Its a sizable amount each month. Do we owe taxes on it once it comes to china? Can she transfer it out unlimited USD to a bank outside of china? Any limitations on this amount? I am a foreigner and previously have successfully transferred about the same amount overseas to my personal bank account, using wire transfers via mainland banks. There were no issues at all and the money was in place within 24 hours.
No tax or other documentation — beyond the usual stuff for identification purposes — was required. Anyway, now I wish to wire cash direct to a brokerage account in the US.
We already set up the account in the name of my Chinese wife and now I am faced with wiring cash there. This is standard operating procedure for TT transfers to brokerages, as the broker itself is but a client of the bank and needs to assign the incoming funds to the correct sub-accounts for clients.
Ideally, I would like to avoid transferring cash first to an overseas account and then to the brokerage. We do have a HK foreign currency account which could be used for this, but I hope to avoid too many fees and currency conversion charges.
China does not have a fully convertible currency and mechanisms are in place at the banks to prevent abuse of the system. It is also breaking the law. You need to be careful here as banks have papertrails.
Then I hear stories of people getting busted for 7k usd, and sent to a police station. How strict is airport security when it comes to taking cash through the airport, Beijing airport specifically? Is this a common strategy, taking 10k usd plus through the airport? Can be as vague as you wish. Hi, I am working in China for the last six months and need to go back to India.
I have around RMB which I would like to take back home. I am working on residence permit but just do not want to create noise by asking for tax receipts. Could you please explain what exactly does that mean and what is the process to do that. I have a company provided world money card and do not have any bank account in china.
I m a legal worker and has been working for a Chinese company for 2 years. Can you advise? If you take more they can confiscate it. You can also go to prison. The inference is that you are smuggling money on which tax has not been paid out of the country, or are engaged in some other cash-based business which is probably illegal, or are engaged in money-laundering activities.
It would be up to you to prove how you got it. Laws are laws. It is below the RMB20, threshold. For larger amounts you could be detained and held in jail while they investigate.
My mother, a chinese national, lives in china and would like to give me a sum of RMB , as a gift. I have a couple of questions. Where, however, is the USD come from? Regarding the RMB one can take though the airport. If you only take foreign currency out of the country, the maximum cannot exceed USD 5, Hope that clarifies the situation.
I am traveling out of China with my wife and 2 kids. I was wondering if the currency export customs regulations of max cash export USD apply to kids under Are kids allowed to carry cash when traveling with parents? In other words could the four of us carry a total of 20K USD cash without worrying for having issues with customs? Thanks Teodor. What to do? China has a tax treaty with most countires, so the taxes paid are an offset yo your local country taxes payable. If you are not declaring the income, then I hope you get nailed and go to jail.
Some years ago they thought they would like to retire in Shanghai so bought an appt. They lived in Shanghai for 6 months of the year then 6 months in the UK. They are now over 80 and think they would prefer to Live in the UK to be closer to their family. They wish to sell their appt in Shanghai and buy something in England. Can they simply Transfer the Money from the sale of their appt to the UK? Thank you Mee May. Dear Mee May; According to the current regulations, your parents can go to the Bank of China to apply for transfer of the funds obtained from the sales of their apartment in Shanghai upon producing the following documents: 1 Passport or other forms of proof of identity 2 Commodity house transfer contract 3 Service Trade Outbound Payment Tax Filing From Other documents may also be required, but according to BOC since this is valid income, there should be no problem transferring the funds to the UK and it also should not take long for the bank to process these monies.
I intended to walk my legally earned RMB across the border, deposit it into a HK bank account, and then transfer it directly to my US bank account. Unfortunately, I was recently denied the ability to open a HK bank account. Do you know a way for me to open an account in HK as a US citizen? Do you buy the USD and leave it in you r local bank account? Meaning our accounts can hold more than one currency at a time. Greg — yes, you can use your ATM to withdraw this money. Are you saying you can carry both amounts out at the same time legally?
As I work in the middle of knowhere in China, the local bank does not have dollars. Great information. Lucky me I recently found your blog by chance stumbleupon. I have bookmarked it for later! I have lived and worked in China and paid taxes since My wife is Chinese.
We have purchased property together joint names which has increased in value substantially. How do we transfer the proceeds of a sale offshore — Hong kong or Australia? Could a buyer pay portions of the sale price offshore?
What questions would the bank ask to demonstrate that the money was not ill-gotten? I had a similar situation earlier this year when I returned to UK after 20 years in China. I, too, had made a significant profit on properties. One is allowed to move money out of China if you follow the correct process. If your buyer wants to pay into HK or elsewhere, all well and good and no problem.
Official and actual amount paid for the property may differ depending on how you sold it. Anyway, you can move that money out as I did — mine to UK. Lots of documents needed and a helpful bank manager makes things easier but it does work.
Also, if you have earned income in China and paid taxes on it, you can move out what you earned provided you can show the tax-paid documents. Again, quite a bit of paperwork, but certainly do-able.
I managed it. One copy of this form, endorsed by Customs, shall be returned to the passenger for relevant procedures at the time of their exit.
