Bitcoin Forum

So in china you can't legally buy bitcoin which sucks.. so has any of the financial minds on here got any ideas how to move money from China to France reasonably cheap? Maybe bitcoin is legal now over there I am not sure so thought I would ask. Maybe ripple but I can't quite work out what they are or if it's ok in china. Anyway anyone any ideas please?

As I understand the situation, it's legal to buy bitcoin in China. The ban is on banks dealing with bitcoin.

The exchanges are (obviously) still providing ways for people to move fiat into them. I recall hearing about a voucher mechanism.
So you'd need to do that, buy the bitcoin on the exchange, withdraw and send to france.

Bitcoin is legal. I recall you can go to the BTC-China office in Beijing with cash and they will credit your account. There are other ways. If  you are in China, open an account at BTC-China, read the website and call them. They will put an English speaker on the phone for you if you need.

I think we can buy bitcoin easy with huobi
so many Big exchanger come from chinese

you can use bitcoin to transfer 50k uero

Gee are you aware that China mine majority of bitcoins? Approach one if the miners they will be happy to sell to you

but other altcoin ;)

You can buy other altcoins.
But I don't think that general people can't buy Bitcoin in China because if so then the majority of miners wouldn't be from China.

And also that you can consult localbitcoins.com to buy directly from a seller near your house.

And one more way, go to a miner and ask him to sell his bitcoins to you.

Exchange fiat to BTC through exchanger and use https://localbitcoins.com/country/FR meet someone who have BTC in france, done.

they do not sell privately, they prefer to deal with exchange but maybe he can buy from someone else privately who is holding many bitcoin

Well find someone localy that will sell you BTCs for your cash, in China. This is your best bet. In major cities I am sure there are many that would do this. Then you are clear, you send BTCs and you exchange them as you wish in France, again localy or on the exchange since in France you can deal easily with exchanges and banks.

Don't forget to keep records of everything. The taxing and AML office could ask you where all the money is coming from.

I bet they do if you knock on the door & dump 50,000 euros on the table ;)
I'm sure they'd bend the rules to deal with an individual who would be buying such a lot of bitcoins. 50,000 euros worth is a bit different to somebody asking to buy 1 bitcoin off them :)

Only viable solution, i would listen to that
Bitcoin opens all borders.

It illegal in China to accept Bitcoin as a form of payment in stores or have banks process them like credit cards. It is not illegal to own, buy or sell. It is also illegal to move more then 10k put of the country unless you have some type of licens.  If moving this by bitcoins will someone be able to tell who knows?   

will ripple labs be able to do this?

Lol :)

Seriously, dude. This does NOT work, especially not from China. Not even mentioning the ridiculous fees this would cost.

buy 2 X 1kg gold bars and post them  ;D

You could use a relatively stable altcoin if you are afraid bitcoin is illegal. (As regulators have not started to crack down alts..)

Something like litecoin would be an option.

think you have your legalities mixed up, its not illegal to buy bitcoin in china, but its certainly illegal to transfer 50k euro out, whether it be in fiat, btc or gold.

I haven't seen a credit card that allows up to 50,000 in limits. Are these actually available?

I would imagine the cheapest would definitely be bitcoin, but purchasing bitcoin will still have some exchange fees. So the next best option is probably a wire transfer.

So are you in China right now? I don't know the law in those countries, so not sure if this would be possible but if you are in China, maybe you could look at buying a bunch of cheap stuff that you could sell back in France. It'll be a bit of a hassle but you'd make some profit on top of your 50k. I suppose it'll also depend on how quickly you need the cash once you're back in France. If not then crypto is probably the way.

Buy gold. Gold is cheap in china and expensive in france. Fill up dat suitcase with gold bars and coin and take the next plane to France (1st clase of cause, I heard that Air France serve exelent Lumbster on 1st class + the free booze all the way). Walk out the plane like a boss, slowly sell the gold to local dealers over the next couple of weeks. While selling, stay in wonderful paris, enjoy the food and the beutiful prostitutes, head back home with your suit cases full of newly pressed euro bills  8)

what part of China?

there are capital controls, so if you are in Hong Kong will be easier to move the money than in mainland. I think the maximum you can move from mainland to abroad is 50k dollar/year.

if you have so much money you might want pay a Saul-like lawyer that will guide you in the best and cheapest way to move your money(you'll lose part of it any way or another)

France is a socialist republic, the demand vacuum for Bitcoin is so high in France that wealthy people will often pay two (or even three) times the official rate for BTC just to be able to move their wealth out of the country.

Same thing with gold and Tokyo/India, you have smugglers that will move solid bricks of gold across the border for it to triple in value when they arrive in India.

Here's how I would proceed:
1) Send the equivalent of 50K in BTC from china to france, small fee and quick transaction done thanks to BTC.
2) Now go on france physically and find in localbitcoins some guy that wants to meet IRL. Sell around. Maybe it will take you like 1 year to cash out but this way you could avoid taxes if you want to (not recommended tho, always pay your taxes).
3) A quicker way is get your BTC taxed and then process to cash out on a bank or something.

Basically its my wifes parents that want to give my wife 50k towards the kids education... I wouldn't want to be at risk even slightly of the bitcoin value fluctuation. That is the main issue with using bitcoin for such a large amount

not exactly.

https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country#China

Plenty of Chinese folks buy Bitcoin every single day. I assume they all have a method of getting their money in and no one's stopping them.

It could all be done and dusted in under an hour if everyone had exchange accounts set up. I guess the main pitfall would be slippage and spreads between exchanges rather than sudden plunges or spikes in that time frame.

Is that money legit? If it is, it's very easy to open an account at HSBC in Hong Kong, and move the money to another HSBC account in Europe. It would probably cost you ten times more if you do it via BTC. that, unless recipient accepts BTC, but I suppose you've got Yuans and the recipient wants Euros.

Besides, I would advise against sending any substantial sum to France. This is a communist country, and all cash movements above €1,000 are to be reported to the financial authorities.

Since 50K euros values more than 50K dollars, which is the maximum purchasable foreign currency in china for each individual every year, it has to go through bitcoin (which is legal)

All of the large chinese exchanges have different deposit channels, the only requirement is uploading your identification documents, and communicating with their customer service through QQ to get the deposit instructions. And since the exchange rate on chinese exchanges are normally a little bit lower than kraken and bitstamp, you could even make some money in the process

And, you better find a bitcoin accepting school ;)

seeing the OP stipulates "legal" this whole thread is pointless as there is no legal way of getting 50k euros out of China, several are suggesting ways to not get caught ie using bitcoin but no one has or could mention an actual legal way....cause there aint one.


and if someone could find a legal way i'd be most happy to hear about it myself.

Buying and selling bitcoin between private person is legal in China (mostly because there is no way to stop it from happening), that's how Chinese exchanges managed to operate legally: They use many private accounts to receive deposits and send out withdraw

buying and selling bitcoin is legal in China without having to do many private account stuff, but none of thats the illegality i'm talking about in my replies.

That must be the most expensive way to convert BTC into Fiat ;-? .... Just fly to France in the cheapest way possible. Then hook up with localbitcoin and get someone to

exchange your BTC to fiat. Leave the expensive lobster and Free drinks, when you back in China. ;->

How much fiat can you take back into China legally? 

If only! All the money would be gone by the time I sold it. I do like this idea though

Really? So you can not bank transfer? I am not sure Chinese banks do this or not.