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Hungry_Hippo

Moving money out of China

Question

Hey,

I got a small but substantial (for me at least - over 10k GBP) amount of funds I need to move back to UK. What is the best way to do it?

If I do it through a bank - which one has the best rates? I heard that the best way would be through Alipay and to ask a local to transfer it to your account...

Got like a month to deal with this so if you pass by this topic later on - please leave a message :)

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1. Your tax department will question where does the money come from...
2. Alipay is the easiest, cheapest and quickest way to transfer out of China. (As far as I know)

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15 minutes ago, Chappie said:

1. Your tax department will question where does the money come from...
2. Alipay is the easiest, cheapest and quickest way to transfer out of China. (As far as I know)

It's okay, got nothing to hide. I'm wondering about the exchange rates... anywhere to check them?

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Listen to chappie... My little dictator did the same. It is almost impossible to send money by bank out of China. 

They will check your financial situation and they will not let you send out the amount if they see that u can't  make that amount legally. I don't know the max amount a foreigner can send but maybe it's better to let a Chinese friend do it. 

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12 hours ago, san5324 said:

Listen to chappie... My little dictator did the same. It is almost impossible to send money by bank out of China. 

They will check your financial situation and they will not let you send out the amount if they see that u can't  make that amount legally. I don't know the max amount a foreigner can send but maybe it's better to let a Chinese friend do it. 

Yeah man, figured as much. I know that if you send under 50k you can slip under the radar.  But not gonna risk it. Cheers guys! Always know I can count on you to sort me out :)

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50k usd?  I thought a Chinese person only could do 100.000rmb a year so I assumed a foreigner could even do less.. 

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All ducking true till the 3rd paragraph...

you have to declare at your tax department... where does the money comes from... what source and have you declared income over it...

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I actually work in finance here in China. Amazing the amount of incorrect information some of you get. Over 9k doesn't trip the system AT ALL. I've done hundreds of thousands in and out of my personal bank without hitting a single snag. 

The limit for Chinese citizens is capped at 50k USD/EUr/GBP. There are ways to do it through foreign investments but that has become a harder route. 

The other way is for you to send it yourself in 500$ per day increments. Of course, you get hit with the fee each time.

The other route, is to open a bank account in HK and use a license HK company that can accept your funds here in China and deposit it into your HK account. This isn't as dangerous as you'd think as you are using a HK financially licensed company. I do have some that I've used myself, but I'm not giving out my info, but finding them isn't that difficult either. 

The other route is to simply pay taxes on the money you want to send out, but I'd do the math, if its cheaper to just send out 500 per day ( i dont remember if the charge is 15 or 25$), then do it that way.

If you've received any money over the years while being here and saved those receipts, you can send out that same amount as well. For instance, I recently received a 45k wire transfer from the US, and sent out 35k to a Barclays account, the same day. The reason it was allowed without me having to pay taxes is cause I first received it from overseas. So save up those receipts!

Good luck. 

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16 hours ago, Jas1308 said:

Keep an account open in China or Hong Kong in case you foresee an economy crashing. If the USA with their GDP and DEBT of 21 trillion all of the sudden was not meeting their sales quotas (i.e their GDP drops to 18trillion with the debt going up to 22), hyper-inflation may follow. If you have some money in another country, it will be safe from the onslaught of hyper-inflation. Vice versa with CN/HK. 

Do you know that the US debt isn't as big of a problem as people foresee it? China's current debt to GDP ratio is 260%! The reason the government isn't as concerned about US debt, especially now, is not only has Trump increased US GDP by 5 trillion dollars, it isn't in the same economic expansion as China (1st world vs 2nd world), which means Chinese debt has much more to go. It's why it has become, not IF the Chinese market crashes but WHEN the Chinese market crashes. Now the Yuan is crashing, the stocks are the 2nd worst performing index in the world, and its being sustained by a housing BUBBLE. And you say China is the safe place? When the Chinese market crashes, it is going to dip its toes in the HK financial sector to save it. 

