Bringing Money to the US

[Guest enight]

this ain't a piranha !!! LOL... What do you do to them in China anyway??

Look at Amazon Brazil Pirahnas... they have about 67 times more teeth than your pic there... 

...we eat them! lol

 

at the first time my mom bought it back from market... I told her that's kind of fish eats bodies... she thought I was joking till they reported it on TV!

 

well, the meat was tender, tasty and less of bones...

[Guest enight]

Look at Amazon Brazil Pirahnas... they have about 67 times more teeth than your pic there... 

... I guess they have saved the rest of teeth for your fiancee's necklace ...

[Eric&Yuhui]

this ain't a piranha !!! LOL... What do you do to them in China anyway??

Look at Amazon Brazil Pirahnas... they have about 67 times more teeth than your pic there...  

...we eat them! lol

 

at the first time my mom bought it back from market... I told her that's kind of fish eats bodies... she thought I was joking till they reported it on TV!

 

well, the meat was tender, tasty and less of bones...

well Chinese pirahnas looks toothless to me... I brought back a dried specimem from Venezuala years ago ( stupid 5 dolars souvenir ) and mine has more teeth than my avatar

[Guest enight]

... I brought back a dried specimem from Venezuala years ago ( stupid 5 dolars souvenir ) and mine has more teeth than my avatar 

wowow, cool!... http://www.aquarticles.com/images/World%20Souvenir/sa1b.jpg

 

does it look like this one?

[Eric&Yuhui]

... I brought back a dried specimem from Venezuala years ago ( stupid 5 dolars souvenir ) and mine has more teeth than my avatar  

wowow, cool!... http://www.aquarticles.com/images/World%20Souvenir/sa1b.jpg

 

does it look like this one?

EXACTLY as this one !

[Guest enight]

EXACTLY as this one !

... go look behind the mirror in your living room... I have set a webcam there! lol

[lele]

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.

P.J.,

 

The $10,000 is an IRS rule enforced by US Customs. The US will let you bring in all you want. They only want to know if a material sum arriving.

 

China's currency policy is the problem in getting money out. There was a lengthy discussion on 001 about a month ago, so maybe one of the JJMMs will shed a little more light on it. As memory serves, the banks will only convert $2,000 worth of RMB without special permission and RMB is useless outside China because there is no way to convert it.

Hmmm,

 

Actually, there is another way to do this.

 

I happen to know many Chinese people here (such as students) who go back and want to get a better exchange rate than the 8.2149:1 that they get at the bank to purchase back their RMB to use once at home from the US$ that they have saved.

 

I believe that if someone wanted to make a private transaction to convert RMB to US$ at the bank-to-bank exchange rate of 8.21:1 that both parties would be quite happy. Furthermore, I know *MANY* *MANY* people in the US who are going back who would love to do this...

 

Also, one needs to be careful, as the US will slap a tax on you if you bring in too much too (I am not sure what is considered too much though).

[wolffjw]

This thread truly confused me because the answers all differ from each other, and, I have personally known someone who brought nearly $20,000 USD to Vancouver in 2000 (that was when she was married with one child).

 

She told me that people from China are only allowed to take money out of China one time. For her, she still had a lot more money in CHina but could not get it out.

 

-jim

[oregonknl]

There is something lurking in the shadows about the money issue that I think ALL of us should consider carefully ~!

 

As many of you know, PR China is under huge world market pressure to "float" the RMB.

Xinhuanet has had several recent articles indicating a "go slow" policy in this area, but acknowledging that this will eventually, be China's monetary policy.

 

This represents HUGE opportunites for our group~! (and I think guys like Portland Jim already see it) --- Jim is on record that his Juxin will not become a citizen, specifically so that they can do business in China together --- and I know some of you are buying real estate or apartments in China (held in your wife's or husband's name) --- all just SUPER good moves I think !

 

Here's why: If the RMB floats --- and I think we all know (and enjoy) the low prices in China, often ridiculously undervalued compared to the dollar --- so lets imagine that even after a modest float the RMB becomes 30% more valuable against the dollar --- very likely it could be substantially more --- then the pre-float dollars that were converted to RMB and invested in, say real estate are suddenly worth 30% more! Its not clear how China will allow that investment to be realized, since they probably will still have some restrictions about selling and converting to dollars --- but still, in the long run, world trade pressures will require China to eventually join the the fluid world money markets..

[lele]

There is something lurking in the shadows about the money issue that I think ALL of us should consider carefully ~! 

