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Posts: 372

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Q: The best way to get ¥273,000 out of China?

If it's all in cash, what would be the best way to get it out of the country? Convert the cash then transfer the funds to a US Bank account? How have you all done it in the past??

10 years 12 weeks ago in  Money & Banking - China

 
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Comments (18)
Posts: 1876

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Piece of advice for you: why don't you wait until you're actually in China and see how your employer treats you before worrying about how to move the vast fortune you've been promised? 

WanderingTeacher:

Because I need to know if I need to set something up here in the US before I go, that will be necessary in moving said "vast fortune". If I wait to see how my employer treats me, and I end up not having the proper channels in place on the off chance that said employer does treat me good and keeps his promises, then I will be sitting in China 2 years from now banging my head against the wall in regret and frustration asking myself why didn't I ask my eChinacities comrades how I should do this before I got there.

10 years 12 weeks ago
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Posts: 5732

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use a business card and get a bank of china account in hong kong, bank of china in hong kong allows direct deposit and uses 9 digit aba bank numbers, then you wire the whole amount at once.

if you know a chinese citizen you can trust, they can wire 50000 dollars a year out of china, but your are going to have a hard time anywhere you go in china to wire that much yourself.they sometimes look at your contract and say 70 percent of your salary only each year, sometimes they want proof your employer paid taxes on the salary you receive.

i had heard icbc will let you buy a certified cashiers check and deposit in america but could never confirm this.
my preference is the ferry to korea once a year and move the money to bank of america at the us military base in south korea or buy singapore currency at bank of china, large bills 1000 singapore dollar bills and take them to hong kong and deposit in hsbc or bank of china.
good luck with your choice.

WanderingTeacher:

Thank you!!! Question, I can freely go onto US military bases alone? The reason I ask is because the times I have done it before, I was with my sister, or another friend, who was currently in the army. So I assumed I could on get on the base if I was with them.

10 years 12 weeks ago
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bill8899:

Thanks! A real answer. Is it too much for him to ask? 

Thanks mace.

10 years 12 weeks ago
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10 years 12 weeks ago
 
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  I did this once in my shoe. 300,000 yuan and a fridge freezer. Piece of cake. Nobody batted an eye-lid. The cake got kind of squishy though.

bill8899:

Pointless.

10 years 12 weeks ago
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mArtiAn:

  What, my shoes? No, not at all. Point - y.

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Governor

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ok I have to ask how you came up with such a precise number? (¥273,000)

 

I think you'll be pressed for good answers because usually higher paid expats actually get their salaries direct deposit into foreign accounts of their choice (or at the very least into a HK account) so when they're never faced with how to move their money out because it was never in.

 

I also recommend the HK bank account route, however, it is much more difficult to open a bank account in HK than most assume.  You will need original copies of everything (passport, resident permit in China, contract, work permit) and some kind of ID with your home address on it, such as a driver's license.  Even then, you will still most likely have to go through lots of paperwork between you, your employer, the bank ,and local tax bureau for them to approve the transfer as the bank will need proof you are a) legally employed and b) tax has been paid on your income.

icnif77:

I applied for Credit Card at China Merchants Bank in Urumqi, few weeks ago. I had to submit all documents you're listing. Also, a lot of paperwork.

Last Friday, CMB manager asked me to copy two lines of Chinese characters (more than 40 characters) on the Bank's form. I'm not sure, what was the purpose of 'copying', unless she wanted to see, if I am frequent alcohol user.

Other condition for CC is 'one must be employed by the same Company longer than a year'.

10 years 12 weeks ago
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ambivalentmace:

dont mention your working when you go to hong kong, just tell them you need direct deposit thats not offered in china and have a legal document with your address in china, they usually look at the passport and dont ask about work unless you mention it first.

10 years 12 weeks ago
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mike695ca:

you need to have proof of adress to open up a bank account in hongkong. China is ok too. So if your trying to set it up before you go to china, then bring a electricty bill with you from your home country, must have name and adress. must be original, no copies

10 years 12 weeks ago
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WanderingTeacher:

That is how much I plan to have saved when I leave China and head back to the US.

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Posts: 561

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Easiest way is to deposit it into my account. I'm good for it man.

