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RMB to USD

MisterAlex (3 posts) • 0

Hi guys! I'm an ABC living in California. I was trying to sell a home over the weekend and someone from China asked if I can help them move money out of China to buy the home. I am not experienced about currency exchange- but if anyone know's how to move a big amount of money. Please let me know. Thank you!

GoK Moderator (5096 posts) • 0

Don't do it. It sounds like a scam, money laundering, or hot cash. Do not under any circumstances give them access to your bank account for any transaction that would not normally be part of a sale. Do not open a third party account for them either.
There are also Chinese regulations on how much RMB can be taken out of China at one time. You could be helping them break Chinese law, that is why I say it might be hot money. If you are caught aiding and abetting the breach of Chinese law, you may find problems in the future if you ever want to come to China or do business here.
It is their money, their problem. You might be desperate to sell you house, but you could end up with nothing but jail time.
If they are money laundering they won't buy the house. You will never hear from them after the transfers are completed.

It may be legit but like I said, 'their money their problem'. You can also plead ignorance about what to do, and if they suggest a work around they know what they are up to.

Liumingke1234 (3297 posts) • 0

It screams SCAM!SCAM!SCAM!
Take tigertiger advice. If you don't you will be sorry. All business should be done face to face in America with a reliable real estate company.

Xiefei (539 posts) • 0

Basically, there's little you can do for them. There's an annual limit of US$50,000 per person, barring special circumstances (approved investment, covering a child's tuition expenses, etc.).

Any way around that will be skirting the line of money laundering, and to assist in that would leave you open to prosecution in the US as well as China.

At most, maybe introduce this potential buyer to a local Chinese-speaking accountant or real estate agent/consultant. They may have some useful tips for getting the money transfer approved. But leave it at that.

vicar (817 posts) • 0

Tell them to stick a 50, 000 deposit in your bank account to save the house then if they can't' send the rest they can do it through the EB-5 immigrant investor program - green card included. Many Chinese do this with the majority paying cash

rejected_goods (349 posts) • 0

yeah, take tigertiger's advice. it is his problem.

on the other hand, if you want to help the guy, tell him to buy an insurance policy with large amount of cash value in RMB and pay the total premium in cash (or pay that with his gold card) in one hit instead of by installment, in hong kong with an international bank, then borrow the max. amount from the policy immediately. sure, he would loss a bit of money in the process but the money is out. i can tell you, there are a lot of rich chinese doing exactly that to by pass the chinese regulations. hahahhah....... even a ten million dollar life insurance policy is not seen as unusual this days. hahahh

MisterAlex (3 posts) • 0

Thanks for all the advice guys!

I met them face to face. It is a family. They seem like decent people.

I read some of the comments that a penalty will be jail time. Upon research this is not true as long has money wasn't wired directly into my bank account.

Any foreigner that comes to the USA can open a bank account. You do not need to be an American citizen or green card holder or anyone. Just show a passport from any country and you can open a bank account in the USA.

I also read that you are able to wire $50,000 USD from China to America per One Person per One Year. I would like to know which bank in China will do that?

GoK Moderator (5096 posts) • 0

"I met them face to face. It is a family. They seem like decent people."

That means nothing MrAlex, as this is how confidence tricks works.

"I also read that you are able to wire $50,000 USD from China to America per One Person per One Year. I would like to know which bank in China will do that?"
Every middle class Chinese person knows this. Bank Of China would be the obvious choice.

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