Job Discussion Forums

[fireking6]

How much RMB can I take with me when leaving China and returning to the USA without declaring at customs in Beijing.

Departing Beijing....Arriving at Chicago.

I'm wondering what the maximum amount I can take in RMB without having to declare or get a special permit or form.


Situation.
Just a guess, but let's say the limit was 20,000 RMB
If I had 21,000 RMB...
Could I take the 20,000 RMB and convert the 1,000 RMB into USD and take the 20,000 RMB and 147 USD together.


I would prefer to keep my money in RMB currency as I plan to return to China to study for a few years, but I would like to bring it with me rather than leave it in the bank for "just in case", "you never know what happens" sort of situations...like if something happened back home where I needed money or needed to stay a little longer.
(Also RMB is expected to have a little boost in value in the near future...maybe 2%)

Your help will be greatly appreciated!

[johntpartee]

I think you're making a big mistake. It's much easier to change USD (or Russian Rubles) in other places. Outside of China, yuan are practically worthless. If you really want an RMB "stash", just leave it in a bank in China.

[The Ever-changing Cleric]

unless you're certain that you'll return soon, and you know when you'll return, taking RMB out of the country seems pointless to me. Leaving it in a bank here would also be pointless, because if you don't come back, getting that money may not be so easy.

The money would be put to better use exchanging it and taking it home, making it useful to you. if you need that money when you're home, and you find you have to exchange the RMB you'll likely find the exchange rate not so hot. When (and if) you return to China, then bring a bank card with you (keep money in an account back home) or just bring fresh cash with you.

[Humbug]

We brought 20,000 yuan out last year with no problems at all. There didn't seem to be any paperwork on which to make a declaration. We were also asked "why bother?" but as we are going back to China in a week it certainly saved all the money exchange fees etc

[fireking6]

I worked in China this year, but I intend to study when I return in 2 months..but I would like to keep the RMB in hand so that if for some crazy reason I do not return, I can still access the money. The most likely hood is that I will be returning as I already have a return ticket, but I don't want to just let it sit in my Chinese bank account because it would be stuck there if for some crazy reason I could not return.

[johntpartee]

I've heard that Agricultural Bank of China's ATM cards work anywhere in the world. Also, Bank of China has branches in the United States; New York City for sure.

[daCabbie]

If you are returning to the USA you can take up to $10,000 without declaring it when you enter the States. But having anymore than a couple thousand can throw up red flags. (try buying a plane ticket last minute with cash and see what happens) I am not sure the Chinese restrictions are on currency movement, but chances are no one will ask as you are leaving.

But, then you cannot exchange RMB on the open market outside of China. Your local bank back home cannot exchange it into another currency. So, if something did happen you would have to make a trip to a Chinese embassy and then they might only be able to do $500 dollars per day without your FEC and tax receipts.

Commonsense says: Don't do it. You are better of buying a couple of ounces of gold and walking around with that in your pocket, the value will rise faster than the RMB and is easier to exchange. There are so many thing that can go wrong once you leave China. You never know. You really don't want to end up in some back alley in Chinatown trying to exchange money.

[nickpellatt]

You can exchange RMB outside of China. I have always been able to buy/sell RMB with ease over the last 4 years. I actually came home to the UK about 10 days ago with 7700 RMB, which I exchanged locally, getting just under 9 rmb per GBP I think.

I got back �710 for my 7700 RMB. This was at least better than the rate offered in Hong Kong (�660) and better than the worst offer at Travelex in London of �640.

Im sure if you are worried about taking it 'out', there will be a convenient travelex etc in any major international airport before you actually leave.

[Miles Smiles]

It costs banks money to change money, so unless someone else has deposited a HUGE amount of RMB in a major bank before you exchange your cash, the likelihood of ANY bank being willing to exchange it for you is slim.

I live in the city where B of A is headquartered. It supposedly has reciprocal agreements with the Construction Bank and perhaps the Agricultural Bank of China, but I was told by people in the international department to forget trying to change rmb in the States (this was before I left for China the last time). I have a personal bank account at BoA, as well as accounts at the Ag Bank and the Construction Bank, but the BoA ATM will not accept either card for me to access my money in China, even though relationships with both banks were highly touted locally. The bank's explanation: none. The local college's finance department's explanation? The bank would lose money on the transaction.

RESULTS MAY VARY.

If you think that you might not return, deposit your money in a Chinese friend's account before you go home. If you need the cash because you can't/won't return, just ask your Chinese friend to withdraw the money, convert it to dollars, then transfer it to your account in the States. The BoC will give your friend instructions on how to do this. It's no big deal.

Given the present volatility of the American banking system, I wouldn't take a chance on trying to convert rmb to dollars, no matter WHO gave me his reassurances.

[nickpellatt]

The Chinese Yuan is NOT a currency that cannot be taken from the country. This is unlike countries like Tanzania (where I went last year) and Morocco (where I go next month). This means that the currency can be exchanged with banks and currency exchange specialists. Even Tesco (the UK supermarket) can exchange RMB and 101 other currencies. Yes, they do this for a profit ... they buy RMB at about 9 per GBP, and sell at 10.5 as do all currency dealers throughout the world.

They dont only change it 'if' someone else has recently deposited some! In the case of wanting 6500 yuan, which I did before leaving for China in December last year....the privately owned currency service I used needed 3 days because they ordered it.

Likewise...I can order pretty much any currency (except the closed currencies mentioned above) via my online bank which is part of Santander.

Go into any Beauraux (sp) de change in any travel agent, bank or at pretty much any airport and they will tell you the same.

[Mister Al]

Take the RMB with you. There are lots of places you can change it if/when you need to. I think it is about 20K allowed but my mate took 70K in his pocket once and the Chinese customs just let him through. Also it's not going to get weaker anytime soon. I don't think so, anyway.

[Non Sequitur]

I'm sure there is a notice up near the international departures gate at most airports.
As the RMB is going to appreciate in value against the US and other Western currencies over time you're better to convert only as much as you need. Bring the balance back as cash.
Security considerations aside the less you let banks CC and other dealers near your wad the better.

[Miles Smiles]

[randyj]

[Non Sequitur]

I agree Randy.
The movement for the RMB, is appreciation against the US and other currencies. There will be short term blips but the overall direction of travel is what is important.
The worst thing the OP could do would be to convert all his/her RMB and then convert back what's not spent at the end of the visit home.
Keep the banks and CC companies incl Western U out of it as much as possible.