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Q: how can i wire 5000us out of the country?
do they have the same restrictions in hong kong on wiring money? is there a bank of america in shanghai? can i just deposit it there?
12 years 23 weeks ago in Money & Banking - China
Hong Kong does not have the same restrictions as mainland China. If you wanted to save the HK run, you could give the cash to a very trusted local and let them wire it out for you. The rules are much more generous for them.
A slightly more expensive alternative is to use Western Union to send the money out.
Cheapest way will probably be through a bank wire, but you first need to change that RMB into foreign currency. There is no daily limit on how much you can wire out of China on a daily basis but there is an annual limit of $50k.
Here is the process if you have a BOC account.
Bring passport, have the money in China changed to USD at that bank, bring your bank book/card/etc, fill out some paperwork mostly in Chinese, but even the English is a bit confusing, suggest you bring someone or go to the bank when you have patience and time. If you have VIP the teller can usually fill out the forms for you, they do speak minimal English. First time shouldn't be hard, be nice to the teller and they will help you. As most people know, to get sh1t done here you have to "pai mua pi" or "kiss ***" to get what you want.
If your relatives lives in NY or Los Angles, you won't have a problem. here are their branches - http://www.boc.cn/en/aboutboc/ab6/200812/t20081216_494260.html
Their is a new method for a while now but only if you meet some requirements (see links). Most banks in the States now have a version of scanned check deposits that you can set up from either your PC or even your iPhone. You can buy a demand draft (hui piao) at Bank of China for about 100 RMB, take it home and scanned it into your US bank account. The process takes only a few minutes and the funds are credited and available immediately in your account.
The system automatically verify the amount you claim the check was for and add the amount immediately to your account available balance.
It is light years better than doing a wire transfer and cheap.
Here's a link for an online tutorial about how the service works:
bennyfulltrack:
And another link to the technical requirements: https://www.penfed.org/onlinebanking/do ... itinfo.pdf
You can only wire out 500 USD a day.
bennyfulltrack:
BS. Again do some homework before you write something. You can wire $50K in one time out of china. Even more if you have the proper documents. (tax papers and so on) You cannot wire more out than you earn and paid taxes on.
nevermind:
You're a fucking idiot. I wire money out of China EVERY MONTH and I've never been allowed to send more than 500 USD, asshole.
