Converting Chinese RMB to BTC to USD?

[fajrero]

Hello,

I currently reside (and work) in China, and I have about $10,000 USD worth of RMB that I would like to transfer to my bank account in the US.

Unfortunately, recent laws have made it a bit more difficult to transfer money out of China (I used to do it in a 45 minute trip to the bank...).

I am quite new to Bitcoin. I have a wallet, but don't presently own any Bitcoin (I have placed an order, but still have a few more days until I receive it).

How easy would it be to take my RMB (Chinese currency), buy Bitcoin with it, and then purchase USD with the Bitcoin and transfer that USD to my bank account in the US?

I currently have an account on Coinbase, if that helps.

Thanks for any tips/advice,

-Faj

[davida]

You have done most of the jobs yourself, simply signup at either of the listed websites https://bter.com/trade/btc_cny or https://www.btcc.com, i will prefer the first if not for fees.

Just buy btc from either of those websites and send your btc to your coinbase account, i guess you already know what next to do.

[litaf]

Recent laws have restricted conversion of RMB into foreign currency by the chinese government. with BTC you can overcome this quite easily I imagine. All it would take is to join a BTC exchange and then transfer your funds from RMB to BTC. move the BTC to another exchange and sell it for USD.

[fajrero]

Thanks guys. I appreciate the help.

While I am quite behind the idea of using Bitcoin, I am still rather unsure about doing these kinds of transactions (especially with, what is to me, a large amount of money). I will check out the links provided, and make an account with an exchange. To start off, perhaps I will simply try and transfer a little to see how smoothly the transaction goes, before I trust it completely.

Thanks again,

-Faj

[davida]

Thanks guys. I appreciate the help.

While I am quite behind the idea of using Bitcoin, I am still rather unsure about doing these kinds of transactions (especially with, what is to me, a large amount of money). I will check out the links provided, and make an account with an exchange. To start off, perhaps I will simply try and transfer a little to see how smoothly the transaction goes, before I trust it completely.

Thanks again,

-Faj

The only set of people that can not achieve their goal are the people that do not take action, we are here to guide you just take a step and start.

If converting RMB to btc does not work well in terms of profits i will suggest you buy doge and then convert to btc.

Best regards.

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