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Moving out of shanghai, how to get my money out of China?

Shanghai Expat Forum Index » City Living Forums » Relocation and Moving

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Make

Squeeker

Joined: June 06, 2004
Posts: 15

Status: Offline

Posted: Apr 03, 2006 - 07:55 PM
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

geordanrobertson

Squeeker

Joined: Jan 09, 2006
Posts: 17
Location: Shanghai
Status: Offline

Posted: Apr 03, 2006 - 09:36 PM

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 Smile

golddd2

Talker

Joined: Mar 08, 2004
Posts: 106

Status: Offline

Posted: Apr 03, 2006 - 09:39 PM

How about depositing it all into an HSBC or Citibank RMB account and going to HK to wire it onto Australia as AUD?

Make

Squeeker

Joined: June 06, 2004
Posts: 15

Status: Offline

Posted: Apr 04, 2006 - 10:00 AM

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

Cybornut

Talker

Joined: Oct 20, 2005
Posts: 124

Status: Offline

Posted: Apr 06, 2006 - 09:47 AM

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...

Michael

Moderator

Joined: Mar 22, 2002
Posts: 6098

Status: Offline

Posted: Apr 06, 2006 - 10:01 AM

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.

Kiwi

Post Boaster

Joined: May 07, 2003
Posts: 4971

Status: Offline

Posted: Apr 06, 2006 - 10:38 AM

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.

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shanghai-leasing

Lurker

Joined: Mar 22, 2006
Posts: 22

Status: Offline

Posted: Apr 06, 2006 - 10:56 AM

U can transfer the money via Western Union

hammerforlife
Low Seater

Joined: May 24, 2004
Posts: 3087

Posted: Apr 06, 2006 - 11:43 AM

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.

Mon_Mon

Rocker

Joined: Oct 07, 2005
Posts: 662

Status: Offline

Posted: Apr 06, 2006 - 02:30 PM

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.

Make

Squeeker

Joined: June 06, 2004
Posts: 15

Status: Offline

Posted: Apr 09, 2006 - 05:57 AM

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 % )

mickyy

Newbie

Joined: July 18, 2006
Posts: 3

Status: Offline

Posted: July 19, 2006 - 12:44 AM

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.

horsemandk

StreetBeater

Joined: Mar 23, 2006
Posts: 2274
Location: Shanghai
Status: Offline

Posted: July 19, 2006 - 08:33 PM

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!

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Melati

Talker

Joined: June 02, 2006
Posts: 100

Status: Offline

Posted: July 19, 2006 - 09:07 PM

Mon_Mon wrote:

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.

Me_Again

Raver

Joined: Dec 06, 2005
Posts: 390
Location: Lost
Status: Offline

Posted: July 19, 2006 - 09:51 PM

Buy gold in China, then sell it in Australia to a government mint.

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tsothomas

Newbie

Joined: Apr 26, 2007
Posts: 1

Status: Offline

Posted: Apr 26, 2007 - 06:32 PM
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!

caffe1962

Barker

Joined: Nov 24, 2006
Posts: 167

Status: Offline

Posted: Apr 26, 2007 - 08:18 PM

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