How to send RMB from China to the US?

[dvs7310]

I searched and found a couple of threads about sending US$ to China, but we are trying to wire RMB from China to the US. My brother in law wants to send us some money, but is in Xin Jiang on business for a few months. He went to the agriculture bank to send to us, but they told him he needs a foreign passport to exchange RMB for US$ and then to send. I remember once before someone mentioned their wife's family wiring money from China to the US, so I'm hoping for some expertise here. How does my brother in law exchange to RMB or can he just wire RMB and will it be converted at my bank?

 

Thanks

[turtle]

We are doing this now. Citic bank will wire up to 10,000 at a rate of 0.1%. You first need to convert it to USD, though. I don't think they'll do rmb.

[lele]

Someone posted a bank in Nanjing that will effectively convert RMB to US$ first, and then deposit that. However, the practice is illegal.

 

Technically, it is tough as a Chinese citizen to convert RMB into US$ inside of China, unless you own a business outside of China. However, there are a few easy ways, all needing to be done in person:

 

1. Go to Hong Kong, and trade for HK$ there. These are then tradable

2. Go to Thailand and trade for Bhat there

3. go to BJ or SH airport, wait for the next flight to arrive from Europe or the US, and offer to deal directly with the people coming off the flight before they hit the banks. Offer them a slightly better rate than the bank (but you may have to do this discretely. If you are friends, it is legal, but if not, I am not sure)!

4. In Vietnam, every gold shop near the boarder will gladly take RMB. They will then trade for US$. They only make a small profit off of each transaction. And now, since Chinese citizens can go to Vietnam visa free (so long as they cross by land), this is a new possibility, if you can speak Vietnamese!

 

As of January 1st, it should be legal to take up to 20,000RMB out of the country at any given time. And since Chinese people can get a visa to go to Thailand of HK really easily, these are ways to do it.

 

What other suggestions would people think of? Have people had problems converting RMB in HK or Thailand?

[dvs7310]

We've changed RMB many times in HK, this is never an issue. I've never been asked for a Passport in HK to change money either.

 

Since my brother in law is in Xin Jiang now, crossing the southern border isn't a possibility. He's closer to Kazakhstan and Mongolia than anything else, but I know he doens' t have a passport so couldn't go across the border there either.

 

How risky is the black market I wonder?

[turtle]

You can use the blackmarket people that hang out near the banks. Just make sure you go with a big group of friends/relatives. My fiancee's dad went and exchanged 10,000 before we knew it.

[tywy_99]

I searched and found a couple of threads about sending US$ to China, but we are trying to wire RMB from China to the US. My brother in law wants to send us some money, but is in Xin Jiang on business for a few months. He went to the agriculture bank to send to us, but they told him he needs a foreign passport to exchange RMB for US$ and then to send. I remember once before someone mentioned their wife's family wiring money from China to the US, so I'm hoping for some expertise here. How does my brother in law exchange to RMB or can he just wire RMB and will it be converted at my bank?

 

Thanks

To transfer any appreciable amount of RMB out of China is next to impossible for the average citizen, in fact, it is not permited in most cases. I think there is a set limit on how much RMB is allowed to leave China. I don't remember the details.

I checked before on this and got nowhere. I checked with banking institutes like Bank of America in Hong Kong and Shanghai and some of the other larger institutes. They all said the same thing. They only deal in corperate accounts and not individual accounts.

It was posted here at one time that you can take rmb's to HK and deposit them but that sounds easier said than done, and again, I didn't get anywhere with that idea either, as far as calling and inquiring about it. And if you could find a way, the bank fees to process, transfer and exchange the currency would be expensive.

 

I don't know if there is a way or not to do it, legally, especially if it is a large amount of money. China laws are strict concerning their currency.

[lele]

If you are considering the black market, then I *urge* you to try the airport method first! Seriously, just find any foreigner, and ask them privately. Offer them a slightly better rate of return than the banks would offer to them. It is easy. I know many people who have done this before.

 

Well, I guess it depends on how badly they want to trade money. From xinjiang to hanoi by train is only a 2 day's trip. It is much more slow than to the black market, but if you are trading anything really *large* the black market is more likely to either get you killed or thrown into jail.

[turtle]

I don't know, it seemed to go off pretty easily. They did it next to the main bank in town, so it was a fairly safe area. They actually went and deposited the USD into her account before her dad handed over the rmb, from what I gather. I would definitely have a chinese person do it, don't let them see a lao wai.

[lele]

I don't know, it seemed to go off pretty easily.  They did it next to the main bank in town, so it was a fairly safe area.  They actually went and deposited the USD into her account before her dad handed over the rmb, from what I gather.  I would definitely have a chinese person do it, don't let them see a lao wai.

ni shi wai guo ren ma?

[turtle]

dang ran

[tywy_99]

There is yet a legal way to exchange. If the first bank wouldn't do it for your brother-in-law, then try another bank, maybe his own bank that he deals with. Somewhere down the line, some bank will do it and he might even get a better exchange rate then the current 0.12

[turtle]

Ok, just got a correction. Citic will actually remit rmb directly to the US, they just needed proof of immigration (the k1 visa worked). You can remit a few times each year, but there is a time limit between transfers. Didn't have to use blackmarket. Also you can try Bank of China, Merchants Bank. Definitely not Agriculture though. Ok, dangerous when my fiancee is reading my postings

[lele]

dang ran

ni shi qingdao ren ma? ni ren wei qingdao piaoliang ma?

[lele]

Ok, just got a correction.  Citic will actually remit rmb directly to the US, they just needed proof of immigration (the k1 visa worked).  You can remit a few times each year, but there is a time limit between transfers.  Didn't have to use blackmarket.  Also you can try Bank of China, Merchants Bank.  Definitely not Agriculture though.  Ok, dangerous when my fiancee is reading my postings     

Yeah, I know that zhongguo yinhong does it, but I thought you were limited in total amount. What is the amount that they will transfer up to, and what is the exact exchange rate (is it 0.12, or 0.121, or 0.1207, etc.)?

[Chad&Tong]

We called HSBC in Hong kong and they said "exchange your rmb to hk dollar or us dollar at any one fo the numerous money changers in hong kong :i.e: the airport, or some banks or one of hundreds of legalized money changer "banks" and then you can open a no minimam personal savings account at HSBC which then can easily wire or transfer your funds to a bank abroad or simply, wire the money abroad to a bank."

 

US immigration allows up to $10,000 US in cash to cross the border. Anymore than that, and you have to get a special form signed an dsealed by some authorities. But who wants to travel with that much cash?

 

Chad