Taking Foreign Exchange Cash Out of China

[Enigma]

As my brother is aware of how difficult it is to change RMB to any kind of foreign exchange, bless his cotton socks, he brought me some US Dollars and British Pounds the last time he was here.

Does anyone know if there is a limit to how much you can take out of the country through customs (from the Chinese side) and if so, what that limit is? I do not want to be stopped by some official and be unaware of what my rights are and find that half of it gets taken away from me due to ignorance.

[Non-Dave]

I'm pretty sure there are no regulatons about taking money OUT of China - if it's not RMB it should be an open limit. The important part is the regulations of the country you are entering. You can take as much as you like, but you have to declare it - and be able to prove it was legitimately earned. I know going into Australia you must declare anything over AUD$10,000. I think it is the same with the US. Hong Kong has no declaration requirements at all. Check with the country you will be going to and if it is over the declaration threshhold something as simple as a letter from your school verifying how much you earned would probably do the trick.

If you don't declare cash and you get caught you can lose the whole lot (if you can't prove where it came from) and/or face a nasty fine for not declaring it.

[Enigma]

Hi Non-Dave,

Thanks for the response. I’ve already checked the regulations wrt taking money into the country of my final destination – I’ll be in the clear on that one – just wasn’t sure about the getting it out of China part.

You're an angel, thank you...

[mich]

Quick question...should I exchange my currency into Australian Dollars here or back home in Oz?

I have to go from Chonqing to Hong Kong where i'll be for a few days...cant see too much drama there...but it's Hong Kong to Australia that I'm worried about. Are Hong Kong Dollars and RMB hard to exchange?

[Non-Dave]

I'd change the RMB to Aussie dollars in Hong Kong - dead easy to do at a good rate - and Hong Kong Dollars are much easier to change into Aussie dollars than RMB. You can go to any bank or currency exchange booth (and there are lots of them) and change either RMB or HK dollars - I'd probably opt for a bank and pay the fee just for the safety of the transaction.

You can also do a bank transfer from a Hong Kong bank to your Aussie account (as long as you have all your details and your bank's SWIFT code). That would probably be the safest and easiest way to get the money home - without the hassle of carrying it and having to explain it. Hong Kong doesn't have all the red tape that you find in the mainland.

[mich]

cheers Non-Dave,

I appreciate that.

[Raoul Duke]

Aaaaauuggh!

China most definitely DOES have controls on currency- ANY currency- passing out of its borders. Indeed, most countries do...

The basic limit is a value of 6,000 RMB regardless of currency used. However, their real interest comes about when the amount of money you leave with exceeds the amount of money you declared when entering China. You may have to explain and/or pay a duty on the additional amount. You may also be asked to show the receipts for transactions where you exchanged RMB for foreign currencies.

If possible, send extra money on ahead via bank transfer or Western Union. Be aware that many modern paper notes have embedded targets that allow them to be detected by non-invasive tests such as x-rays. It's hard to hide them if the officials really want to find them badly enough. I tend to carry cash hidden on my person rather than in my luggage.

Customs officers are just like any other Chinese bureaucrats. This means:
a) they are generally indifferent to the point of comatose,
but it is also
b) very dangerous to assume that they will behave the way you expect them to.