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How much RMB can I take out of China without declaring?
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nickpellatt



Joined: 08 Dec 2006
Posts: 1522
PostPosted: Mon Jul 05, 2010 2:23 pm    Post subject: Reply with quote
Susie and John - Dont change it before you go. I would advise against that UNLESS they are going to be changing it to the currency you ultimately want.

If they change RMB>EURO, they will probably take a %. If you then take EURO and change to GBP, the next money changer will also take a %, so you lose out twice.

I have been in and out of China around 8 times and exchanged currency on each occasion, as well as changing currencies for many other countries around the world. Everyone who exchanges currency for you will be charging something, so minimize the amount of currency changes you make. RMB>GBP exchanged in the UK is pretty likely to offer you a better deal than RMB>HK$>GBP as more changes mean more commission for someone.

Susie...20,000 RMB is around �2000. No problem to take that out
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johntpartee



Joined: 02 Mar 2010
Posts: 3258
PostPosted: Mon Jul 05, 2010 2:32 pm    Post subject: Reply with quote
Quote:
20,000 RMB is around �2000


Anybody who wants to give me 20,000 yuan for 2000 Euros, I'll do it! Now!
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nickpellatt



Joined: 08 Dec 2006
Posts: 1522
PostPosted: Mon Jul 05, 2010 5:33 pm    Post subject: Reply with quote
�2353 according to Coinmill today. I posted early this morning before heading to work and didnt check rates. I dont think you would get that much back when exchanging on the high street, but its in the ball park!
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mdovell



Joined: 02 Nov 2009
Posts: 131
PostPosted: Mon Jul 05, 2010 7:29 pm    Post subject: Reply with quote
hot_water_hillbilly wrote:
mdovell wrote:
From what I understand here's a few things

1) it's true that you can't bring more than 10K cash into the USA...although I would say if you bought something like some gold that might be able to be sold back here...I'd say silver too but the margin on it is high

2) Not just with china but in general banks will not exchange (at least from what I was told) any foreign money in coin form.

3) Maybe this is off but what if you could western union money back home beforehand?


Yes, you CAN enter the U.S. with more than $10,000 in cash - you simply have to declare it. You have no duty to report to Custom's if you have $10,000 exactly or less.

If you fail to declare it and they find it, you can actually have the entire cash load confiscated.


Hmm. So what happens tax wise though if you have more than 10K and declare it?
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Susie



Joined: 02 Jul 2003
Posts: 390
Location: PRC
PostPosted: Wed Jul 07, 2010 1:14 pm    Post subject: Reply with quote
Look, the question is: how much RMB & Euros in cash can you take out of China through a mainland airport?

Searched www.baidu.com for 非中国居民出境携带人民币规定
http://www.gter.net/?action-viewthread-tid-959439
6,000RMB
5,000USD
3,944EUROS

This website gives today's RMB/USD exchange rate. http://www.safe.gov.cn/model_safe/index.html
The euro figure above was calculated by a Chinese fellow at Sun Yat Sen University library thus:-
5000 usd
677.53 rmb = 100 usd
858.84 0.788889665 858.84 = 100 euros
欧元 3944.448326 euros
人民币 6000

Is it better to sell RMB and buy Euros in China OR is it better to sell RMB and buy Euros in Europe?
You can't take more than RMB6,000 to Europe to exchange into Euros.

The guesses made by people at various banks is that it is better to change RMB to Euros while in China (but they could have a vested interest in giving that answer!)

The Bank of China need a few days' notice in advance to change RMB into Euros.

The China Industrial Bank could NOT give more than 500usd per day, that is, 394.75 Euros per day, that is, RMB3,393.20 per day. They could not change a lump sum of RMB exceeding 500usd with or without notice.
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