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sma818

Max Allowance of Money Brought into China

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sma818

Does anyone know what the max allowance for non-residents is with regards to bringing in money into China?

I will be going to Tsinghua in a few weeks from HK, and am wondering how everyone else is bringing money? Since tuition has to be paid by cash or travellers chqs...

I plan on studying for a year, and with residence, insurance etc., thats a lot of money I need to have on hand!

Do you need to declare if its over a certain amount?

For those of you already in BJ, I would really appreciate some insight on what you guys did?

Thanks in advance!

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liuzhou

There is no maximum.

You are meant to declare anything over a certain amount - can't remember precisely what. No-one will ask you.

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Steadi

Liuzhou is right, no maximum on money brought into China. The government likes money coming in:)

There is a limit on Rmb that can be taken out of the country (about 5000RMB??), unless you have the receipts from when you changed the foreign currency into RMB.

Traveller's Cheques(US or Euro) are always the safest way to carry money around, and relatively easy to cash at Bank of China.

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Shadowdh

I would take British pounds instead of dollars (but euros are ok) as the exchange rate was excellent while I was there last week... (geez has it only been a week since I was there... seems much longer) US dollar is around 7.97 (if you find a good bank) and the pound was nearer 14.7... bit of a difference there... I took in over the offical declarable limit but didnt declare and had no probs... I also took travellers cheques (US dollars much to my disappointment) and had an awful time finding banks to cash them when I really needed to... (bank of China seemed to be the only one who would cash US dollar travellers cheques...)

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adrianlondon

Shadowdh - I'm taking sterling travellers' cheques which I plan to cash asap to pay for my tuition and accommodation at BNU. I hear there's a very convenient bank nearby.

I didn't get US$ cheques as that would mean converting sterling to dollars to yuan, and that seemed wasteful. Sterling travellers cheques are "free" to buy. Or at least they are from the Nationwide.

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Shadowdh

Ahh see I didnt know that you could get them free from nationwide, I went to barclays and they said I needed an account to get them... I repeated that they were travellers cheques not a chequing account and they still said I needed an account... (can you believe it) then most banks needed a 3 day warning and I didnt have that long as originally I was just going to take cash... doh... should have done that... And as the place which gave me the USD travellers cheques did so free of charge and commission free too plus gave me a very good exchange rate I felt ok with it... till I got to China of course... so the money I saved I actually spent in exchange... oh well teach me for leaving things till the last 2 days... Bank of China in Wudaokou is good for cashing travellers cheques...

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adrianlondon

Wudaokou isn't very convenient for BNU :) There's a bank next to the campus; I'll use that.

I'm suprised your US$-RMB exchange wasn't good. Don't forget that the dollar is weak, so you probably got loads for your £ here in London; hence the same as just getting the good rate from £ in Beijing. I think. It's done now :)

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liuzhou
what is the declarable limit...?

If you are a resident of China, 1,000 US Dollars or equivalent.

Non-resident, 5,000 US dollars or equivalent.

However, no one ever asks you, and if you tried to declare it they wouldn't know what to do!

Forget about it!

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shimmyy

Hi all,

Just wondering what the situation is like on bringing more than Y20000 into BJ airport?

Will we need to pay tax on the amount?

Or would it be better to just not declare it?

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adrianlondon

Easiest not to declare it. You're not taxed on bringing money in, you just declare it and .. then I don't know what happens. They ask you where it came from probably. I think they're more concerned about people taking money out.

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imron

Is there a particular reason why you want to bring this much cash into the country and can't use a bankcard/travelers cheques?

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