Money Matters

[shalaowai]

Hi, Just a few questions about handling money situations.

 

My Fiance will be coming here to the U.S. from China in the very near future. We are trying to figure out some ways to handle the issue of bringing or transfering money To the U.S.. We are trying to figure out some options.

 

I realize that we can each carry up to ten thousand USD through the US port of entry. That is the limits posted on US customs web site. that doesn't mean we will be carrying that much, but I am just mentioning the limit of what is allowed.

 

What are some other options? what have you guys done?

 

Can She open a bank account here in the U.S. after she arrives? what does she need to be eligible for an account? is a social security card enough?

 

B)

[ed and ying]

No expert here - but you will most likely at minimum need SSN or TIN to set up bank account for your SO. The banks have obligation to provide interest statements, etc that you can use with the IRS.

 

Carrying cash is a option - but some risk.

 

I have used wire transfers with Bank of China, cost about $35 here in US. But they are quick and are safe. The funds could be transferred to your USA account. Just ask your bank what is their "swift code" for wire transfer. With that info, your account number and the name on the account, your SO should be able to transfer funds to your account.

[lele]

Hi, Just a few questions about handling money situations.

 

My Fiance will be coming here to the U.S. from China in the very near future. We are trying to figure out some ways to handle the issue of bringing or transfering money To the U.S.. We are trying to figure out some options.

 

I realize that we can each carry up to ten thousand USD through the US port of entry. That is the limits posted on US customs web site. that doesn't mean we will be carrying that much, but I am just mentioning the limit of what is allowed.

 

What are some other options? what have you guys done?

 

Can She open a bank account here in the U.S. after she arrives? what does she need to be eligible for an account? is a social security card enough?

 

B)

Hello!

 

Here is one idea: It is possible in HK or Macao to convert RMB into HK$$. It is then very easy for the USC to then have these directly deposited into a bank account.

 

I do know that the Bank of China (Zhongguo YinHong) can do this as well, but there is a cap to the amount of money that they can change.

 

I know that each time you trade, you may loose a little bit, but if you want the US$$ fast, this may be a safe way.

 

Another way is to purchase traveler cheques with those now converted HK$$. I have seen people carrying these. They are like cash, in that they do not require a SSN/TIN, but unlike cash, they are safe.

 

Good luck!

[MarkLuvsShuPing]

The other option is that you could just have her send the money to me, I'll make sure it's taken care of. PM me and I'll give you my bank account number.

[tywy_99]

Hi, Just a few questions about handling money situations.

 

My Fiance will be coming here to the U.S. from China in the very near future. We are trying to figure out some ways to handle the issue of bringing or transfering money To the U.S.. We are trying to figure out some options.

 

I realize that we can each carry up to ten thousand USD through the US port of entry. That is the limits posted on US customs web site. that doesn't mean we will be carrying that much, but I am just mentioning the limit of what is allowed.

 

What are some other options? what have you guys done?

 

Can She open a bank account here in the U.S. after she arrives? what does she need to be eligible for an account? is a social security card enough?

 

You may bring into or take out of the country, including by mail, as much money as you wish. But if it's more than $10,000, you'll need to report it to CBP. Ask the CBP officer for the Currency Reporting Form (FinCen 105). The penalties for not complying can be quite severe.

[ghall20]

I asked that very question the other day when I was wireing some money to my honey.. all they needed was a permanment US address... Said they could also use a permanment address in China.. I explaned she did not have a s/s # and they said it would be no problem..

 

Like the above message there will be bank account instrest and things.. the bank will send you a statement to your pdrmenment address----there off the hook then---It's up to you to file taxes...