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ericst29
Reacher
Joined: Nov 28, 2005
Posts: 262
Status: Offline
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 Posted:
Sep 08, 2008 - 10:04 AM |
 
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| Post subject: Bringing cash, 40.000 euro's into China from HK |
I want to bring 40.000 euro's into China with me across the HK/Shenzhen border. Is that allowed ?
thanks for your reply,
eric |
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Snippets
PopStar
Joined: Apr 09, 2005
Posts: 1100
Status: Offline
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| Posted:
Sep 08, 2008 - 01:20 PM |
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No, it is not. However, I can meet you at the border and carry it in for you. Just meet me at the other side. |
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p1atl10
Board Royalty
Joined: Mar 18, 2005
Posts: 6338
Location: Shanghai
Status: Offline
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| Posted:
Sep 08, 2008 - 01:57 PM |
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http://knol.google.com/k/the-digital-word/foreign-currency-in-china/j1 nuz5hc2cwz/5?locale=en#
China Currency Regulations
Tourists are allowed to bring in any quantity of traveller's cheques and or debit credit cards.
Only 5,000 US dollars or equivalent in cash or 20,000 RMB in cash is permitted on any one visit.
This is not to say that it is impossible to bring more, you will most certainly need to justify any excess and it must be declared at China Customs.
How much money can I transfer into China?
First of all, lets be clear, we are talking foreign currency transfer and foreign currency from a personal point of view. Business is a very different proposition.
With property purchase being the main reason to bring the large sums of foreign currency in on a personal level. Be it for purchase in your own name, jointly or another's.
The rules are quite simple and straightforward:-
First the simple bit, 50,000 American dollars or the equivalent in your own country currency in value in any one year, this is the maximum allowed amount of currency that can be converted into RMB. This is a Banking rule.
Now, there are exceptions whether official or not they do exist.
If you can prove it is essential (to purchase a property for instance of a value over the 50,000 threshold or alternatively it might be for the fitting out expense. It could also be for something like medical expense) to have more funds available in the one year duration period then your application may be successful.
This is by far the most sensible solution, the official way, as one consideration that needs to be thought about is the future? - What happens if you need to sell and get your money out and back to home country, it will be a lot easier if you have all the original official papers, in your name. |
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Not all chemicals are bad. Without chemicals such as hydrogen and oxygen, for example, there would be no way to make water, a vital ingredient in beer.....Dave Barry |
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Adimnistrator
Rocker
Joined: July 20, 2007
Posts: 683
Status: Offline
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| Posted:
Sep 08, 2008 - 03:38 PM |
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| p1atl10 wrote: |
| http://knol.google.com/k/the-digital-word/foreign-currency-in -china/j1nuz5hc2cwz/5?locale=en# |
Can't take this info source too seriously, imho
"Foreigners can readily open bank accounts in China.
It is my understanding this must be a Bank of China account in the first instance. " |
_________________
Barack Obama: young, handsome and suntanned.
(Silvio Berlusconi) |
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p1atl10
Board Royalty
Joined: Mar 18, 2005
Posts: 6338
Location: Shanghai
Status: Offline
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| Posted:
Sep 08, 2008 - 04:02 PM |
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Adim,
Nope
ICBC for me....took 10 minutes.
Passport and a smile on my face.
BTW....you can bring in as much as you want.
But must declare anything over the $5,000 USD limit. |
_________________
Not all chemicals are bad. Without chemicals such as hydrogen and oxygen, for example, there would be no way to make water, a vital ingredient in beer.....Dave Barry |
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Adimnistrator
Rocker
Joined: July 20, 2007
Posts: 683
Status: Offline
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| Posted:
Sep 08, 2008 - 04:14 PM |
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| p1atl10 wrote: |
BTW....you can bring in as much as you want.
But must declare anything over the $5,000 USD limit. |
And actually I think this rule is only for case someone will want to export money and claim he brought it with him, with this rule they can say "show us your declaration". While at US border its against washing money (and limit is lower) |
_________________
Barack Obama: young, handsome and suntanned.
(Silvio Berlusconi) |
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RussianBear
Ranter
Joined: June 25, 2008
Posts: 541
Location: Qingdao
Status: Offline
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| Posted:
Sep 08, 2008 - 04:45 PM |
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Just 2 month ago, one my friend declared $50k and bring that into China, without any problem. Probably something changed ? |
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p1atl10
Board Royalty
Joined: Mar 18, 2005
Posts: 6338
Location: Shanghai
Status: Offline
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| Posted:
Sep 08, 2008 - 04:52 PM |
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No....Declare anything OVER $5,000 or equivalent.
Make sure you keep the declaration form if you ever want to bring it back out again. |
_________________
Not all chemicals are bad. Without chemicals such as hydrogen and oxygen, for example, there would be no way to make water, a vital ingredient in beer.....Dave Barry |
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