Purchasing an apt in China and need to send the funds from US to China. The amt will be quite large (~$100k). I'm guessing wiring it from U.S. bank to China bank is the easiest way, but I've heard rumors that there's a limit of $10k/month for funds going into China. Has anyone had any experience or know where I can research on limits for funds going into China? Thanks.
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I'd ask your bank. I doubt that there are such restrictions, given the high volume of commercial purchases from China. I've wired money to China before, though never as much as 10k. I was on the verge of making a purchase over 10k and didn't run into such rumors.
If you're actually in China, you might try opening an HSBC China account in Shanghai. They speak English and I understand you don't need to be Chinese. If you have, or can make, an HSBC account in the US they might be a good conduit for transferring money between the two...no experience there, just a hunch. Might be useful if you're spending a lot of time or making money there.
That's where I read the 10k limit from, but I'm unable to find other references to back it up.
GOOD, then verify the sources: http://www.bocusa.com/bocny/forms/Remittance_App_Form_Acc_Customer.pdf http://www.bocusa.com/bocny/forms/Remittance_App_Form_NonAcc_Customer.pdf
Hm.... You know, when I went to Europe, I opened an HSBC account here in the states and then withdrew money from an ATM. Of course, this was small dollar amounts ... less than a grand total, but the whole process was so seamless to me it was rather ... majestic. (Unfortunately, I could not deposit my pounds back into the account, money only went one way)
HSBC is of course ... in China (as it's part of their name), so if your big branched national bank cannot help you, I would give them a call. I think this is a pretty simple transaction for them.
Since its such a large amount and the wiring fee is typically a flat fee, I am sure the wiring department of your bank will know if there is a 10k limit (and any special allowances for transactions above that). Probably some form you have to fill out and or document how funds will be used; I doubt there is any 10k hard limit.
Open a bank account with a bank that has offices here in the US and also in China. My father lives in China and has done this using HSBC bank. He does need to travel a bit in China from his location to get to the local branch about a 3 hour trip, but otherwise this works very well for him.
Once in China, you may want to take a trusted friend who speaks fluent Chinese with you. This will assist greatly if there are any problems. Though, most times the people at the local branch have spoken enough English that they can understand what transactions he needs that day.
i only sent personal checks to my parents. it took precisely one month to receive the cash in chinese yuan. there's ~$5 transaction fee. fortunately i moved about 50k last year when the exchange rate was still 8.0:1. now at 7.6:1, you lose a lot of purchasing power. it's expected to become 7:1 or something like that. so be quick.
late this year, our company's assembly line is moving to china. just wondering how will i get my monthly direct deposit in boa quick enough. maybe i'll have them get it converted to yuan first and deposit in a boa affiliate in china hmm...
The most simple way is to buy a Air ticket and carry the $100K cash fly back to China. By doing this way, you don't have to worry about wire fee or whatever bank fee is going to charge you.
bigal24 said:The most simple way is to buy a Air ticket and carry the $100K cash fly back to China. By doing this way, you don't have to worry about wire fee or whatever bank fee is going to charge you.
Just make sure you declare it. Most people idiotically never declare it for some reason (most likely because they believe there are special taxes, which there aren't.).
I finally got this done by flying to a Chase branch (They didn't have one in California) and sending the wire transfer on-site. They were able to wire directly from the HELOC to China using SWIFT numbers. Arrived the next day.
There is, however, a $50k USD to RMB coversion limit per person per year in China. Watch you don't get hit by this because it caused me a lot of headaches. Better to have the U.S. bank convert it into RMB first then wire the funds.
Thought this would help others going through the pain.
mauricer said:kabukicho said:can an american citizen just buy an apt. in China? ofcourse we can, we are america. home of the brave, land of the free. we have democracy, remember?! I don't think you really understood the question.
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