Comments on: Converting chunks of USD into RMB…one day at a time. http://cnreviews.com/entrepreneurship/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html About China blogosphere, travel, and entrepreneurship Mon, 01 Dec 2008 20:15:12 +0000 http://wordpress.org/?v=2.6.2 By: chad http://cnreviews.com/entrepreneurship/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-10606 chad Mon, 13 Oct 2008 07:37:11 +0000 http://cnreviews.com/kai_pan/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-10606 email address: chaddale@me.com email address: chaddale@me.com

]]> By: chad http://cnreviews.com/entrepreneurship/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-10605 chad Mon, 13 Oct 2008 07:36:40 +0000 http://cnreviews.com/kai_pan/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-10605 joseph - i may have a solution for you - email me if you are interested in talking.... thx. chad joseph - i may have a solution for you - email me if you are interested in talking….

thx.

chad

]]> By: expat going home http://cnreviews.com/entrepreneurship/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-8546 expat going home Mon, 22 Sep 2008 13:17:15 +0000 http://cnreviews.com/kai_pan/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-8546 does the reverse work? i'd like to transfer a lot of RMB currently in ICBC back to the US. can i open up a CCB account and transfer it into BofA without a fee? does the reverse work? i’d like to transfer a lot of RMB currently in ICBC back to the US. can i open up a CCB account and transfer it into BofA without a fee?

]]> By: Kai Pan http://cnreviews.com/entrepreneurship/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-7936 Kai Pan Fri, 12 Sep 2008 20:44:16 +0000 http://cnreviews.com/kai_pan/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-7936 Joseph, You're only allowed to transfer $50,000 USD per year into China. I believe Elliott here has more posts about that as he was quite the exchange rate freak for a while. Check his posts. 1. The logic behind limiting money coming into China is to prevent white hot inflows of cash that, in aggregate, could cause unwanted economic side effects. Again, refer to Elliott's posts. 2. I believe the yearly limit is per person, not per account. What you suggest SHOULDN'T work. 3. I actually don't make that many withdrawals. I've only used this trick once (over those few days when I needed it). Given that I'm not an international accountant, I'm afraid I have no answers for your tax questions with regards to your business. Sorry, buddy. Joseph,

You’re only allowed to transfer $50,000 USD per year into China. I believe Elliott here has more posts about that as he was quite the exchange rate freak for a while. Check his posts.

1. The logic behind limiting money coming into China is to prevent white hot inflows of cash that, in aggregate, could cause unwanted economic side effects. Again, refer to Elliott’s posts.

2. I believe the yearly limit is per person, not per account. What you suggest SHOULDN’T work.

3. I actually don’t make that many withdrawals. I’ve only used this trick once (over those few days when I needed it). Given that I’m not an international accountant, I’m afraid I have no answers for your tax questions with regards to your business. Sorry, buddy.

]]> By: Joseph http://cnreviews.com/entrepreneurship/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-7922 Joseph Fri, 12 Sep 2008 13:07:14 +0000 http://cnreviews.com/kai_pan/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-7922 Hi Kai. I do the exact thing you do, and I am glad to hear I am not the only one doing it. I have pretty much funded my business by withdrawing 20,000 RMB per day. Our company needs at least 400,000 RMB per month and sometimes more to keep things running, so I do the same thing u do. However, starting in August, when I went to go to CCB I could only withdraw 5000RMB per day. I went to the bank for 10 days straight and everyday they gave me the same story that it was BofA fault in the US. Finally after my secretary called their corporate headquarters numerous times it turns out that all of China has enacted a new law which is that all foreign ATM cards are only allowed to withdraw 5,000RMB per day. This has seriously screwed me. Apparently there is a law in China that you can only transfer $40,000 USD into China for personal accounts. So now that I have used that option up, I have to send checks to my employee in the US, and then she has to transfer directly to the factory for me. So a few questions for you if u have the time. #1 - Have you heard about the limit of $40,000 per year for personal accounts in China? And if so what is the logic behind it? #2 - One easy solution is just open up 5 accounts with BofA, and get cards for each account, and just move the money around so that u can take out 5,000RMB per account (25,000 per day). But if the law is that u can only transfer $40,000 into a personal chinese account every year, then shouldn't this law also apply to ATM. I think u know that the people at the bank in China are useless. They say its no problem, but I am not really interested in breaking any laws in China. Just curious if you have heard anything about this. #3 - For tax purposes, how are you justifying so many withdrawals from the US to China to the US government. My company was a 1 man operation 2 years ago, and I have found it very complicated to try to do my taxes. Our company is registered in China, HK and the US, and its confusing as hell to figure out how to do the taxes. Our company is set up like a large multinational, that would probably require a very expensive accountant to figure it all out. But we are in fact a small start-up, so I would prefer to find a simple accountant to figure it out, or just do it myself. However, the US accountants that I have found online, all say that I need someone that specializes in international accounting. Any thoughts on this? Anyway, it seems like our business structure is similar so just wanted some basic advise. Feel free to shoot any questions you may also have back to me. Hi Kai. I do the exact thing you do, and I am glad to hear I am not the only one doing it. I have pretty much funded my business by withdrawing 20,000 RMB per day. Our company needs at least 400,000 RMB per month and sometimes more to keep things running, so I do the same thing u do. However, starting in August, when I went to go to CCB I could only withdraw 5000RMB per day. I went to the bank for 10 days straight and everyday they gave me the same story that it was BofA fault in the US. Finally after my secretary called their corporate headquarters numerous times it turns out that all of China has enacted a new law which is that all foreign ATM cards are only allowed to withdraw 5,000RMB per day.

