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Q: Options for transfering money from China to the USA
Hello All,
I recently moved back to Shanghai where i am working and living. Any ideas on the most efficient and economical ways to transfer money back to my States bank account?
Thanks
9 years 10 weeks ago in Money & Banking - Shanghai
no problem
just put it in my bank of Nigeria account and i will forward to you
silverbutton1:
haha, good one. seems i read somewhere that there are many people in Nigeria with millions of dollars to spare wanting to confide in total strangers to get their money out of that nation.
Welcome to ecc. If you use the search bar, you will find many answers to this question. The poster "icnif77" has had many threads and many good answers on this subject. Good luck.
There is only one way to transfer out money, go to the bank and do it there.
Do not let new accounts know of any other way. It's like VPNs.
stick around, if china does not go broke first, you will be able to move the money by taking a train to vietnam, thailand, or singapore with in 5 years. the ferry from fujian to taiwan, a good chinese friend you trust (not LIkely) could move 50000 dollars a year to your account until they lose the foreign reserves and changed the amount or abolish the privilege, likely, money is leaking out of china everywhere now, like the titanic actually, but they have plenty of bodies to plug the holes for the survivors, we shall see .http://observer.com/2016/02/ten-reasons-china-failed-from-basic-gangsterism-to-parasitic-engagements/<
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interesting how kyle bass, a hedge fund manager had an article about china's money supply and you the same id name. kbass
expatlife26:
they're going to have a tough time plugging the holes because of all the conflicts of interest.
It's a situation where the people in power want the holes plugged...for everybody else. But not for themselves of course.
Because the reasons to jump ship...or at least to hedge your bets making investments abroad are just as apparent to the policymakers as they are to everybody else.
So everything you're going to see will be half measures to make it hard for people who have some money but not a ton to invest abroad while they big guys keep their own loopholes. Stop 100 guys from getting $50K out, but the guy with $5 mil isnt going to have a problem
Kbass:
Thanks for the input, I kind of figured that using my local Bank of Communications to wire transfer to my home bank was a safe play, I was just afraid of the exchange rate and service fees. Also, I’ve heard horror stories of the process of doing it at the bank. I’m sure its not as bad a people make it sound, I just figure there has to be a more simplistic alternative…I’ll continue researching the matter. Kyle Bass makes some interesting points and I tend to agree with him, The Chinese banking system is a fake. There growth has been so rapid for so long but the majority of it is stated in worthless loans and other sceptical wealth vehicles. I don’t know about China’s reserves though. Bad thing for me is that my salary in Shanghai is facing a risk of dropping up to 30% as the Yuan becomes devalued. I am already seeing the reality of this. Im not to fimiliar with Chinas monetary policy, but they better get active in increasing the money supply and supporting banks, a country wide panic would def set things in motion.
no problem
just put it in my bank of Nigeria account and i will forward to you
silverbutton1:
haha, good one. seems i read somewhere that there are many people in Nigeria with millions of dollars to spare wanting to confide in total strangers to get their money out of that nation.
There are about 4 (legal) ways to take out the money:
1. Your limit is to transfer 500 Dollar per Day-> go every day to the bank
2. If you show that you paid tax on your income, you can transfer as much as you have (if you earned it and paid tax that is)
3. Take 5000 Dollar Cash every trip to the us
4. Chinese Wife / friends: per year they can transfer up to 50000 Dollar. If it is a big amount they might blacklist you first and call why you want to transfer
Ways to transfer is easy:
Use BoC or ICBC, exchange rmb into forex and transfer it to your home. All can be done online. Except that you have to show your tax payments if you want to do it by yourself.
I just let my wife transfer....much easier
Western Union.
Although you will lose about 10% of the money you want to send. First you pay about 5% of the total amount for sending and then an extra 5% cut because of the shitty exchange rate they use.
