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Q: What's the best way to take cash RMB to Canada?
I've heard I'll be able to take a cash amount of up to $5000USD AND 20000RMB, but I've also seen OR 20000RMB. Can anyone confirm which is correct?
8 years 4 weeks ago in Money & Banking - Hangzhou
!.....here
It's OR. That is either 20000RMB in cash or 5000USD (or any other currency but no more than the value of 5000USD)
So far I've never been inspeced when leaving China. I doubt the fancy x-ray machinery at the airport can tell a brick of cash from a small notebook of cool Mao quotes.
Just use your unionpay card once in Canada. Though I've heard they're going to start applying an annual limit now to cut down on money being taken out of the country.
bojackhorseman:
You've done this? Any unionpay card can withdraw Canadian dollars?
Hotwater:
Not personally in Canada but from what I read on Wikipedia it works on the Discovery network.
https://en.m.wikipedia.org/wiki/China_UnionPay
i have used my unionpay card to withdraw local currency in Indonesia, Thailand, Vietnam, Sri Lanka, UK, & Italy. It wouldn't work in Ireland. Can be used in 141 countries worldwide but not all networks
Go to the business (main) branch of ICBC in your city and buy American Express traveler's cheques.
Bring all of your usual identity cards, passport, note from your mommy but you can get unlimited traveler's cheques or a certified cheque cut.
Sinobear:
Last time I did this (many, many moons ago, you could get 25K USD in AE Traveler's Cheques and up to 10K USD per certified cheque (takes at least 6 working days to clear your bank over the pond).
Sinobear:
I don't know how much they charge now...I paid a 3% service charge for the certified cheque.
China Merchants Bank Gold account with Visa/Mc ATM card.
No fee for purchases abroad with 'spot exchange rate' applied. Funds get deducted of Rmb holdings on the account.
Currency cash exchange in China by 'spot rate', no fee. (US$50k/year)
It might be some fee for ATM cash withdrawals abroad.
hi2u:
I used cmb gold card abroad, fee for atm withdrawal was less than 1%. Could only withdraw about 1600 Rmb per transaction.
if u have a bank account in canada just transfer it to your bank cheapest and easiest
Hotwater:
Not as easy as that. You need to show that you've paid income tax on any money you want to transfer and there is a limit
27pence:
You can exchange up to 500 dollars a day without showing tax forms. Or just get a local to do it for you - up to 50000 dollars （US）
bat22:
27 pence u are correct i do it all the time but my wifes nother does it
Hotwater:
I'll have to check this out with my bank, CMB, as I currently give my wife the money to transfer as she can do it all online, including buying Sterling first
A total of about 6.6K Canadian.
Don't worry about it.
Put it in your wallet and take it with you.
What is your actual question? Do you want to ship millions out, or your pocket change?
Just leave it in your Chinese bank, and use your Chinese ATM card to withdraw it in Canada.
I have been fighting/arguing with a Canadian bank for over a year now. It used to be simple to just transfer money back and forth, with very minimum fees.
the past year they have been using an intermediary bank, that is an undisclosed asshole that takes about 2%. who are they? why are they? good luck getting an answer.. ... they tell me they have the cheapest and best transfer policy of international funds, and they do, for what they charge. But they send it to somebody else to complete it, thus another charge. not their charge, so their bullshit is legal and of course it is written in the small print that they have no idea what the intermediary bank will charge.
ATM with a confirmed one time charge per transaction is the best I have been using for this past year.
going to Canada, just take cash, unless you got a ridiculous amount, and if you have that, use your business/lawyer.