This has seriously screwed me. Apparently there is a law in China that you can only transfer $40,000 USD into China for personal accounts. So now that I have used that option up, I have to send checks to my employee in the US, and then she has to transfer directly to the factory for me.

So a few questions for you if u have the time.

#1 - Have you heard about the limit of $40,000 per year for personal accounts in China? And if so what is the logic behind it?
#2 - One easy solution is just open up 5 accounts with BofA, and get cards for each account, and just move the money around so that u can take out 5,000RMB per account (25,000 per day). But if the law is that u can only transfer $40,000 into a personal chinese account every year, then shouldn’t this law also apply to ATM. I think u know that the people at the bank in China are useless. They say its no problem, but I am not really interested in breaking any laws in China. Just curious if you have heard anything about this.
#3 - For tax purposes, how are you justifying so many withdrawals from the US to China to the US government. My company was a 1 man operation 2 years ago, and I have found it very complicated to try to do my taxes. Our company is registered in China, HK and the US, and its confusing as hell to figure out how to do the taxes. Our company is set up like a large multinational, that would probably require a very expensive accountant to figure it all out. But we are in fact a small start-up, so I would prefer to find a simple accountant to figure it out, or just do it myself. However, the US accountants that I have found online, all say that I need someone that specializes in international accounting. Any thoughts on this?

Anyway, it seems like our business structure is similar so just wanted some basic advise. Feel free to shoot any questions you may also have back to me.

]]> By: Kai Pan http://cnreviews.com/entrepreneurship/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-7154 Kai Pan Thu, 04 Sep 2008 04:33:35 +0000 http://cnreviews.com/kai_pan/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-7154 The daily RMB withdrawal limit should be 20,000 but yes, it is be 2000-2500 per transaction. That is why I mentioned above that you need to make multiple transactions. I forget if this involves having to take out the card and re-insert the card or if you can just choose "withdraw" again after each withdrawal. The daily RMB withdrawal limit should be 20,000 but yes, it is be 2000-2500 per transaction. That is why I mentioned above that you need to make multiple transactions. I forget if this involves having to take out the card and re-insert the card or if you can just choose “withdraw” again after each withdrawal.

]]> By: richard http://cnreviews.com/entrepreneurship/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-7151 richard Thu, 04 Sep 2008 04:16:04 +0000 http://cnreviews.com/kai_pan/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-7151 i was in Beijing last month for the Olympic, yes it's true that Bank Of America don't charge any fee to withdraw money out of your account, but the problem is that ATM machine only allow you withdraw 2500RMB per day and that is equal to $365.09, and I try few times on different on machines around Beijing, same results, I pretty sure i could withdraw more than $365 in U.S, so what I have to do, it's wait for the next day do withdraw :( i was in Beijing last month for the Olympic, yes it’s true that Bank Of America don’t charge any fee to withdraw money out of your account, but the problem is that ATM machine only allow you withdraw 2500RMB per day and that is equal to $365.09, and I try few times on different on machines around Beijing, same results, I pretty sure i could withdraw more than $365 in U.S, so what I have to do, it’s wait for the next day do withdraw :(

]]> By: Kai Pan http://cnreviews.com/entrepreneurship/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-7086 Kai Pan Wed, 03 Sep 2008 16:38:30 +0000 http://cnreviews.com/kai_pan/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-7086 You'll have to check with BofA as that was a pilot program originally in Northern California. I have no idea if they have continued it or expanded it. Depending on how much money it is, the worst that can happen is a $35-45 wire transfer fee. Give them a call and get an answer. That's what they're there for, especially now that you know something like it should exist. :) You’ll have to check with BofA as that was a pilot program originally in Northern California. I have no idea if they have continued it or expanded it. Depending on how much money it is, the worst that can happen is a $35-45 wire transfer fee. Give them a call and get an answer. That’s what they’re there for, especially now that you know something like it should exist. :)

]]> By: tryna http://cnreviews.com/entrepreneurship/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-7082 tryna Wed, 03 Sep 2008 16:15:36 +0000 http://cnreviews.com/kai_pan/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-7082 Hi. I was in China from Jan to July this year and I had the same problem with you. BofA asked me to present myself at the counter but obviously I wasn't able to. I ended up asking my friend to help me back in the States. Now I am back in the States and I want to transfer some money to my partner in China. I do have a CCB account there, and so does my partner. Do you happen to know if the free wire transfer thing still exists? Hi. I was in China from Jan to July this year and I had the same problem with you. BofA asked me to present myself at the counter but obviously I wasn’t able to. I ended up asking my friend to help me back in the States.

Now I am back in the States and I want to transfer some money to my partner in China. I do have a CCB account there, and so does my partner. Do you happen to know if the free wire transfer thing still exists?

]]> By: Kai Pan http://cnreviews.com/entrepreneurship/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-6852 Kai Pan Mon, 01 Sep 2008 15:57:17 +0000 http://cnreviews.com/kai_pan/converting_chunks_of_usd_into_rmbone_day_at_a_time-2_20080529.html#comment-6852 Should be. It's a partnership between the two banks. Should be. It’s a partnership between the two banks.

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