 

As many of you know, PR China is under huge world market pressure to "float" the RMB. 

Xinhuanet has had several recent articles indicating a "go slow" policy in this area, but acknowledging that this will eventually, be China's monetary policy. 

 

This represents HUGE opportunites for our group~!  (and I think guys like Portland Jim already see it) --- Jim is on record that his Juxin will not become a citizen, specifically so that they can do business in China together --- and I know some of you are buying real estate or apartments in China (held in your wife's or husband's name) --- all just SUPER good moves I think ! 

 

Here's why:  If the RMB floats  --- and I think we all know (and enjoy)  the low prices in China, often ridiculously undervalued compared to the dollar --- so lets imagine that even after a modest float the RMB becomes 30% more valuable against the dollar --- very likely it could be substantially more ---  then the pre-float dollars that were converted to RMB and  invested in, say real estate are suddenly worth 30% more!  Its not clear how China will allow that investment to be realized, since they probably will still have some restrictions about selling and converting to dollars --- but still, in the long run, world trade pressures will require China to eventually join the the fluid world money markets..

You make a good point.

 

For one, my darling and I have completely agreed that not only do we want her to keep her citizenship, when I am done with my PhD, I may try to apply for the Chinese Green Card to work there for a year or two in a University (if we can arrange for it). This way we can each work and live in a place, together for a part of each year, that we each can realize as a home. Does this make sense to people? Has anyone else done this?

 

I think that investing now, especially before the 2008 Olympics is a very wise decision for two factors. Firstly, they will not float the currency before then. Secondly, even if the float only changes the currency by about 5% (which is what the academics here at my university are saying), it will matter little, since after the exposure they get during that time period, a huge rise in demand will spur a huge increase in value for property.

 

My advice: keep away from Taiwan and regions in China close to it (such as XiaMen, although it is beautiful) and instead focus on Beijing or Qingdao (where the Olympics venues will be held). And remember, there are already huge influxes of Koreans and Japanese to be catered to, in addition to wealthy Chinese for businesses. For property, well, I would not want to sell, but today it is still affordable, if you choose well.

 

Thanks for your interesting insight into this! :-)

[king]

Hypothetically speaking, is there any problem with paying RBM to a trusted family member or close friend in China and then receiving US$ in the U.S. from a related person (done at at realistic exchange rate)? I have heard it is done between Middle East countries and the U.S.

 

In Hong Kong RMB can be exchange for HK$, I know for sure as it did it this weekend and later exchanged to US$ as there is convertablility or directly to US$, which I think can be done.

[oregonknl]

GEEEZZZEEE KING ~!

 

As usual, we are all relying on your expertese on these kind of issues!!

 

Arn't the PR China authorities going to be all over you (eventually) if they find out that you are laundering significant RMB amounts through HK dollars to US dollars ~???

[king]

Oregon:

A good point. Just passing what I know about. Not advice nor a recommendation.

 

I didn't say anything about laundrying money nor did I say you should do anything I mentioned. MAYBE THEY CAN DONE LEGALLY, IF you pay attention to the monetary limits imposed by China.

[shalaowai]

I talked with someone from my bank (bank of america) they said that if I bring in Chinese RMB to deposit into my acount they will do so at the rate set forth by the Gov. They said they have no control on the conversion rate.

 

My fiance said that some girls on 001 had mentioned travelers checks as an option for bring their money out of China.

 

Still trying to figure out a way for her to bring some of her money here to the US. more importantly, in a way that allows her to do so without losing to much of the value.

 

one minute we're talking about moving funds, the next minute it is fish stories. nice tangent. lol

 

[lele]

I talked with someone from my bank (bank of america) they said that if I bring in Chinese RMB to deposit into my acount they will do so at the rate set forth by the Gov. They said they have no control on the conversion rate. 

 

My fiance said that some girls on 001 had mentioned travelers checks as an option for bring their money out of China.

 

Still trying to figure out a way for her to bring some of her money here to the US. more importantly, in a way that allows her to do so without losing to much of the value.

 

one minute we're talking about moving funds, the next minute it is fish stories. nice tangent. lol

 

Get TC's in HK$. All they need to do is go to HK to trade their RMB into HK$. It seems that there are many services today that will allow this (the only trick is getting them to HK. If their Hukou is from one of the right 18 cities, it is a breeze). Then, getting HK$ TC's seem to be a cake. I have seen people with them all over the world.

 

Good luck and tell us if it works out! :-)