Future predictions for USD and CNY

[Pleasework89 47]

Hello and thanks for taking the time to read this post. 

 

So I (US Citizen) am living with my spouse in their home country. We are trying to move our foreign money from here to USA but with the CNY to USD exchange rate getting crappier and crappier we don't know what to do. We originally planned on moving money monthly because we were afraid of setting red flags and getting our money frozen...things have gotten worse here. We are still at the USCIS stage so we can't move all of our money. The USD to CNY is now at 7.3....when we started moving money the exchange rate was 6.3. 

 

My spouse wants to send a one time big transfer (the max amount allowed per year) right now before the USD to CNY gets even worse. 

 

My question to all you money and financial savvy people is...should we do it? What are your predictions on the future of USD and CNY currencies? 

 

Also another question here....sort of random but can we just convert the cny to euro as the problem is the usd to cny exchange rate? We would send the money to my PayPal account in euros and wait for the usd to lose value? Is that a possibility?

 

Thanks again for reading and I hope to get some opinions on this topic. 

 

 

[Boiler 45,486]

There is no max allowed per year

[JeanneAdil 6,498]

4 hours ago, Pleasework89 said:

Hello and thanks for taking the time to read this post. 

 

So I (US Citizen) am living with my spouse in their home country. We are trying to move our foreign money from here to USA but with the CNY to USD exchange rate getting crappier and crappier we don't know what to do. We originally planned on moving money monthly because we were afraid of setting red flags and getting our money frozen...things have gotten worse here. We are still at the USCIS stage so we can't move all of our money. The USD to CNY is now at 7.3....when we started moving money the exchange rate was 6.3. 

 

My spouse wants to send a one time big transfer (the max amount allowed per year) right now before the USD to CNY gets even worse. 

 

My question to all you money and financial savvy people is...should we do it? What are your predictions on the future of USD and CNY currencies? 

 

Also another question here....sort of random but can we just convert the cny to euro as the problem is the usd to cny exchange rate? We would send the money to my PayPal account in euros and wait for the usd to lose value? Is that a possibility?

 

Thanks again for reading and I hope to get some opinions on this topic. 

 

 

As Boiler pointed out there is no max

fill out the paper work to show where the money came from so the US knows it is legit income 

Bank will know the documents to file

 

How much money can you transfer without getting flagged?

 

Banks must report all wire transfers over $10,000 using a Currency Transaction Report (CTR) and submit it to the Financial Crimes Enforcement Network (FinCEN

 

Western union is about the worst way to go / they don't give the proper exchange rate /  i  looked it up every day and the western union site gave me less on exchange rates /  just something i experienced 

 

so,  now we do bank to bank transfers back home

[Mike E 11,739]

4 hours ago, Pleasework89 said:

 . We originally planned on moving money monthly because we were afraid of setting red flags and getting our money frozen...

Can’t say what the laws in China are but in the USA, what you’ve described is “structuring” and it is illegal. 
 

4 hours ago, Pleasework89 said:

 

  

 

My question to all you money and financial savvy people is...should we do it? What are your predictions on the future of USD and CNY currencies?

During times of trouble money flocks to the USD.  I don’t see easing of tensions with foreign relations and energy prices until February 2025 at the earliest.  A few weeks ago just two carriers were deployed.  Today 4 are deployed.  
 

Dollar cost averaging your foreign exchange transactions is a wise thing to do.  Stock pickers and forex traders usually go broke. 

4 hours ago, Pleasework89 said:

 

Also another question here....sort of random but can we just convert the cny to euro as the problem is the usd to cny exchange rate? We would send the money to my PayPal account in euros and wait for the usd to lose value? Is that a possibility?

The euro is also down compared to the USD. When you do the math I think you will find it works out to same thing and that’s before you consider transaction fees. With transaction fees it is worse.  
 

4 hours ago, Pleasework89 said:

 

 

 

[Mike E 11,739]

1 hour ago, Boiler said:

There is no max allowed per year

 

1 minute ago, JeanneAdil said:

As Boiler pointed out there is no max

I believe  the Chinese government has transfer limits. 

[Pleasework89 47]

6 hours ago, Mike E said:

Can’t say what the laws in China are but in the USA, what you’ve described is “structuring” and it is illegal. 

