Anou Posted January 25, 2017 at 07:45 AM Report Share Posted January 25, 2017 at 07:45 AM I am a foreigner, I have an account with ICBC, and I want to exchange RMB to USD. Correct me if I'm wrong, I heard you can exchange 500 USD per day without needing to show any documents for source of income. I'm not sure if this is correct either, but you can carry 5000 USD or equivalent in cash when exiting China without needing to declare to customs. Now this would mean I'd have to go to the bank every day for 10 days to get a total amount of 5000 USD in cash. Is that possible and will they give me USD in cash or do they have to deposit it in a foreign currency account? I'm not familiar with how it works. Any tips and info would be appreciated! Thanks! Quote Link to comment Share on other sites More sharing options...
somethingfunny Posted January 25, 2017 at 07:50 AM Report Share Posted January 25, 2017 at 07:50 AM Sounds about right from what I remember. They'll give you cash as long as you go to a branch that holds USD - I recommend finding out where the main branch of your bank is and going there. My tip is find a Chinese person you trust and ask them to help you do it - they can change the whole lot in one go and transfer it to an overseas account. Quote Link to comment Share on other sites More sharing options...
abcdefg Posted January 25, 2017 at 11:18 AM Report Share Posted January 25, 2017 at 11:18 AM >>" Correct me if I'm wrong, I heard you can exchange 500 USD per day without needing to show any documents for source of income." This is correct and I've done it quite a few times here in Kunming. >>" I'm not sure if this is correct either, but you can carry 5000 USD or equivalent in cash when exiting China without needing to declare to customs." Yes, that's correct too. I've done it several years in a row. >>" Is that possible and will they give me USD in cash or do they have to deposit it in a foreign currency account?" They will give you the cash, $500 at a time. >>" I'm not familiar with how it works. Any tips and info would be appreciated!" An alternative to carrying that much cash on your trip home is to send some of it home via wire transfers from your bank here to your bank back in the US. I've sent up to $3,000 at a time without any problem. Not sure about the maximum allowed at one time. Should add that my most recent experience with the wire transfers was from the fall of last year (2016.) Since then there have been additional regulations designed to prevent money from leaving China. I don't know the details or what effect they might have on the procedures today. If you want to go that route, you will just have to try and see how it works. Doubt you will be able to find the information online. Quote Link to comment Share on other sites More sharing options...
Anou Posted January 27, 2017 at 02:06 AM Author Report Share Posted January 27, 2017 at 02:06 AM Thanks! One more quick question. Is it possible to just walk in and exchange for the max amount per day even if you don't have an account with the bank? Quote Link to comment Share on other sites More sharing options...
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