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

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.

paypal that shit and gift it.

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.

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.

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.

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

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.

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

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.

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.