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Cash limits HK Customs

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  1. #11

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    Well the OP stemmed from a client request asking me to withdraw US$60,000 in cash for him to take out of HK. Initially i thought it would be to the mainland but now it appears it's to go to another asian country. Anything over $15k needs to be declared in that country.

    Im trying to think of reasons not to give him the cash as I don't particularly want to go and pick that much up and bring it to the office.

    Anyway if he doesn't come through with the relevant backup docs he's not getting it.


  2. #12

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    Quote Originally Posted by HowardCoombs:
    (a) what risk? Not everyone buys into the "safe" argument
    (b) its the easiest way to get things done
    The risk of forgetting where I put a giant wad of cash? I have enough trouble remember where I put my phone when I'm travelling.

  3. #13

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    Quote Originally Posted by Trebor:
    Well the OP stemmed from a client request asking me to withdraw US$60,000 in cash for him to take out of HK. Initially i thought it would be to the mainland but now it appears it's to go to another asian country. Anything over $15k needs to be declared in that country.

    Im trying to think of reasons not to give him the cash as I don't particularly want to go and pick that much up and bring it to the office.

    Anyway if he doesn't come through with the relevant backup docs he's not getting it.
    I wouldn't want to be seen taking that much cash out of a bank in Hong Kong, let alone travel with it or try to take it into another country.

  4. #14

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    Quote Originally Posted by jgl:
    The risk of forgetting where I put a giant wad of cash?
    Seriously?
    I keep it on my person and really, its not a giant wad of cash.

    I just got back from a 2 week long trip. I brought with me: 2000 GBP (in 50s), 1000EU (in 100s), 2000SFr (in 100s) and 3000USD (in 100s). This is small enough to carry in an inside pocket but I had a backpack with my laptop in it, so it went in there...Spent good chunks of GBP and SFr and brought the rest back (EU and USD were with me just in case).

    Never looked for an ATM, never worried about bank charges nor exchange rates...It was a very normal and enjoyable trip.
    Last edited by HowardCoombs; 18-10-2013 at 02:26 PM.

  5. #15

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    @HC: Yeah, seriously. I don't like keeping bulky things in pockets (and to me 90-100 folded notes is bulky), and if I had a very valuable small backpack or laptop bag to carry it around in, I'd spend too much time tracking it. When I travel, I do so with the idea I can afford to lose anything that's not directly on me so often I all I carry in pockets is a passport, a slim wallet, and sometimes my phone. Unfortunately that doesn't extend to cover the equivalent of USD10K in various currencies.

    I used to lose phones on a regular basis (that seems to have improved lately) and phones are much easier to keep on person than a hundred notes.

    Small differences in bank exchange rates, or a USD3 charge for an overseas ATM withdrawal, are not things that I worry about. I did make a comparison of how much someone would save by shopping around HK for exchange rates, and realised that it would be minimal. I've not done a separate check of locally executed exchange rates vs the rate you get during an overseas withdrawal, but assume that it's very close to what the bank would give you at their branch?

    @Claire- HK is one of the very few places I'd be comfortable taking out a giant wad of cash from an ATM. I've been amazed at the amounts of cash that some people carry around here. I've not heard of anyone being mugged and have met one person people who had a handbag stolen.

    Last edited by jgl; 18-10-2013 at 02:46 PM.

  6. #16

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    plus there are plenty of countries where ATM/Banks/VIsas arent that widespread...try travelling thru Myanmar or many places in India (more remote than the usual Delhi Agra Mumbai thingy) for example with only your cards and you are on for a very big surprise....


  7. #17

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    Quote Originally Posted by HowardCoombs:
    Seriously?
    I keep it on my person and really, its not a giant wad of cash.

    I just got back from a 2 week long trip. I brought with me: 2000 GBP (in 50s), 1000EU (in 100s), 2000SFr (in 100s) and 3000USD (in 100s). This is small enough to carry in an inside pocket but I had a backpack with my laptop in it, so it went in there...Spent good chunks of GBP and SFr and brought the rest back (EU and USD were with me just in case).

    Never looked for an ATM, never worried about bank charges nor exchange rates...It was a very normal and enjoyable trip.
    I've had a backpack stolen before. I'll admit, if I'd had 10,000USD in it I'd probably have felt like a right plonker. Fortunately what I actually had in it was my gym clothes

  8. #18

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    While probably not applicable in this situation, it might be worth noting that if you take out $10,000 in cash from a US bank that bank will file a report on the transaction with the US Treasury, called a Currency Transaction Report (CTR). Any large transaction or transaction in cash outside the norm may also get an SAR (Suspicious Activity Report).

    In addition, if you enter or leave the USA with $10,000 in cash you will need to file a US Customers report FIN105.

    Finally, if you are a US citizen or Green Card holder and holding over $10,000 in a foreign bank account, you will need to file an annual FBAR report.

    Last edited by penguinsix; 18-10-2013 at 02:45 PM.

  9. #19

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    Quote Originally Posted by jgl:
    @Claire- HK is one of the very few places I'd be comfortable taking out a giant wad of cash from an ATM. I've been amazed at the amounts of cash that some people carry around here.
    yes, people carry large amounts of cash but you don't hear about thefts of said wads. There are those who don't want to draw more attention to themselves by reporting it to the police...

  10. #20

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    Quote Originally Posted by Trebor:
    Well the OP stemmed from a client request asking me to withdraw US$60,000 in cash for him to take out of HK. Initially i thought it would be to the mainland but now it appears it's to go to another asian country. Anything over $15k needs to be declared in that country.

    Im trying to think of reasons not to give him the cash as I don't particularly want to go and pick that much up and bring it to the office.

    Anyway if he doesn't come through with the relevant backup docs he's not getting it.
    Regardless, it seems to me moving that much cash for another person is a stupid idea.