Really???? I didn't know that. It's our money. We just thought since we have a long wait we might as well start transferring little by little. So we have money here and there. This might have been a really bad idea? But I was hoping to use these monthly deposits for a mortgage application when we arrive since we will have zero US income. So we should stop monthly deposits? We are not doing it maliciously....we sent WAY below the limit....no where near 9,999 (I know about the 10,000 that needs to be reported).  Thanks for your reply. 

[Mike E 11,739]

45 minutes ago, Pleasework89 said:

Really???? I didn't know that. It's our money. We just thought since we have a long wait we might as well start transferring little by little. So we have money here and there. This might have been a really bad idea? But I was hoping to use these monthly deposits for a mortgage application when we arrive since we will have zero US income. So we should stop monthly deposits? We are not doing it maliciously....we sent WAY below the limit....no where near 9,999 (I know about the 10,000 that needs to be reported).  Thanks for your reply. 

You said you are afraid of red flags. When you change your behavior based on that fear you are structuring. 
 

That you are transferring “no where near” $10,000 usd at a time and reference that number means you are structuring. 

[Lemonslice 4,838]

1 hour ago, Pleasework89 said:

Really???? I didn't know that. It's our money. We just thought since we have a long wait we might as well start transferring little by little. So we have money here and there. This might have been a really bad idea? But I was hoping to use these monthly deposits for a mortgage application when we arrive since we will have zero US income. So we should stop monthly deposits? We are not doing it maliciously....we sent WAY below the limit....no where near 9,999 (I know about the 10,000 that needs to be reported).  Thanks for your reply. 

Monthly transfers to mitigate the losses in the currency exchange over time, or because you need cash flow of x amount per month, is acceptable.

Monthly transfers to avoid having to report the transfer is not acceptable.

[Pleasework89 47]

13 minutes ago, Mike E said:

You said you are afraid of red flags. When you change your behavior based on that fear you are structuring. 
 

That you are transferring “no where near” $10,000 usd at a time and reference that number means you are structuring. 

So I screwed myself over on that one? 

 

The reason I mentioned that we are transferring under the limit was not that we are doing it INTENTIONALLY... I was just responding to the people who mentioned that after 10k it is reported. The amount we were sending monthly was basically what our projected monthly income would be once we move and find a job in the US.   Like I mentioned, we want to buy a house and because of our zero US income, I read somewhere online that if you do not have a US income, you might be able to qualify based on your bank statement deposits. 

 

The only reason I ever mentioned red flags is not on the US side  but on my spouses country because of the situation going on here. 

 

Thank you for your reply. I am going to have to talk to my spouse and figure out what we will do. This is so tricky here. Traveling to and from here to USA is already restricted and if it gets worse, we don't know what will happen. All our money is here. We do NOT want to do anything illegal so thank you for letting me know. 

[Pleasework89 47]

6 minutes ago, Lemonslice said:

Monthly transfers to mitigate the losses in the currency exchange over time, or because you need cash flow of x amount per month, is acceptable.

Monthly transfers to avoid having to report the transfer is not acceptable.

Okay...thank you. I am just a little lost here. We never intended to do it to avoid reporting it. We just thought since we have a LONG wait ahead of us we can afford to send it to the U.S. bank account.  Also to reestablish residence on my part. Showing how we are moving our assets stateside. But with the recent headlines we think we might need to send a big transfer before...in case I am forced to leave if worse case scenario happens. 

 

 

Thank you again for your reply.

[Boiler 45,486]

Transfer of assets has nothing to do with income

[Pleasework89 47]

1 minute ago, Boiler said:

Transfer of assets has nothing to do with income

For the assets I mentioned I meant, our money in the foreign bank. We understand that foreign income doesn't count since it will not continue. I am talking about money we have saved over the years.

[Boiler 45,486]

That would need to be realisable, in Dollars in the US is I agree more obvious, now if it was not transferable that would be an issue.

[SalishSea 17,827]

2 hours ago, Pleasework89 said:

For the assets I mentioned I meant, our money in the foreign bank. We understand that foreign income doesn't count since it will not continue. I am talking about money we have saved over the years.

Keep in mind that mortgage lenders will also want to see income, not just bank balance.