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BearMethod t1_j6o3vpu wrote

To deposit USD at BoC while in China, you walk into a branch with your ID and bank card (you need an account) and you hand it to the teller. It takes much longer than in the US.

To withdraw it, you need tax forms. Much more difficult process. To withdraw it without being in person, you may even need a 2FA token generator. If you've lost that, you're most likely fucked.

If you still have access to your mobile account a trick that worked for me two years ago was to use your mobile banking app, transfer that money from the bank app to Alipay, then you need to use a site like swapsy to find someone to trade Rmb for USD.

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sixstalks OP t1_j6o4qoh wrote

In regards to the tax forms, does that mean we're getting taxed to withdraw?

The mobile account method you mentioned means we need to pay like a transaction fee or conversion fee?

I would like to understand how did they even managed to deposited USD and kept it as USD in the bank. If I go to Wells Fargo with RMB and deposit it, won't it be converted to USD value in the account?

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meamemg t1_j6o7ybd wrote

>If I go to Wells Fargo with RMB and deposit it, won't it be converted to USD value in the account?

On a standard US Dollar based account yes. But you can open an account with banks that are denominated in other currencies. See https://www.expat.hsbc.com/multi-currency-accounts/ for example.

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kylejack t1_j6o8qqh wrote

HSBC and Citibank both offer accounts than can take deposits in other currencies for US customers.

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