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wire money out of the country
Fri, 2010-01-22 12:32
I sold an apartment here in Zhuhai and want to get the money to a bank account in Hong Kong. The money is in my wife's account. She is Chinese. Can she just wire it out? Has anyone done this recently? Is there a lot of red tape? It would go from her account to my account in HK.
Sat, 2010-01-23 08:20
#2
Thanks but I am hoping to hear from someone who has actually done this.
Sat, 2010-01-23 10:55
#3
i have done international bank transfers before, they are very straight forward, you just get the account number of the bank to want to transfer to and fill out a form in the bank and then wait a few days. however there is a limit on the amount you can send and i think the money from the sale of a house would exceed that amount.
Sat, 2010-01-23 11:18
#4
You probably need to pay some tax before being able to wire the money out.
Sat, 2010-01-23 12:22
#5
I helped one of my friends to wire transfer money back to UK through West Union by using my ID Card. The charge is 40 USD for transferring 10,000 USD. And we are only allowed to transfer 50,000 USD in one year, i.e. personal swap line is 50,000 USD for a single year. Furthermore, individuals are only permitted to transfer 10,000 USD one day.
Sat, 2010-01-23 15:37
#6
Thanks Rongsonking. It looks like it can be done then. I would have my wife do it from her bank. From what you say it may require a few trips to the bank.. I am familiar with wiring money but have not done it from this country.
Thu, 2010-02-04 15:16
#7
The problem is not wiring the money out, but changing it to foreign currency. You can not wire RMB out. If it was in your account and the apartment had been under your name, things would be straight forward. You would apply for a permission to exchange it and wire it out. I have done this last year.
Fri, 2010-02-05 19:02
#8
I am not 100% sure about wiring money from an account of a Chinese national, but I have a Construction Bank of China account which is a multi-currency account. There are 2 ways you can wire: deposit USD and wire. And it will cost you over 20 USD per each 2000 USD. You can't deposit more than 10,000 USD a day. Plus 100RMB remittance fee.
And also they have a service where in your account they do exchange to another currency and wire that money. I didn't understand how exactly it is done as I don't speak good Chinese and they didn't have enough vocabulary to explain it to me. So I went with the first option as I had to send money ASAP.
The best of course is to consult the bank your wife has her account in. Good luck.
Mon, 2010-02-08 22:27
#9
I'm not sure, but I think the 50K USD (equiv) per year is the limit for the amount of foreign currency that Chinese citizens can buy with RMB per year. However, if you already have USD, I don't know whether there is any limit on how much you can remit as a foreigner. There will be a per transaction limit and possibly a daily limit but I'm not sure whether there is a yearly limit.
If you sold a property, you might be able to exchange and remit the money legally from the bank. I would always prefer to do it legally and in my own name if possible. If not possible, there are many others ways to get your money out of the country. Getting Chinese friends/co-workers to remit 50K USD each, buying USD on the black market and then sending it by Western Union, taking a suitcase full of RMB on the boat to HK, etc.
the best way is to consult with your bank which opened your account.
mikescofield@vip.qq.com