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I love when people delete their post and repost it again... Oh being a developer in a bank doesnt mean you know the laws... Its a very simple to program those shit. IF(transaction > 9000) { notify alarm(senddata)} etc etc.. depends on which language  of course...

Yes its 50k usd a year for chinese nationals, private matters for the chinese government.
About the 9k or 10k its for your own government. 

In the EU its 10k euro cash (you need to declare where it does come from), 
You can transfer money all over the world as long its taxed before and with a legal source. 

Foreigners can send money more abroad (From yourself to yourself), as long its from a legal source and your government will wonder where it comes from, and have you paid tax over it before (income tax, or "wealth" tax), it varies to each state/country.

If its below the 10k usd/euro ... dont worry... if its more... better back it up with papers and evidence... (Due laundry and some stuff).

*I dont question your knowledge Bluepasta, but I used to study accountancy back at home. Have also a lot of experience with these kind of matters. Just trying to help him :) and he should check with his own tax laws before doing something...

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6 hours ago, Chappie said:

I love when people delete their post and repost it again... Oh being a developer in a bank doesnt mean you know the laws... Its a very simple to program those shit. IF(transaction > 9000) { notify alarm(senddata)} etc etc.. depends on which language  of course...

*I dont question your knowledge Bluepasta, but I used to study accountancy back at home. Have also a lot of experience with these kind of matters. Just trying to help him :) and he should check with his own tax laws before doing something...

Why does he keep deleting his post and reposting it, its the wrong information and he wants it at the bottom. Then he's quoting the bible, which just makes me dislike the bible and these Jesus loving lunatics even less. 

And you are fine with your information. I'm talking about the process here in China, not overseas maximums or minimums that have to do with fighting terrorism. In the US, there is also a 10k USD before it gets reported to the CIA, however it doesn't have anything to do with wire transfers and only affects cash and checks. But that is irrelevant as its about getting money out of China. Getting money into China is always the easy part.

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On 8/4/2018 at 1:02 PM, san5324 said:

50k usd?  I thought a Chinese person only could do 100.000rmb a year so I assumed a foreigner could even do less.. 

I meant 50k RMB at a time. Some friends advised me to send under that amount through a bank. Locals can send bigger sums.

 

On 8/7/2018 at 10:41 AM, Chappie said:

[...] Yes its 50k usd a year for chinese nationals, private matters for the chinese government.
About the 9k or 10k its for your own government. 

In the EU its 10k euro cash (you need to declare where it does come from), 
You can transfer money all over the world as long its taxed before and with a legal source.  [...]

If its below the 10k usd/euro ... dont worry... if its more... better back it up with papers and evidence... (Due laundry and some stuff).

*I dont question your knowledge Bluepasta, but I used to study accountancy back at home. Have also a lot of experience with these kind of matters. Just trying to help him :) and he should check with his own tax laws before doing something...

I appreciate it, mate. Some valid advice right there. I called my bank in UK (whoooo, burning my money!) and flat out asked about it and they said even 15k GBP is not a big deal. So I should be ok...

 

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LoL this guy Jas1308... what an annoying loser...  deleted and repost again...

15K GBP? oh okay... I wont mention about burning money & brexit :)

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On 8/7/2018 at 1:28 AM, BluePasta said:

Do you know that the US debt isn't as big of a problem as people foresee it? China's current debt to GDP ratio is 260%! The reason the government isn't as concerned about US debt, especially now, is not only has Trump increased US GDP by 5 trillion dollars, it isn't in the same economic expansion as China (1st world vs 2nd world), which means Chinese debt has much more to go. It's why it has become, not IF the Chinese market crashes but WHEN the Chinese market crashes. Now the Yuan is crashing, the stocks are the 2nd worst performing index in the world, and its being sustained by a housing BUBBLE. And you say China is the safe place? When the Chinese market crashes, it is going to dip its toes in the HK financial sector to save it. 

Why to spike up my anxiety ! Yep, RMB has dipped quite a bit... Losing money just by keeping it in China...

