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12-20-2013, 08:06 AM
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#1 | | WOAH! i think Vtec just kicked in!
Join Date: Dec 2003 Location: abc
Posts: 1,656
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| Best Way to Bring Over CNY?
I have to bring back to Van about 30,000 CAD worth of CNY. Whats the best way to bring it back over to minimize taxes and exchange rates? Ty
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12-23-2013, 09:23 PM
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#2 | | I bringith the lowerballerith
Join Date: Dec 2003 Location: Vancouver
Posts: 1,118
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two ways:
exchange to USD/CAD in China at Bank of China. - might need a Chinese national to do that for you
and bring cash over, declare at border and say a gift or whatever
Other is:
use a intermediary company such as those Chinese exchange places in richmond they take a cut, but will let you withdraw CDN when you get here.
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12-23-2013, 09:37 PM
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#3 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jun 2006 Location: richmond Lah!
Posts: 5,459
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paypal that shit and gift it.
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12-24-2013, 09:15 AM
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#4 | | MiX iT Up!
Join Date: May 2006 Location: vancouver
Posts: 8,133
Thanked 2,066 Times in 865 Posts
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Open HSBC Premier account
deposit CNY currency into account
come to YVR & go to HSBC
withdraw CNY in CAD
notes from watching Border Security:
- declare all cash you are bring in to Canada. Show paper trail of how money originated (ie sale of property docs). If it's a gift have a letter from the person that is gifting.
__________________
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Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
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12-24-2013, 10:56 AM
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#5 | | I keep RS good
Join Date: May 2001 Location: Cosmos
Posts: 28,661
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you have to provide more info than that.
where is the money coming from? is it cash? is it in YOUR account? whos account?
if it's a family member, i'm pretty sure they can just wire it to you and if anyone asks it's just a gift... which is fine.
it's only suspicious if you do multiple times.
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12-24-2013, 11:22 AM
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#6 | | WOAH! i think Vtec just kicked in!
Join Date: Dec 2003 Location: abc
Posts: 1,656
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Thanks for the replies, I ended up going wit BOC since they have them in china and van, and wire over. Apparently china is super anal about ppl moving their currency out. My relatives told me so many horror stories about bringing CNY out of china.
If I was to declare it at the airport, I would still risk getting fined or confiscated. Because I would still need to show a legal warrant issued by government of State Administration of Foreign Exchange to carry that much out.
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02-05-2014, 01:24 PM
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#7 | | I am Hook'd on RS
Join Date: Feb 2014 Location: vancouver
Posts: 74
Thanked 69 Times in 17 Posts
| Quote:
Originally Posted by LC21  paypal that shit and gift it. | I would advise against using paypal for any type of transaction that involves currency charges. Paypal's exchange rate is determined by them, and is never favorable for the end user
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02-09-2014, 08:16 PM
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#8 | | I bringith the lowerballerith
Join Date: Dec 2003 Location: Vancouver
Posts: 1,118
Thanked 28 Times in 12 Posts
| Quote:
Originally Posted by wingies Thanks for the replies, I ended up going wit BOC since they have them in china and van, and wire over. Apparently china is super anal about ppl moving their currency out. My relatives told me so many horror stories about bringing CNY out of china.
If I was to declare it at the airport, I would still risk getting fined or confiscated. Because I would still need to show a legal warrant issued by government of State Administration of Foreign Exchange to carry that much out. | You will not have the risk of being fined or confiscated if you declare it. That is a misconception many people have about declaration. If you don't, yes you can be fined and money be confiscated.
YOU MUST DECLARE ANYTHING $10,000 or MORE. I did the same thing as you when I worked in China for a year, at the end of my stay, I came back and brought over everything in cash. I declared and that was it. The customs didn't ask to see it or do anything with the cash.
Fill this out and bring the cash over E677 – Cross-Border Currency or Monetary Instruments Report — Individual
Also,
Exchanging to USD from RMB might be tough but you will need to bring a Chinese national to do it and that is all. You don't need to report anything to other government agencies.
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02-10-2014, 12:43 PM
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#9 | | WOAH! i think Vtec just kicked in!
Join Date: Dec 2003 Location: abc
Posts: 1,656
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With china customs, all you did was declare all the cash you were carrrying and they let you through? Last time I checked you had to have a proper documentation from the SAFE before they let you through
I know CBSA doesnt really care about the money as long as you declare it
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02-10-2014, 12:50 PM
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#10 | | #savethemanuals
Join Date: May 2008 Location: Richmond
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Always declare cash over $10,000.
Here's a cool story bro for you guys.
My parents came over for my sister's wedding and brought cash as a wedding gift and it just so happened that they did not declare it and were caught. Even if they explained the situation, showed documentation, and were let go, they were subject to automatic inspections every time they came afterwards for a certain number of years. We had to write letters to get it to stop.
If they had declared it there would have been no problem.
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02-16-2014, 10:22 PM
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#11 | | I bringith the lowerballerith
Join Date: Dec 2003 Location: Vancouver
Posts: 1,118
Thanked 28 Times in 12 Posts
| Quote:
Originally Posted by wingies With china customs, all you did was declare all the cash you were carrrying and they let you through? Last time I checked you had to have a proper documentation from the SAFE before they let you through
I know CBSA doesnt really care about the money as long as you declare it | No , I didn't declare GO OUT of China customs. There was no requirement for me to do that. You are sort of doing that when you exchange RMB to USD.
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