Cheapest legal way of moving 50k euros from China to france

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legendary

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Quote from: kelsey on August 15, 2015, 06:52:48 PM

seeing the OP stipulates "legal" this whole thread is pointless as there is no legal way of getting 50k euros out of China, several are suggesting ways to not get caught ie using bitcoin but no one has or could mention an actual legal way....cause there aint one.

and if someone could find a legal way i'd be most happy to hear about it myself.

Really? So you can not bank transfer? I am not sure Chinese banks do this or not.

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legendary

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Quote from: BrianM on August 15, 2015, 06:22:19 AM

Quote from: gravitate on August 14, 2015, 07:05:31 PM

So in china you can't legally buy bitcoin which sucks.. so has any of the financial minds on here got any ideas how to move money from China to France reasonably cheap? Maybe bitcoin is legal now over there I am not sure so thought I would ask. Maybe ripple but I can't quite work out what they are or if it's ok in china. Anyway anyone any ideas please?

Buy gold. Gold is cheap in china and expensive in france. Fill up dat suitcase with gold bars and coin and take the next plane to France (1st clase of cause, I heard that Air France serve exelent Lumbster on 1st class + the free booze all the way). Walk out the plane like a boss, slowly sell the gold to local dealers over the next couple of weeks. While selling, stay in wonderful paris, enjoy the food and the beutiful prostitutes, head back home with your suit cases full of newly pressed euro bills Cool

If only! All the money would be gone by the time I sold it. I do like this idea though

Kprawn

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Quote from: BrianM on August 15, 2015, 06:22:19 AM

Quote from: gravitate on August 14, 2015, 07:05:31 PM

So in china you can't legally buy bitcoin which sucks.. so has any of the financial minds on here got any ideas how to move money from China to France reasonably cheap? Maybe bitcoin is legal now over there I am not sure so thought I would ask. Maybe ripple but I can't quite work out what they are or if it's ok in china. Anyway anyone any ideas please?

Buy gold. Gold is cheap in china and expensive in france. Fill up dat suitcase with gold bars and coin and take the next plane to France (1st clase of cause, I heard that Air France serve exelent Lumbster on 1st class + the free booze all the way). Walk out the plane like a boss, slowly sell the gold to local dealers over the next couple of weeks. While selling, stay in wonderful paris, enjoy the food and the beutiful prostitutes, head back home with your suit cases full of newly pressed euro bills Cool

That must be the most expensive way to convert BTC into Fiat ;-? .... Just fly to France in the cheapest way possible. Then hook up with localbitcoin and get someone to

exchange your BTC to fiat. Leave the expensive lobster and Free drinks, when you back in China. ;->

How much fiat can you take back into China legally?

kelsey

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Quote from: johnyj on August 15, 2015, 07:54:27 PM

Quote from: kelsey on August 15, 2015, 06:52:48 PM

seeing the OP stipulates "legal" this whole thread is pointless as there is no legal way of getting 50k euros out of China, several are suggesting ways to not get caught ie using bitcoin but no one has or could mention an actual legal way....cause there aint one.

and if someone could find a legal way i'd be most happy to hear about it myself.

Buying and selling bitcoin between private person is legal in China (mostly because there is no way to stop it from happening), that's how Chinese exchanges managed to operate legally: They use many private accounts to receive deposits and send out withdraw

buying and selling bitcoin is legal in China without having to do many private account stuff, but none of thats the illegality i'm talking about in my replies.

johnyj

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Beyond Imagination

Quote from: kelsey on August 15, 2015, 06:52:48 PM

seeing the OP stipulates "legal" this whole thread is pointless as there is no legal way of getting 50k euros out of China, several are suggesting ways to not get caught ie using bitcoin but no one has or could mention an actual legal way....cause there aint one.

and if someone could find a legal way i'd be most happy to hear about it myself.

Buying and selling bitcoin between private person is legal in China (mostly because there is no way to stop it from happening), that's how Chinese exchanges managed to operate legally: They use many private accounts to receive deposits and send out withdraw

kelsey

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seeing the OP stipulates "legal" this whole thread is pointless as there is no legal way of getting 50k euros out of China, several are suggesting ways to not get caught ie using bitcoin but no one has or could mention an actual legal way....cause there aint one.

and if someone could find a legal way i'd be most happy to hear about it myself.

johnyj

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Beyond Imagination

Since 50K euros values more than 50K dollars, which is the maximum purchasable foreign currency in china for each individual every year, it has to go through bitcoin (which is legal)

All of the large chinese exchanges have different deposit channels, the only requirement is uploading your identification documents, and communicating with their customer service through QQ to get the deposit instructions. And since the exchange rate on chinese exchanges are normally a little bit lower than kraken and bitstamp, you could even make some money in the process

And, you better find a bitcoin accepting school Wink

countryfree

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Is that money legit? If it is, it's very easy to open an account at HSBC in Hong Kong, and move the money to another HSBC account in Europe. It would probably cost you ten times more if you do it via BTC. that, unless recipient accepts BTC, but I suppose you've got Yuans and the recipient wants Euros.