 

On 8/7/2018 at 1:07 AM, BluePasta said:

{...}

The other way is for you to send it yourself in 500$ per day increments. Of course, you get hit with the fee each time.

The other route, is to open a bank account in HK and use a license HK company that can accept your funds here in China and deposit it into your HK account. This isn't as dangerous as you'd think as you are using a HK financially licensed company. I do have some that I've used myself, but I'm not giving out my info, but finding them isn't that difficult either. 

The other route is to simply pay taxes on the money you want to send out, but I'd do the math, if its cheaper to just send out 500 per day ( i dont remember if the charge is 15 or 25$), then do it that way.

If you've received any money over the years while being here and saved those receipts, you can send out that same amount as well. For instance, I recently received a 45k wire transfer from the US, and sent out 35k to a Barclays account, the same day. The reason it was allowed without me having to pay taxes is cause I first received it from overseas. So save up those receipts!

Good luck. 

I'm assuming you mean WesterUnion transfers? Some guys told me it's 500$ per transfer but the fees hit you. That would be over 30 transfers... Quite a bit ...

I think I will try the alipay :)

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8 minutes ago, Chappie said:

LoL this guy Jas1308... what an annoying loser...  deleted and repost again...

15K GBP? oh okay... I wont mention about burning money & brexit :)

Yeah... choosing a lesser evil. UK is a financial hub. Even if the pound gets a poundin' - they should recover... Or Swiss franks :D those duckers never get hit  with anything :D

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On 8/6/2018 at 9:02 AM, Jas1308 said:

Friend of mine is programmer for major banks. Anything over $9,000 alerts the system.

Why not make a small cash transfer, keep some money in the country, and buy some precious metals you could carry back with you to sell for the same price in your country? You will avoid the losing money on the exchange rate. Losing 10% of $10,000 is not good but I don't know what the exchange rates of Alibaba are so maybe you can get a better deal. 

Keep an account open in China or Hong Kong in case you foresee an economy crashing. If the USA with their GDP and DEBT of 21 trillion all of the sudden was not meeting their sales quotas (i.e their GDP drops to 18trillion with the debt going up to 22), hyper-inflation may follow. If you have some money in another country, it will be safe from the onslaught of hyper-inflation. Vice versa with CN/HK. 

Don't put all of your eggs in one basket. 

<...>

 

Like BluePasta said - getting money out of China is a problem... and RMB has been tanking. I'm losing money by keeping it in China.

Precious metals - you need a reliable source and to understand that stuff. This is China after all.

From what you said, transferring through a bank means I lose money on exchange rate and on fees... Which is not a big deal in itself - it's how much I need to burn to get my moneu out of here.  10% is too much...

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The swiss france are more or less locked with the euro... its now in a brandwidth.... so reliable? maybe...

Its RMB <-"fixed"-> USD <-> EURO/GBP, correct me if im wrong about this... Its a bit outdated knowledge :)

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17 minutes ago, Chappie said:

The swiss france are more or less locked with the euro... its now in a brandwidth.... so reliable? maybe...

Its RMB <-"fixed"-> USD <-> EURO/GBP, correct me if im wrong about this... Its a bit outdated knowledge :)

Man, I'm not too sure about that... I never said I know what the duck I'm doing :D :D :D just assumed it would be better to keep it in the currency I will use daily :)

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3 hours ago, Chappie said:

The swiss france are more or less locked with the euro... its now in a brandwidth.... so reliable? maybe...

Its RMB <-"fixed"-> USD <-> EURO/GBP, correct me if im wrong about this... Its a bit outdated knowledge :)

The RMB is fixed to the USD but that doesn't mean that it doesn't change in value. By being fixed, minors (for instance AUD to JPY) first use the conversion to the USD before it gets coverted to the EUR or GBP. There is no actual EURCNY, that is what you would call a synthetic currency pair. You can grab an exchange rate but there isn't an actual direct exchange, it'll first pass through the USD. 

