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Make
Squeeker
Joined: June 06, 2004
Posts: 15
Status: Offline
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  Posted:
Apr 03, 2006 - 07:55 PM |
 
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| Post subject: Moving out of shanghai, how to get my money out of China? |
Hi
I lived in Shanghai for a couple years and am now moving to Australia.
So I sold my property but now the next problem.
I can not wire my money to Australia because there is a 5000 USD limit.
Since the sale of my house gives me CASH money and not TRANSFERED money. Has any one an idea who to ask or contact about issues like this.
I am moving to Australia with the whole family and would like to solve this matter so I can buy a new home in Australia.
Hope some one has been in a simular situation and give me some advise.
With kind regards |
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geordanrobertson
Squeeker
Joined: Jan 09, 2006
Posts: 17
Location: Shanghai
Status: Offline
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Apr 03, 2006 - 09:36 PM |
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not sure if this would work, but I have heard of people getting around this by transferring the money from a bank in hong kong, since I don't think there is a USD limit. Again, not sure how factual it is, but hopefully it helps  |
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golddd2
Talker
Joined: Mar 08, 2004
Posts: 106
Status: Offline
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Apr 03, 2006 - 09:39 PM |
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How about depositing it all into an HSBC or Citibank RMB account and going to HK to wire it onto Australia as AUD? |
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Make
Squeeker
Joined: June 06, 2004
Posts: 15
Status: Offline
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Apr 04, 2006 - 10:00 AM |
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Thx for your response.
I have heard there are no limits in Hong Kong.
Just have to check if I deposit money in SHanghai if I can transfer the money to Hong Kong |
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Cybornut
Talker
Joined: Oct 20, 2005
Posts: 124
Status: Offline
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Apr 06, 2006 - 09:47 AM |
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Worst case scenario, get travellor's checks. Keep the numbers but burn the checks when you get home, then ask the offices to wire you the value to your AU account....
I think this is gray (not totally illegal, but not totally ethical). I haven't tried it myself but a few of my friends have... worth your while to check into if it's not a huge amount of money. Of course because it was from the sales of a house... |
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Michael
Moderator
Joined: Mar 22, 2002
Posts: 6338
Status: Offline
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Apr 06, 2006 - 10:01 AM |
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HSBC in HK, while it does have services to deal with RMB, still has limits on how much can be converted and transferred. Talk to them directly or visit their website for info. I believe there is a per transaction limit and a daily limit - so you may be able to do it in chunks. I know you can also setup an automated process to to convert and transfer x amount if you have the right kind of account. The other possibility is to get a money changer involved.. lots of people wanting to sell dollars right now. |
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Kiwi
Board Lord
Joined: May 07, 2003
Posts: 5254
Status: Offline
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Apr 06, 2006 - 10:38 AM |
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From speaking with Chinese students in New Zealand it seems there are all kind of grey channels for getting money out of China these days. They have these Chinese finance companies through which you can make a deposit in China and then withdraw that money from overseas. Obviously you don't get the very best rate, but they don't gouge you either. Don't think it is exactly legal, but it works and all of the locals are doing it.
I'd get in touch with some Chinese living in OZ and see what suggestions they have. |
_________________
Rhum and Voodoo |
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shanghai-leasing
Lurker
Joined: Mar 22, 2006
Posts: 22
Status: Offline
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Apr 06, 2006 - 10:56 AM |
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U can transfer the money via Western Union |
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hammerforlife
Low Seater
Joined: May 24, 2004
Posts: 3303
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Apr 06, 2006 - 11:43 AM |
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| shanghai-leasing wrote: |
| U can transfer the money via Western Union |
Transfering money is not really the problem. The problem is exchanging the money. Western Union will transfer USD but not RMB. If Make has received USD then there shouldn't be too much of a problem. |
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Mon_Mon
Rocker
Joined: Oct 07, 2005
Posts: 662
Status: Offline
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Apr 06, 2006 - 02:30 PM |
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I am no expert but if you are transferring your money out properly there are 2 issues:-
1. money exchange i.e. sell RMB and buy foreign currency
2. transfer the money out
There are exchane control rules (whether one can buy foreign currency and how much could buy/remit) so you need to prove that the momey comes in proper way and that all taxes, duties have been paid etc. So you need to show to the bank your proper documentations (e.g. tax receipts, contracts etc.) to enable you to convert them to foreign currency and remit them out. Also there are you may not be able to remit all money in one go if the sum is large. Nevertheless for expats who are 'permanently' leaving the country then may be able to justify to remit a larger sum. I am not too sure about all these but suggest you to talk to some foreign banks (e.g. HSBC, Hang Seng Bank) so that they can give you better explanation. I have tried to ask some local banks about remittance issues but from different branches their explanations are different - very confusing. |
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Make
Squeeker
Joined: June 06, 2004
Posts: 15
Status: Offline
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Apr 09, 2006 - 05:57 AM |
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The biggest problem is that China has two kinds of money:
- transferred ( as a foreigner you can transfer it out of China to were you want, no matter how much )
- cash ( limit 5000 USD per transaction with a 300 Rmb consultant fee )
Since I can not proof to them I payed the appartment with transferred money it now became CASH. Even if you change this to USD then you have Cash USD with all regulations attached.