Besides, I would advise against sending any substantial sum to France. This is a communist country, and all cash movements above €1,000 are to be reported to the financial authorities.

gentlemand

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Welt Am Draht

Plenty of Chinese folks buy Bitcoin every single day. I assume they all have a method of getting their money in and no one's stopping them.

It could all be done and dusted in under an hour if everyone had exchange accounts set up. I guess the main pitfall would be slippage and spreads between exchanges rather than sudden plunges or spikes in that time frame.

jonald_fyookball

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Quote from: onlylikeloud on August 15, 2015, 03:31:29 AM

Quote from: gravitate on August 14, 2015, 07:05:31 PM

So in china you can't legally buy bitcoin which sucks.. so has any of the financial minds on here got any ideas how to move money from China to France reasonably cheap? Maybe bitcoin is legal now over there I am not sure so thought I would ask. Maybe ripple but I can't quite work out what they are or if it's ok in china. Anyway anyone any ideas please?

It illegal in China to accept Bitcoin as a form of payment in stores

not exactly.

https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country#China

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legendary

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Basically its my wifes parents that want to give my wife 50k towards the kids education... I wouldn't want to be at risk even slightly of the bitcoin value fluctuation. That is the main issue with using bitcoin for such a large amount

cellard

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Here's how I would proceed:
1) Send the equivalent of 50K in BTC from china to france, small fee and quick transaction done thanks to BTC.
2) Now go on france physically and find in localbitcoins some guy that wants to meet IRL. Sell around. Maybe it will take you like 1 year to cash out but this way you could avoid taxes if you want to (not recommended tho, always pay your taxes).
3) A quicker way is get your BTC taxed and then process to cash out on a bank or something.

madmadmax

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France is a socialist republic, the demand vacuum for Bitcoin is so high in France that wealthy people will often pay two (or even three) times the official rate for BTC just to be able to move their wealth out of the country.

Same thing with gold and Tokyo/India, you have smugglers that will move solid bricks of gold across the border for it to triple in value when they arrive in India.

Brewins

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what part of China?

there are capital controls, so if you are in Hong Kong will be easier to move the money than in mainland. I think the maximum you can move from mainland to abroad is 50k dollar/year.

if you have so much money you might want pay a Saul-like lawyer that will guide you in the best and cheapest way to move your money(you'll lose part of it any way or another)

BrianM

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Quote from: gravitate on August 14, 2015, 07:05:31 PM

So in china you can't legally buy bitcoin which sucks.. so has any of the financial minds on here got any ideas how to move money from China to France reasonably cheap? Maybe bitcoin is legal now over there I am not sure so thought I would ask. Maybe ripple but I can't quite work out what they are or if it's ok in china. Anyway anyone any ideas please?

Buy gold. Gold is cheap in china and expensive in france. Fill up dat suitcase with gold bars and coin and take the next plane to France (1st clase of cause, I heard that Air France serve exelent Lumbster on 1st class + the free booze all the way). Walk out the plane like a boss, slowly sell the gold to local dealers over the next couple of weeks. While selling, stay in wonderful paris, enjoy the food and the beutiful prostitutes, head back home with your suit cases full of newly pressed euro bills Cool

ObscureBean

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So are you in China right now? I don't know the law in those countries, so not sure if this would be possible but if you are in China, maybe you could look at buying a bunch of cheap stuff that you could sell back in France. It'll be a bit of a hassle but you'd make some profit on top of your 50k. I suppose it'll also depend on how quickly you need the cash once you're back in France. If not then crypto is probably the way.

bitnanigans

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Quote from: tadakaluri on August 15, 2015, 12:38:47 AM

If BTC is not work for you:

If the money is for yourself, just use a credit card that doesn't have foreign transaction fees.

If the money is for someone else, I would use PayPal or Western Union or something else like that.

I haven't seen a credit card that allows up to 50,000 in limits. Are these actually available?

I would imagine the cheapest would definitely be bitcoin, but purchasing bitcoin will still have some exchange fees. So the next best option is probably a wire transfer.

kelsey

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think you have your legalities mixed up, its not illegal to buy bitcoin in china, but its certainly illegal to transfer 50k euro out, whether it be in fiat, btc or gold.

NorrisK

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You could use a relatively stable altcoin if you are afraid bitcoin is illegal. (As regulators have not started to crack down alts..)

Something like litecoin would be an option.

markj113

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buy 2 X 1kg gold bars and post them Grin

Topic: Cheapest legal way of moving 50k euros from China to france (Read 2163 times)