China Overseas Chinese Network, September 29th: Bringing too much money or breaking the law?
Use money overseas, you need to know this knowledge!
Money is an essential part of living abroad.
Many compatriots believe that money is used as private property and can be used as desired.
Not so!
Starting from entry and exit, many countries have requirements for cash and remittance methods.
Xiaoqiao has sorted out the precautions for using overseas money for everyone today, come and have a look!
Carrying too much cash in and out of the country? Confiscated, or illegal!
Angola
In Angola, it is considered a crime for outbound travelers to carry cash over US$10,000, and all the money is withheld.
The head of customs at Luanda airport in Angola said that if the cash with more than US$10,000 value was carried, passengers would not be allowed to leave, even if they proved the source of the money.
The head of customs at Luanda Airport said the new law would make it a crime to leave the country with excess cash, not an administrative offense that the old law considered.
And it is a full detention, not the standard part of the detention in the old law.
Data map
Kazakhstan
From March 14, 2022, Kazakhstan will prohibit carrying foreign currency or precious metals exceeding a certain amount out of the country, including: foreign currency cash and/or foreign currency bills equivalent to more than 10,000 US dollars (calculated at the exchange rate of the Central Bank of Kazakhstan on the day), Kazakhstan Central Bank-issued 5g, 10g, 20g, 50g and 100g refined gold bars, investment coins made of "ALTYN BARYS" gold and "KúMIS BARYS" silver, and refined gold over 100 grams.
Fiji
In Fiji, if you carry more than 10,000 Fijian currency (about 5,000 US dollars) in cash, or equivalent cash in other currencies, you must declare it to the customs.
Madagascar
In order to prevent illegally carrying foreign currency out of the country, Madagascar customs is very strict on the inspection of outbound passengers.
When a foreign passenger leaves the country, the value of foreign currency equal to or more than 1,000 euros must be declared to the customs, and the value of the foreign currency must not exceed 10,000 euros.
When the customs inspects the people leaving the country, they should take the initiative to present the legal exchange certificate (that is, the exchange certificate issued by the bank or foreign exchange office authorized by the Ministry of Finance of Malaysia), otherwise, the foreign currency carried out of the country may be confiscated.
Earn commissions with a bank account? Don't be greedy for small gains and suffer big losses!
According to the website of the Chinese Embassy in Bulgaria, recently, the domestic bank accounts of individual Chinese citizens in Bulgaria have been frozen by the public security organs in accordance with the law.
The main reason is that they handle remittance business through underground banks or remittance companies not recognized by Chinese regulatory authorities, and some Chinese citizens in insurance use their own or relatives' domestic accounts to carry out remittance and transfer activities for others, and extract commissions from them.
Data map.
Photo by China News Agency reporter Yang Bo
The embassy said that these actions may not only bring economic losses to the parties involved, but also may cause consequences such as poor personal credit records, being placed on the money laundering blacklist by the state supervision department, and even constitute a crime!
Relevant Chinese laws clearly stipulate that companies that provide remittance and exchange services illegally engage in payment and settlement of funds or buy and sell foreign exchange shall constitute the crime of illegal business operations.
The act of sending money or buying and selling foreign exchange through such company accounts objectively constitutes the fact of participating in criminal activities.
Xiaoqiao reminds everyone to improve their legal awareness, abide by the laws and regulations of the country where they live, file taxes and pay taxes in accordance with the law, and exchange currency and remit money to the country through formal channels such as banks.
Do not remit money through underground banks or personal channels for convenience or "high exchange rate", resulting in deception and property damage.
Do underground banks have "preferential exchange rates"? Exchange must be done through formal channels!
The consulate general in Manchester said that recently, some Chinese students have caused heavy property losses due to private and illegal exchange of foreign currency, and some bank accounts have been blocked.
Some people were lured by "preferential exchange rates" to exchange foreign currency on the streets or in underground dens. As a result, the money was swept away by criminals, and some exchanged currency through underground banks and were caught by the police.
Some students were attracted by the "rent discount", connected in a social platform dating group, and then asked the "company" that paid the rent to pay the rent at a discounted price.
The "company" first paid the rent on its behalf, then collected all the money from the students, and then quickly withdrew the rent paid on its behalf.
When the landlord pressed for rent, these students realized they had been deceived.
Xiaoqiao reminds everyone to exchange foreign currency through formal channels and stay away from underground banks.
Don't be greedy for small gains and suffer big losses, or even violate the law.
At the same time, it is also necessary to strictly follow the regulations, pay rent, apply for visas, purchase air tickets, etc. through formal channels, and minimize intermediate links.
(Source of the manuscript: WeChat official account of China Overseas Chinese Network; ID: qiaowangzhongguo; Source: African Overseas Chinese Weekly, Consulate General in Almaty, Embassy in Fiji, Embassy in Argentina, etc.; Author: Xu Wenxin)