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China only allows ~$50k/yr to be sent out of the country how are these people able to bypass those currency controls? Or is the story inaccurate?
by canvia 12y ago
China only allows ~$50k/yr to be sent out of the country how are these people able to bypass those currency controls? Or is the story inaccurate?
- akurtzhs 12y agoBitcoin was one way to bypass currency controls. The other I heard was gambling in Macau - act as if you lost $100k, but take say $80k out of China.
- kyllo 12y agoThe simplest way is the "youhuitong" or "preferential exchange" service the Chinese banks offer, which is a fancy name for "bribe us and we'll circumvent the transfer limits for you."
- kyllo 12y agoIt is possible to bribe the banks to let you bypass the limits. There is a huge scandal in China right now over this. http://www.forbes.com/sites/gordonchang/2014/07/13/attack-on-bank-of-china-for-money-laundering-screams-infighting-in-beijing/ http://www.forbes.com/sites/gordonchang/2014/07/13/attack-on...
- contingencies 12y agoAs well as bitcoin which other people mentioned (and honestly I don't think this is that large right now), you can also just take bank cards out of the country attached to multiple local currency accounts in China and max them all daily. Otherwise, make business invoices from overseas to support the foreign exchange control bureau's approval of your transfer. Or just drive through Laos to Thailand with a car full of cash and enjoy your 90 day visa on arrival as a Chinese citizen. There's a lot of options.
- fspeech 12y agoDressed up as trade account (which is freely convertible) instead of capital. You will need a business or pay someone else for the service.
- mvid 12y agoIs that really true? Seems like a legitimate use for bitcoin.
- deleted 12y ago[deleted]