMB to the US, although I expect there would be a 1 to 3% conversion fee.

 

Sorry I can't be more specific - I only take money the other way (USD to RMB).

[unmepbmn]

Hi Randy,

 

Thank you for your prompt reply.

 

I am sorry but let me confirm if I understand you correctly. Does this mean I do not have option to take the cash out from China ? (Cash being RMB or $ - doesn't matter, I can get help from Chinese friends to get this done)

 

I just happen to read your post on another similar topic:

http://candleforlove.com/forums/topic/46597-i-need-financial-advice/?p=609608

 

You mentioned about declaring to customs if you are taking more than 10K $, do you know where and how can I confirm if this can be the option for me.

 

Thank you!

[Randy W]

Hi Randy,

 

Thank you for your prompt reply.

 

I am sorry but let me confirm if I understand you correctly. Does this mean I do not have option to take the cash out from China ? (Cash being RMB or $ - doesn't matter, I can get help from Chinese friends to get this done)

 

I just happen to read your post on another similar topic:

http://candleforlove.com/forums/topic/46597-i-need-financial-advice/?p=609608

 

You mentioned about declaring to customs if you are taking more than 10K $, do you know where and how can I confirm if this can be the option for me.

 

Thank you!

 

 

No - my advice is to FIRST talk to your bank here in China to find out what your options ARE. If you can convert all RMB's to dollars, then you are unlikely to have any further problem.

 

Amounts over $10,000USD need to be declared at the US end.

 

You MAY be able to take RMB's with you, or wire ahead, and convert at a US bank.

 

YOU need to explore your options, and verify what you read. Like I said, I'm ONLY familiar with bringing money INTO China.

 

All earnings are subject to US taxation in the year they are earned - there is no additional tax on money brought back to the US.

[Randy W]

Currency / Monetary Instruments - Amount that can be brought into or leave the U.S.

There is no limit on the amount of money that can be taken out of or brought into the United States. However, if a person or persons traveling together and filing a joint declaration (CBP Form 6059-B) have $10,000 or more in currency or negotiable monetary instruments, they must fill out a "Report of International Transportation of Currency and Monetary Instruments" FinCEN 105 (former CF 4790).

 

[unmepbmn]

Thank you very much for all the info.