So if I want to transfer money out in bigger amounts and not pay the 300 Rmb everytime I have to buy transferred money. ( black market )
This is possible but it will take me a while since not everybody has money from send from abroad.
I have asked about just taking the money out since I am leaving China and YES it is possible but you have to pay something like 25% TAX. ( cheaper to take a home loan for 7 % ) |
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mickyy
Newbie
Joined: July 18, 2006
Posts: 3
Status: Offline
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July 19, 2006 - 12:44 AM |
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I have a bit of a genius methodology for getting money out of the country, involving a product intermediary between the 2 currencies. I exercise this for parties at a very small margin. PM me if you would be interested. |
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horsemandk
StreetBeater
Joined: Mar 23, 2006
Posts: 2301
Location: Shanghai
Status: Offline
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July 19, 2006 - 08:33 PM |
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Don't accept help from others than reputable banks and investment companies.
If I was you I'd set up an account with Austen Morris, deposit the money for investment, and you have access to your account/investment all over the world. This is how my friends do it, ways easier to save up money this way and no problems once you move back home.
Be careful, if the government thinks you didn't pay taxes or something like that you'll end up on the wrong side of a barred door! |
_________________
Those parts of the system that you can hit with a hammer (not advised) are called hardware; those program instructions that you can only curse at are called software. |
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Melati
Talker
Joined: June 02, 2006
Posts: 100
Status: Offline
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July 19, 2006 - 09:07 PM |
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| Mon_Mon wrote: |
I am no expert but if you are transferring your money out properly there are 2 issues:-
1. money exchange i.e. sell RMB and buy foreign currency
2. transfer the money out
There are exchane control rules (whether one can buy foreign currency and how much could buy/remit) so you need to prove that the momey comes in proper way and that all taxes, duties have been paid etc. So you need to show to the bank your proper documentations (e.g. tax receipts, contracts etc.) to enable you to convert them to foreign currency and remit them out. Also there are you may not be able to remit all money in one go if the sum is large. Nevertheless for expats who are 'permanently' leaving the country then may be able to justify to remit a larger sum. I am not too sure about all these but suggest you to talk to some foreign banks (e.g. HSBC, Hang Seng Bank) so that they can give you better explanation. I have tried to ask some local banks about remittance issues but from different branches their explanations are different - very confusing. |
This is the proper way.
But if you dont have problem to transfered the money out, i suggest you open an account in HSBC shanghai, then wire the money to HSBC hongkong, HSBC hongkong now have RMB currency services. Once you recieved your money in hong kong, next is easy.
Another way, transfer your money in partial way through internet banking, dont know whether HSBC shanghai have this internet banking services or not. With internet banking, eventhough u r not in china, u still can transfer our ur money through internet. You can check with HSBC.
Dont take any advice through the illegal way, not worth it. |
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Me_Again
Raver
Joined: Dec 06, 2005
Posts: 390
Location: Lost
Status: Offline
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July 19, 2006 - 09:51 PM |
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Buy gold in China, then sell it in Australia to a government mint. |
_________________
We make a living by what we get, we make a life by what we give. - Sir Winston Churchill |
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tsothomas
Newbie
Joined: Apr 26, 2007
Posts: 1
Status: Offline
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Apr 26, 2007 - 06:32 PM |
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| Post subject: There are two ways to solve the problem. |
There are only two ways to solve the problem.
1. Find a bank or middle-person who has same amount of money (e.g. 1 million dollars USD) transferred into China from foreign countries. The rule allows that accout to transfer same amount of money to transfer out of China. Usually, they charge you a pretty high -- around 5%
2. There are many "underground financial institution" in China who helps people to exchage foreign currency and money transfer. Most of their clients are Chinese businessman located overseas. The service they provide is much faster and they charge less-- around 2 to 3%. The efficiency is because the money are not actually being transferred because they have such amount of money somewhere out of China, mostly in Hong Kong. So after they receive your money, then they transfer their money from their bank account overseas to your bank account. But this way is a bit risky if you are dealing with a scam.
