Bringing Money to the US

[Guest bbridges51]

Greetings,

 

Previously, I had posted here that SuJuan was told by her banker friend that fiancees could bring $4000 USD to the US. With her son coming along, that would be $8K. However, as her travel date nears, she's been told by another bank that she would be allowed only $2,000 with her son being allowed to bring only $1,000, far less than we had anticipated.

 

However, if she has receipts showing she was given or earned USD, she could bring up to $10k.

 

Oh, the wheels are turning now.

 

Brian

[PJ]

Brian,

 

Where is it documented how much fiancees can bring into the U.S.? Do you have an official website that docuements this? I have been searching for this information. I thought it was 10K that you could bring into the U.S. without having to declare it, but I could be wrong.

 

Thanks,

 

P.J.

[Jatuke]

I remember this $4000K limit as well because my fiancee and I went into a Bank of China to inquire about exchanging money, and they stated that the limit to exchange the RMB to the Dollar is $4000K with a valid USA visa.

[bobmal99]

Was just told by a Chinese born friend living in Boston, the best thing to do is to wire not more then $4999 to a US account. If you wire more then $5000 China will want to tax any amount $5000 or over.

 

Sounds like a good way to me.

[owenkrout]

Don,

 

You've got it right. The Chinese government, in an attempt to limit the out flow of dollars, limits people to $2,000 exchanged from RMB per person. Right now you still have to exchange at the Bank of China is what we were told at my bank last week.

 

The $10,000 coming in is not a limit, you just have to declare it. It was originally for the purpose of having a way to tag drug dealers. I.E. What are you doing with all that cash and where did it come from?

 

Family is very close for most people in China. Prehaps she can open a joint account with her parents or a brother or sister and have them withdraw and send back $2,000 at a time. Or she can have them exchange $2,000 worth per person to cover what is left.

 

Also, maybe one could try one of the foreign banks that are now in Shanghai and Beijing (Citibank for one and Bank of America in Hong Kong) and see about how they would recommend handling the excess RMB.

[Joseph-1]

Owen you sound like Lynn. 2000 Dollars and 2000 Yuan are not the same remember. When did a chinese have cash like that? You must be rich.

[Q&Q]

It's very confusing.

 

I was told earlier by my banker friend that one could take up to $4,000 with one visa.

 

I went to the bank yesterday to get more imformation and they told me I could only exchange 2,000, and my son could only exchange 1,000(for children under 14). If i wish to take more with me, i'll have to get a certificate issed by the foreign currency administrative bureau(not sure about it's name in English ).

 

So I went to the foreign currency administrative bureau, they told me that the bank had told the right thing. One can take with him up to 10, 000, but he can only purchase 2,000 from the bank with his visa. If he wants to take another 8,000, he'll have to apply to get the permission from the bureau. After he applies, the bureau will investigate how he gets the money.

 

Hope i've said it clear enough so that you get it

 

I've found the rules and regulations in Chinese, here's the english version but i didn't found the exact page.

http://www.pbc.gov.cn/english/

 

Q&Q

[Guest Snowbeast]

This does not address the conversion, but if you have USD then here is the relevant section from the Customs site at

http://www.customs.gov/travel/visi.htm#Your Declaration

 

There is no limit on the total amount of monetary instruments that may be brought into or taken out of the United States, nor is it illegal to do so. However,

if you transport or cause to be transported (including by mail or other means), more than $10,000 in monetary instruments on any occasion into or out of

the United States, or if you receive more than that amount, you must file a report (Customs Form 4790) with U.S. Customs (Currency and Foreign Transactions

Reporting Act, 31 U.S.C. 1101, et. seq.). Failure to comply can result in civil and criminal penalties, including seizure of the currency or monetary instruments.

Monetary instruments include U.S. or foreign coin, currency, travelers checks, money orders, and negotiable instruments or investment securities in bearer

form.

[Guest Reedh]

I've been living in China for nearly 4 years now and as anybody here will tell you, if you need to exchange money, you don't go to a bank. Due to exchange controls, there is a thriving black market, allowing for easy exchanges to US dollars or HK dollars, the preferred currencies over here. While I would not recommend doing this on the street with the many dealers that hang out in front of the Friendship Store and even some banks, there are a number of reputable currency dealers that you can arrange an exchange with. My employer has to pay me in RMB and though they say by taking my contract, passport, and various other paperwork, I can exchange it at a bank, I find it much easier this way. My fiance and I have a man we've dealt with for a couple of years who will come to our home or office to conduct exchanges. Also, due to the recent fall of the US dollar, the exchange rate is very comparable to what a bank pays.

 

But do not have your fiance try taking the RMB to the US. I tried this a couple of years ago, and while many US banks will exchange it, the costs of doing so for them is so high that they have to give you a much lower exchange rate. When I tried it, they were going to give me about RMB 7.4:1 versus the rate in China of about 8.3:1. The only other option that I know of would be to have your fiance go to Hong Kong to exchange her money. That's the only place I know of that you can do an exchange for any amount at the China exchange rate.

[PJ]

Hi All,

 

I deleted a response here at the request of a member's fiancee.

 

Thanks,

 

P.J.

[Eric&Yuhui]

Hi All,

 

I deleted a response here at the request of a member's fiancee.

 

Thanks,

 

P.J.

God.. Was that yuhui ? ..

[PJ]

Umm ... nope ... it was a request for a single post to be deleted only.

 

Eric, when a girl asks me "please delete all my boyfriend's posts from your site", I'll figure that will be your gal.

[Eric&Yuhui]

Umm ... nope ... it was a request for a single post to be deleted only.  

 

Eric, when a girl asks me "please delete all my boyfriend's posts from your site", I'll figure that will be your gal.      

yeah.. she's jealous I have 10 thinggies I bet

[Eric&Yuhui]

Umm ... nope ... it was a request for a single post to be deleted only.  

 

Eric, when a girl asks me "please delete all my boyfriend's posts from your site", I'll figure that will be your gal.      

yeah.. she's jealous I have 10 thinggies I bet

WHAT??????? DID YOU CHEAT????????? [/

 

And yes James.. eat your heart out.. You no longer are the "I'm not only the President, but I'm also the (only) client" in the 10 thinggie club

[Guest enight]

oh ya!!!!!!! just notice Mr. Shark also has the full 'teeth' now! lol