Now, they want to pay me in RMB. They also want me to open two bank accounts. One with ICBC, the other with some other bank that they are friendly with. We are having troubles getting me a Consultant Visa however, apparently because I cannot give them a copy of my college diploma — which was earned back in And I am too old to get a work visa. I make in the mid-six-figures, so it is a hefty amount, and I spend very little here. Any suggestions?
Plz advice. I chose that amount because that is the amount written on the Canadian customs card when you enter as the maximum you can bring in without declaring. Am I totally of base here? Have I broken the law by doing this? What if the property being sold is an office, instead of residential, does this make any difference for taking the money out?
Our bank told us they had never handled a case like this before and assumed it must be more difficult! Thanks a lot, John. We are a Singapore based interior firm that has been awarded a project in China, WenZhou. Currently we face the issue of the company not being able to do a telegraphic transmission of our state design fee retainer, they have requested that we open a local bank account to do so but that would mean that the taxation will be on us which is not suppose to be so.
So, would you be able to give a course of advice for situations like this. Stay Ahead of the curve in Emerging Asia. Our subscription service offers regular regulatory updates, including the most recent legal, tax and accounting changes that affect your business. Upcoming Events On Demand library.
Preparing for the Coming E-Fapiao Era. Under these circumstances, the only practical ways to solve this are as follows: If you thought your employer has misled you over your status, you may have a case. However this may take time to resolve. China does permit the traveling outside of China with up to RMB20, or equivalent. You may pack up to this amount and be safe any more and you face confiscation of all the money if caught.
The problem with this is that RMB is not freely exchangeable, and it may be hard to convert it when back home. Hong Kong does provide such facilities — although be warned — the exchange rate issue will be a killer. If more than RMB20,, you may divide the total up among friends to limit the amount each carries.
If you intend to return to China, deposit the money into a bank and withdraw up to the legal amount each time you leave.
Convert your RMB into a saleable asset that you can convert to cash back home. China does limit the amount of goods value being exported from the country, but are less likely to question personal belongings. Buying and shipping items from a reputable Chinese fine art dealer may be a solution. Next time, be aware that working in China without paying tax is illegal.
It can impact on even realizing the money earned. If in doubt, get a friendly lawyer to look at your employment contract terms and ensure that hard won income can be readily — and legally — repatriated.
Related Reading Doing Business in China Our page definitive guide to the fastest growing economy in the world, providing a thorough and in-depth analysis of China, its history, key demographics and overviews of the major cities, provinces and autonomous regions highlighting business opportunities and infrastructure in place in each region.
Related reading May 01, October 18, September 16, June 30, March 31, February 23, Recommended for you. November 19, at pm. Ah Suei Yeo Christensen says:. July 5, at pm. Chris Devonshire-Ellis says:. July 9, at pm. Sarah says:. August 30, at pm. Phil says:. September 7, at am. September 10, at pm. September 14, at am. Jim says:. September 19, at pm. Eric says:. September 20, at am. Roger says:. November 1, at pm. Jordan Johnson says:.
November 9, at am. Russ says:. November 15, at pm. November 21, at pm. December 18, at pm. December 20, at pm. December 21, at am. Lee Nelson says:. December 22, at am. Paul says:. January 6, at am. Bob J says:. January 8, at am. January 21, at pm. Marco says:. February 25, at pm. Armina says:. March 5, at am. You can check the up to date exchange rate here:. Using the same calculation, you can easily be aware of the value of a single Yuan in your own currency.
Clearly things are much cheaper to buy in China. How much is Yuan worth? An overnight room in a hostel usually costs about yuan. In the local market, you can pick up 2 or 3 T-shirts, and some of the souvenirs such as local specialties and decorations all for less than yuan. A quick meal is about 20 yuan, and you can use yuan to buy 5 quick meals, or 12 cans of beer, or have a hot pot meal. Food is especially cheap in China, partly because wages are so much lower.
But generally everything is relatively cheap. Enjoy your wonderful holiday! You can change a little money at your bank before you leave home, or change money at the hotel, or draw out some money from an ATM in the airport. Once you are settled into your hotel, you can draw money out from ATMs every few days as you need it. You need to inform your bank before you go to China so they are not worried when charges are arriving from China.
If you have one of the common cards Visa, MasterCard, Amex etc. All foreign expatriates in China are permitted to withdraw up to RMB per day without needing to provide documentation, proof of ownership, or tax certificates.
For foreign expatriates who are appropriately registered in China and have been paying their taxes, money withdrawal is not a problem. The best possible way of doing so is making an application through your bank and then transferring your money through an international money transfer. The process is to fill in an application form and provide the following details and documents to your bank:. The complete account information like account number, account name, bank address, and branch are required for such kind of transactions.
These can be provided by your bank. Please be informed that the transferring banks normally charge a commission and the receiver bank also may charge a commission. If RMB is transferred into a foreign bank account in another currency, an exchange fee will also be charged to exchange the RMB into the foreign currency.
In certain cases, for example, the Bank of China, the transferor is required to fill a separate form to convert the RMB into a foreign currency.
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