And the Swiss Frank WAS locked to the Euro. That massive spike in the strength of Franc almost caused a global collapse cause it happened suddenly. Some of the largest brokerages in the world went bankrupt. All they did was remove the locked interest rate, meaning they are free to change it, they never have, but it is no longer a locked currency.

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Does anyone else hate the banks here as much as I do. I absolutely despise doing bank business here because the banks here are totally and completely ass backwards and it takes forever to do a simple task. Like getting a new debit card or exchanging money. Buying dollars is such a pain in the ass it is unreal. Why it takes 30 to 45 minutes is beyond me. Here is my identification (passport), you the bank should be able to look up my account instantaneously and then look up the exchange rate for the day and sell me my money. But it takes forever, with pressing buttons and signing papers, then the teller looks and stares at the passport, their supervisor comes over, looks at me, looks at mp passoprt, looks at me again, scuttles off, comes back, takes a copy of my passport, more shit for me to sign and it never ends. I know why there is a huge thick piece of glass between them and me because I would strangle them.

I have been noticing that the RMB is going up against the USD which makes me want to buy USD since I am an American and I can buy it now when it is 6.8 instead of 7.5 or worse. But again, having to go through the horseshit with the bank. They really should put a bar in there, but they are so slow that I would be drunk as funk and raging, so maybe having a bar in a Chinese bank would be a negative.

Read the passage about it is easier for a camel to go through the eye of a needle than to get to Heaven. Best be a small camel or a big ass needle. 

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4 hours ago, Popcorn Sutton said:

Does anyone else hate the banks here as much as I do. I absolutely despise doing bank business here because the banks here are totally and completely ass backwards and it takes forever to do a simple task. Like getting a new debit card or exchanging money. Buying dollars is such a pain in the ass it is unreal. Why it takes 30 to 45 minutes is beyond me. Here is my identification (passport), you the bank should be able to look up my account instantaneously and then look up the exchange rate for the day and sell me my money. But it takes forever, with pressing buttons and signing papers, then the teller looks and stares at the passport, their supervisor comes over, looks at me, looks at mp passoprt, looks at me again, scuttles off, comes back, takes a copy of my passport, more shit for me to sign and it never ends. I know why there is a huge thick piece of glass between them and me because I would strangle them.

I have been noticing that the RMB is going up against the USD which makes me want to buy USD since I am an American and I can buy it now when it is 6.8 instead of 7.5 or worse. But again, having to go through the horseshit with the bank. They really should put a bar in there, but they are so slow that I would be drunk as funk and raging, so maybe having a bar in a Chinese bank would be a negative.

Read the passage about it is easier for a camel to go through the eye of a needle than to get to Heaven. Best be a small camel or a big ass needle. 

I always love it when they check your  passport, make a copy and check your copy for some time.. Just to see if it is the same. 

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Friend of mine is programmer for major banks. Anything over $9,000 alerts the system.

Why not make a small cash transfer, keep some money in the country, and buy some precious metals you could carry back with you to sell for the same price in your country? You will avoid the losing money on the exchange rate. Losing 10% of $10,000 is not good but I don't know what the exchange rates of Alibaba are so maybe you can get a better deal. 

Keep an account open in China or Hong Kong in case you foresee an economy crashing. If the USA with their GDP and DEBT of 21 trillion all of the sudden was not meeting their sales quotas (i.e their GDP drops to 18trillion with the debt going up to 22), hyper-inflation may follow. If you have some money in another country, it will be safe from the onslaught of hyper-inflation. Vice versa with CN/HK. 

Don't put all of your eggs in one basket. 

Of course you also have the option to be at peace by accepting Jesus Christ (Matthew 6:33) "seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you." I have been blessed with a wonderful life, everything has been added to me since I began seeking the kingdom of heaven (wife, nice apartment, good job, good income, friends). Earth is just a grain of sand on the beach of eternity with God. 

Hope this information helps. You can message me on my we chat [please send me private message for my contact information] if you want to talk more.  

 

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