I have been transferred around USD 800K value of RMB from China to Hong Kong and the above is based on that experience. Hope it is helpful! |
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caffe1962
Reacher
Joined: Nov 24, 2006
Posts: 223
Status: Offline
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Apr 26, 2007 - 08:18 PM |
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hi
go to marchend bank, apply for a charge card ( gold card with VISA system ) they give you a card with the VISA service, you deposit your money and when you go to your country you use your card as VISA system, till you have money in the bank there is no problem, i use the charge card ( gold VISA ) in Italy & Thailand, for 3 years now without problems, to got the card, need only 1week time and only the passport. good luck |
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Bottlejack
Lurker
Joined: Sep 27, 2009
Posts: 24
Status: Offline
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Dec 09, 2009 - 01:21 PM |
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Does anybody know the current regulations/restrictions concerning taking RMB out of China? For example, how much RMB can a person carry out without having to present all the working/tax documents, receipts, etc.? |
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fWerrF
FooJay
Joined: Aug 31, 2009
Posts: 1643
Location: New York, Hong Kong, Shanghai, Bangkok
Status: Offline
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Dec 09, 2009 - 01:32 PM |
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the $5000 limit is on the aussie side?
i wired $$$ from china account to USA account on regular basis without any problems, as much as 30k USD each time. |
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ProcrastiNation
Reacher
Joined: Oct 21, 2008
Posts: 302
Status: Offline
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Dec 09, 2009 - 02:03 PM |
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^Did you have to show tax receipts to do this? |
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bigroh73
Reacher
Joined: July 13, 2003
Posts: 343
Location: Shanghai
Status: Offline
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Dec 09, 2009 - 02:07 PM |
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I'm not too concerned about what I take OUT of China. I've never seen people in the airport "inspected" for how much currency they carry out of China - whether it be flights from BJ or Sha.
One would assume that if you have a huge bundle in your bags - it might come up in the x-ray machine. Cash carried on you wouldn't.
In theory - the limit used to be US$5k - but you should check with the customs dept. on that figure. Not sure what it is now.
The bigger issue is what you can take INTO other countries.
eg. Australia has a limit of AUD10k. If you're carrying more - thats fine too - but you must declare it (fill in a form) then its no problem. If you don't declare it (carrying A$18k as one of my friends did once) - you're interviewed by the federal police and they can decided whether to fine you, warn you, or seize the funds. He was fined, cautioned - but was allowed to keep it. Lucky! |
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root
SuperStar
Joined: Oct 06, 2008
Posts: 1300
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Dec 09, 2009 - 03:01 PM |
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"the $5000 limit is on the aussie side?
i wired $$$ from china account to USA account on regular basis without any problems, as much as 30k USD each time."
How you did what ? You can't do that on-line, so need a lot of paper work, i guess..
1)How about bring cash to HK, open an account in HSBC (or in other bank) and wire it where-you-want ? Just idea. |
_________________
Urban dictionary: Money talks, bullfeces walks, that is how life goes. |
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ProcrastiNation
Reacher
Joined: Oct 21, 2008
Posts: 302
Status: Offline
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Dec 09, 2009 - 03:22 PM |
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| bigroh73 wrote: |
I'm not too concerned about what I take OUT of China. I've never seen people in the airport "inspected" for how much currency they carry out of China - whether it be flights from BJ or Sha.
One would assume that if you have a huge bundle in your bags - it might come up in the x-ray machine. Cash carried on you wouldn't.
In theory - the limit used to be US$5k - but you should check with the customs dept. on that figure. Not sure what it is now. |
It depends, I think the airport security would notice if you had 2 million RMB stuffed down your jocks. |
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Ah Beng
PopStar
Joined: May 14, 2008
Posts: 1149
Location: Shanghai Paradise
Status: Offline
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Dec 09, 2009 - 04:01 PM |
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The basic money laundering process has three steps:
Placement - At this stage, the launderer inserts the dirty money into a legitimate financial institution. This is often in the form of cash bank deposits. This is the riskiest stage of the laundering process because large amounts of cash are pretty conspicuous, and banks are required to report high-value transactions.
Layering - Layering involves sending the money through various financial transactions to change its form and make it difficult to follow. Layering may consist of several bank-to-bank transfers, wire transfers between different accounts in different names in different countries, making deposits and withdrawals to continually vary the amount of money in the accounts, changing the money's currency, and purchasing high-value items (boats, houses, cars, diamonds) to change the form of the money. This is the most complex step in any laundering scheme, and it's all about making the original dirty money as hard to trace as possible.
Integration - At the integration stage, the money re-enters the mainstream economy in legitimate-looking form -- it appears to come from a legal transaction. This may involve a final bank transfer into the account of a local business in which the launderer is "investing" in exchange for a cut of the profits, the sale of a yacht bought during the layering stage or the purchase of a $10 million screwdriver from a company owned by the launderer. At this point, you can use the money without getting caught. It's very difficult to catch a launderer during the integration stage if there is no documentation during the previous stages. |
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Oilman
Reacher
Joined: Nov 22, 2005
Posts: 325
Location: Xu Jia Hui
Status: Offline
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Dec 09, 2009 - 04:55 PM |
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Had a friend leaving with 400K RMB in a suitcase. He was stopped by security, but he mentioned his flight was leaving and they let him go. If you want to take money out that way, I would suggest you convert to Euros as the bills are the highest denomination possible 500 Euro USD biggest bill is 100 and will require much more volume.
Austin Morris is a good idea, but be sure you can take your money without a penalty. Why not an HSBC off shore account with a visa and make transactions to withdrawl from your visa/debit card. |
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Sorry, I somehow sometimes is an illiterate~~~~~~~ |
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