Foreign Currency

chic3721October 12, 2010

Hello everyone.

Thanks for ready my first post in this forum. I have been on Gardenweb for years, mostly in the rose forum or fragrant plants forum. Only now that I have a personal finance question that I find this forum, what a great site this is!

My father in China has about 300k RMB to give me, that's approximately 50k USD. I am an US citizen, but since RMB value comparing to USD is rising, I wonder if there is a way to keep the money as RMB instead of USD. Are there any ways to invest/deposit the money, instead of keeping the money in a bank's safe deposit box? I am not interested in buying real estate/stock overseas, besides I can't do that in China since I am not a citizen. I can't open a bank account there neither.

If there's no other way I'd rather transfer the money to USD and invest it here.

Thanks so much for your input!

Chi

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maifleur01

Check with some of the international banks. At one time you could open an account using any type of currency. You may not be able to do that any more.

Another suggestion but you might have to pay more and I don't know the amount limit is to have the transaction done through Paypal.

    Bookmark   October 12, 2010 at 6:20PM
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chic3721

Thanks maifleur, I checked right after reading your advice, and found that I can open an international account with HSBC. However if a relative is to wire money to that account, they need proof of direct relation, while wiring money to a HSBC U.S. account, no proof is required. Now I just need to know where to find those proofs...

I don't feel secured with Paypal in this case.

    Bookmark   October 26, 2010 at 11:33PM
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maifleur01

A proof of direct relationship between father and daughter should be on a certificate of birth. If you have a passport what proof did you provide that you were born? You did not state where you were born but if born in the US the state or county you were born in should be able to provide a certified/notorized copy of your birth certificate. Ask the bank if a sworn statement from your father or other relative would be acceptable.

Please do not take this as an insult but if your father is your natural father and not your legal father his name may not appear on the birth certificate. The bank should have a list of documents or proof that they or the government will accept. Good luck with your records search.

    Bookmark   October 27, 2010 at 1:16AM
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