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Taking money out of China???

Travel Forums Asia Taking money out of China???

1. Posted by Paul3879 (Respected Member, 212 posts) 4 Oct '07 02:29

OK, so I have spent the last three hours on 'Google' with no avail! Question number one: -

(1) Can I take Chinese money (Yuan/RMB) out of China? if so, is there a limit?

(2) Can I convert (Yuan/RMB) into USD or GBP here in China (without a problem) and then take the cash out of the country? Again, if so, is there a limit?

Any informative help would be appreciated.

Paul

2. Posted by gwelty (Full Member, 83 posts) 5 Oct '07 23:27

So yes, you can take money out from your USD account from an ATM in China. They will give you yuan. Call your bank BEFORE going to China to let them know you will be withdrawing money, otherwise your acct will freeze. Regarding money exchange, it depends on where you are also. I crossed the border at Boten in Laos and converted my USD there. However, there are big banks that I'm sure can assist you, if you are in a major city that is. I don't recall the limit in yuan for withdrawals, but I believe I was able to take out 2000 yuan, equivalent very roughly to $300 USD. Hope this helps.

3. Posted by Paul3879 (Respected Member, 212 posts) 5 Oct '07 23:58

Gwelty,
Thanks for your reply but I beleive you misunderstand my post! I am living and working in China and I want to get what money I have saved out of the country not into it.
Thanks anyway though

4. Posted by MishMish (Budding Member, 44 posts) 8 Oct '07 02:40

I'm not a pro in this area, but I have attempted to take large sums of money in and out of countries because I didnt want to pay the withdrawal fees!!!

I know in Australia, it is a $10,000 limit. Any more than that and you would have to declare it - giving reasons why you are taking so much, and how you obtained the money.

Have you looked into transferring your money into another account for where you are going? I'm sure it will incur a fee, but better than risking unnecessary suspicions!

5. Posted by Corinne68 (First Time Poster, 1 posts) 26 Jun '08 18:58

I've just encountered the same problem. The only info I can find on the internet says that you cannot take out of China: "Unratified foreign currency, foreign notes or drafts". But we know from experience that you can take some forex out (and they don't ask you to declare it). But how much is considered reasonable? Like so many other things in China, the regulations are vague. Keeps you on your toes that way...

6. Posted by TLWH (Travel Guru, 516 posts) 26 Jun '08 19:56

In the Chinese imiggration papers they say you are not allowed to take CNY out of the country, period. From the OP's point I believe we could be talking substantial sums here. I would personally not like to be caught in with a bag full of money at the screen desks at the airport.

Having said that the exhange rate's for CNY to whatever will cost you. Maybe around 3.5% and China bank. I would go this route and then have a wad of USD or EURO. Or, see if there's an international bank branch from your country around. I think Loyd's are around. Opening up one of them back home, and then transferring from China may save on commission charges especially if you are depositing with your own currency. Depending on the size of Cash, exchange it in China.

International wire transfers will kill you on costs. However. IF you were to exchange it to your home currency. You might be able to find your credit card provider in China. Let's say Visa, and deposit it in with them. I have done this in the past and avoided any kind of commission charges. Then using online banking transferred the funds over. It's a sneaky and legal thing that the banks have not banned yet. So I still do it.... Though I am not earning now so can't

7. Posted by Paul3879 (Respected Member, 212 posts) 26 Jun '08 20:36

WOW my old post came alive again (hahaha).
OK, so I have been in China for two years now as a foreign teacher and this is what I have found out.
(1) if you are working you are allowed by law to convert upto 70% of your Chinese money into foreign currency. Just make sure your employer completes the necessary paperwork and make sure you keep all your receipts when you exchange your money. I tend to convert into American dollas because you can get a big note (ie 100$) which is worth about 675 RMB.
You can also get a 500 Euro note!!! But to be honest I would be too scared of loosing it!
(2) you can open an international bank acount with the Beijing bank for 100 Yuan. You can use this card in any country (it's a Visa card) with no extra cost.
(3) you can by law leave China with 10,000 Yuan in cash if you want to (no questions asked). - (but I wouldn't! to many pieces of paper)
(4) in Beijing, Shanghai and Hongkong you can buy 'pre-paid' credit cards (for little money) again you can use these anywhere in the world and you can put upto 50,000 Yuan on each card and there is no limit to how many cards you can buy.
(banks in China are funny) for example... I went to the bank of China a few months ago to convert 13,000 Yuan into Euros and they told me it was hard for me to do and I would have to complete lots of paperwork and get a letter from my employer. I left the bank and walked around the corner to another bank of China and they converted the money for me no problem. If one bank says NO then just walk into the next one. Also if you have a chinese friend then it is even easier give them the money and they can change it for you.
13,500 Yuan = 135 notes / 2000$ = 20 notes (this is alot easier to carry around with you)..

This begs another question... "Why does China not have bigger notes i.e. a 500 RMB note or even a 1000"????

[ Edit: Edited on Jun 26, 2008, at 8:41 PM by Paul3879 ]

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