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Options for sending 20,000RMB in cash back home

Posted by sandia911 (3005 days ago)

Options for sending 20,000RMB in cash back home

Hey,

I made quite a bit of cash teaching private English lessons in China. Now, I have a whole brick of RMB (Chinese money) and would like to send it back to Canada. I don't want to open a bank account in Asia, because I'm leaving this continent soon for America. I wish to deposit the money in my Canadian account and use my Interac debit card to withdrawl small amounts as I need it . I don't want to travel with a lot of cash.

So, logically, the only option that I could think of is to send the money back home via a some sort of easy, quick, or cheap transfer method.

I've never done this before, so I'd like to here from some people who've sent money to your home account from Asia before (Shanghai, specifically), cause I'm here now.

Is it just a matter of showing up at any Chinese bank and paying the fee, show your passport, show your bank account details and off it goes?

Is there a maximum limit? I have close 20,000RMB I'd like to send home.

By the way, I hate avoidable bank fees and prefer to bypass them if possible - both here in China and back home.

Let me know what you think is the best way to go about this.

Thanks

#1 Posted by krobert999 (3004 days ago)

From what I know, you need to go about buying US or Canadian dollars because you are not allowed to take that much RMB out of the country and if you try to transfer that amount within one month, there may also be some questions (not counting the fact that there WILL be transfer charges).

#2 Posted by Panpanjungle (3004 days ago)

Hi,
I just can confirm what Krobert999 said. I don't think that customs will check your wallet and believe me 20.000 RMB is NOT a lot of money not even for Chinese but that's beside the point. Exchange it into dollars but a better advice is to travel and spend it in China although that's not what you're thinking of.

#3 Posted by sandia911 (3004 days ago)

ok I've decied to keep the cash hidden in an envelops and store in my money belt. When I leave China, I think I want to do it on this route:

Shanghai-Hong Kong (and then fly out to the U.S. from HK). I won't be returning to Canada but will convert the RMB to USD in HK.

My question is in Shenzhen (point of exit and entry to HK), will the Chinese officials want to check my money belt (if they do, they'll see, what will be at the point close to 40,000RMB). I don't want to deal with that.

Even if they don't check the belt manually, the x-ray (will scan) the belt through their machine, they can identify cash from other materials, right?

Maybe im to worried about nothing.

As long as I take 40,000RMB in Cash from China to Hong Kong and then to the U.S., I'm happy.





#4 Posted by pyisle (3003 days ago)

20000 is the max amount for bring out of china. just bring it out

#5 Posted by sandia911 (3002 days ago)

ya but by the time I leave, it will be closer to 40,000. Perhaps I can hide the money deep in my backpack instead of carrying it with me in my moneybelt.

#6 Posted by Panpanjungle (3001 days ago)

I would advise you not to hideit, if you run into 'trouble' and you have to convert it at the airport that could mean you're not able to get your flight on time. I would advise you to make use of the banking system and spend money on the fees the bank charge rather than being 'greedy'

#7 Posted by lechuguita (3001 days ago)

i believe it's not a matter of showing up at any chinese bank and buy dollars. there are special branches. you'll also need to show passport,
labor contract, working permit and tax receipts
as proof you've paid your taxes for all money made here in china...if that's the case

#8 Posted by sandia911 (3001 days ago)

well i certainlty don't have any documents regarding the money, and I'm certainly not greedy if I decide not to give more money to banks.

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