Viewing a single comment thread. View all comments

sixstalks OP t1_j6o4qoh wrote

Reply to comment by BearMethod in how could my parents withdraw USD out of a Chinese bank? by sixstalks

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?

1

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.

1

kylejack t1_j6o8qqh wrote

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

1