JacobJohn:

hahahahahaha LOL Yo, you rule man! LOL

10 years 8 weeks ago
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Posts: 915

Shifu

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A HUGE question. I'm in the same boat and will study your question after I get over the three-day NYE champagne and cava fog that I'm fighting at the moment. (That is, if Watson will permit me my post without his/her/it nailing me to a crucifix.)  (Oops! Forgot about the pre-dinner martinis last night...) 

icnif77:

Watson get abolished recentlyangel. You'd better do some DD here.

10 years 12 weeks ago
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Red_Fox:

Hey, icnif77! What do you mean Watson got abolished? Like in shoe polished? Zipped, stripped, and re-soled? Gone? 

10 years 12 weeks ago
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icnif77:

She was T. by the latest posters opinion. surprise

10 years 12 weeks ago
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Red_Fox:

@icnif77: Watson will be back with a new avatar and persona. Sparky, Matty, Traveler, whatever... A pest.

10 years 12 weeks ago
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icnif77:

I know, T. is Vanuatu native. I heard, he runs this place. Yeah, i have big ears.....

10 years 12 weeks ago
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10 years 12 weeks ago
 
Posts: 443

Shifu

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Are you Nigerian by any chance?

WanderingTeacher:

Nigerian? Definitely not. 

10 years 12 weeks ago
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10 years 12 weeks ago
 
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Governor

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open an account with the HSBC Bank before you leave and then you will have access to their branches in China, Hong Kong and across many Asian countries as well

WanderingTeacher:

Thank you.. I think this is definitely the best option. :-)

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273,000 rmb is fortunately less than 50,000 usd.  Take your trustworthy Chinese friend to the bank with you (Note: you should have accounts at the same bank).  Move the money into their account, and have them exchange and withdraw it as USD cash.  You'd be surprised how small you can roll up those benjamins into your carry-on luggage.*

 

*Disclaimer.  I myself have never carried more than $9,900 into the US on my person, which is no problem as the legal limit is $10,000 without having to claim it.  But I personally know someone who's carried $30,000 with no issues.  You might want to check with a local (US) tax professional.  Might be safer to just bring it as cash and claim it.  Since you would have been living in China the whole time, you'd be exempt from paying federal taxes on it.  You might still be liable for Social Security and Self-Employment taxes though, and depending on your state....state income taxes :(

Paulberger:

cooter is right.  if you bring it on the plane and claim it, you have to fill out a CTR.  a ctr is banking lingo for a currency transaction report.  its main purpose is to prevent money laundering and such.  since you (i hope) aren't hiding anything, this won't cause a fuss.  yes the government will know what you made it china, but lets be honest, its not a lot for two years of work. i traveled back to the states from singapore with about 23k and claimed it.  never heard anything about it again. 

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Governor

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Easiest way is to deposit it into any bank inside china ( i prefer ICBC) and link it with a PAYPAL account... ask someone at home(US) to help you draw all money via hongkong based paypal and they will directly transfer ur funds into ur US holder account may be ask ur friend at US to help u out.... 

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10 years 9 weeks ago
 
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Shifu

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Depends, do you have cash or the money in a Chinese bank? Or is this money you will earn in the future? I have 80% of my salary directly deposited into my US account by my company. I am responsible for the wiring fees that are charged. When I want to transfer money back from my Chinese accounts I get a Chinese friend to deposit it into their account and then wire it to me.

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10 years 9 weeks ago
 
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Weird question as it now transpires that you're only just heading out here now (from reading your other topic). Are you sure you'll be able to save that much on a teachers salary?

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10 years 8 weeks ago
 
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Answer of the DayMORE >>
A:  "... through ..."?  Only "through" comes to mind is "S
A: "... through ..."?  Only "through" comes to mind is "Shenzhen agent can connect you with an employer, who's authorized to hire waigouren ... and can sponsor Z visa." It's not like every 10th person you meet in Shenzhen's hood can sponsor work visa ...  The only way to change from student to labourer visa is just a regular way by: 1. Finding an employer, who'll apply for an Invitation letter; 2. Exit China and apply for Z visa in your home country's Chinese embassy; 3. Enter China in 30-days after Z visa was stamped into your travelling instrument ...As I am aware, you won't be able to switch to Working permit by remaining in China....,so make ready for a return to your home .... -- icnif77