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Q: Where/how do I change physical RMB to physical dollars? Best way to transfer large quantities?
I don't mean digits.
I want to know where to do this, and how, without getting jipped on the exchange rate.
Also, what's the best way to do a bank transfer of all my illegal, unqualified and unethically-earned RMB for the last year? It's about 210k. Don't Chinese people have some sort of limit every month? Or was that just Americans?
Thanks!
10 years 45 weeks ago in Money & Banking - China
the limit for transferring funds out of China is USD50000 per year. I have seen people deposit cash in large quantities, so if you are storing them at home go to the bank. If you think it seems suspicious, then go to a couple of different banks.
Hulk:
Thank you! Since 210k RMB is only 34.2k USD, we should be fine. What bank(s) do you recommend?
Scandinavian:
We mainly use ICBC but for transferring money from abroad we transfer them to Bank of China. Possibly this choice was done due to the fact we have friends in the local branch office, but it goes smoother than transferring money to ICBC who adds more paperwork.
Remember you need the SWIFT/IBAN codes of you US bank account to do international transfers. You should also bring your marriage certificates if it ends up being you wife transferring to your US account, they might not like to do that without proof of relation (you could be some golddigger in China to scam money from innocent women)
Americans, and maybe other foreigners, are limited to $500 per day. Ouch. You don't have that problem, as Scandinavian said, your Chinese wife can transfer $50k.
Usually Bank of China, the main location in your city, is the place to go. The rates are fair - similar but not precisely the xe.com rate, and the fees are reasonable. Pay no attention to the money changers who loiter outside the main bank. They will rob you blind. You probably already know you should change the rmb here in China. Back home the exchange rate will give you a 20% haircut, or worse.
Bank of China charged me around 20RMB per transfer of $500. I found a Chinese friend to help with the rest and to be honest I forget what the fee was. I changed around $3,000 at once with a Chinese person. I imagine the fee was the same or reasonable. If the fee was huge I would have remembered.
Good luck on your travels. Do you plan to declare this cash? Not that it's any of my business.
I check xe.com, it's reliable. Please note, in my experience, the bank has an approximate 1% difference in their buy and sell rates. That's unavoidable and the best deal you can get. The rates are likely posted in the bank.
For $50k, you might want to bring some large friends. Wait, you are large. Well, it wouldn't hurt.
Wait a minute, you made $30k in a year? Well done!
Hulk: you.s a foreigner, are limited to the equivalent of $ 500 USd per day on converting Rmb to USd. But your wife, as a Chinee national, is not, she can do the whole amount in one time.
As to where to do (and avoid counterfeit bills), I would suggest only at a bank. In my case, I do recommend the two I use, Bank of China and ABC Bank. Open an account first in her name, and you set the passwords on passbook and ATM card, so only you can touch the money. Since the USd is loosing value versus the Rmb, the longer you can wait, the more dollars you will get. Start chacking the rate of exchange on a daily basis, and once it becomes good enough for you, bring your wife to the bank and have her request an electronic wire transfer, which is not that expensive. I pay $ 45 USD per transfer.
I do like ABC Bank because of a feature they have. If anyone deposits or makes withdraws from my account, I get a text message on my cell phone telling me of it, the amount involved, and current balance. I kind of like that.
icnif77:
Happy, there are no limits at China Merchants Bank (Gold Visa/MC account). After you complete 'paper exchange' of RMB at the 'spot rate', you can either use ATM Card or withdraw cash in any currency you desire at the Bank. Message to my mobile ph. as soon as the change (withdrawal or deposit) on the account happened.
Open Gold Visa/MC account at China Merchants Bank with 1000 Rmb deposit.
Then, deposit the rest of the funds in a week. After whole cash amount is deposited, make 'paper' exchange to US$. Bank will make exchange at the 'spot rate'. No US or EU Bank will complete same transaction without charging you 1 - 2% fee.
You can hold funds in Rmb, US$ or any other currency you desire, and you can use ATM card (Visa/MC logo) in USA, China or EU. If you want to travel to USA with cash (why?), you can make withdrawal of US$ at the Merchants Bank before departure. For more than US$ 2000 withdrawal, you might have to make an appointment (next day) to pick-up $$ cash.
210k? i need to start working illegally
i could transfer your money out, but it will cost you 30,000rmb, i'll transfer all of the money out in one transaction.
Hulk:
You want a job? It's 34 hours per week, but there's an astronomically low cost of living, and everything else is provided. About 15k RMB for this one. 
icnif77:
I have better offer than your's Hulk: 10 H/week for 100 000 Rmb/year (free apartment included, no ticket refund). That's in the Contract.
Real life: 10 H/week (M -F, no office hours) for 8000 Rmb x 10 months in year, free 85m2 apartment, paid utilities. School is open 9 months per year, rest are 'holidays' with 1/2 salary.
nicholasba:
what kind of job is this?Can you give me some details about this job?
210k! I thought you were teaching here and working only intermittently!? Were you dealing on the side???
crimochina:
that would explain the fights with gangs. deals gone bad , fighting over turf
Hulk:
That would make for a really plausible scenario and story, crimo... lol. But those were just genuine Hunan puckups.
Wow, if I've ever seen someone trying to show off it's definitely you! There was no need to share what you make it's not like anybody cares! You could have just asked the question and left out your PERSONAL details...
Hasn't anybody ever taught you to keep what you make secret? You must be brave or the other thing....He he, I said: "brave"! (
!
Just go to a bank!
This used to be true, not sure anymore.
You're American correct?
BofA owns(ed) a share of Construction Bank(I believe they sold some, not all) and they used to have a reciprocal. So, if you had a BofA acct there were no conversion costs on transactions and vice-versa. I know when I got here I would pull money from my BofA acct and the transaction fees and currency conversion fees were waived. So, I assume you could open a Construction acct and withdraw at BofA when you get home. With 34K, it might be worth looking into. Maybe save a G.
If you do it, let us know the result.
ps I don't know if this was just for atm use.
