Getting money out of countries with currency exchange restrictions

[hernanday]

Adding to that one, I'm going to post some more

How they move money from China to Hong Kong?
1. Moving Cash RMB. You can bring 15.000 USD (or equivalent) per day from China to HK and put in a Bank Account. If this is RMB you can easily convert in any money exchange shop
2. Buying expensive stuff. There's a lot of shops where you can buy gold bars, expensive watches using your Union Pay and sell it minutes later for cash that you can deposit on bank account.
3. Insurance. Come to HK, and buy with your Union Pay expensive retirement or insurance plans. Some people are happy to give you cash loans using your insurance/retirement plan as a collateral
4. Crypto. Probably HK is one of the few places on earth where you can sell 2m USD in Bitcoin and get it with cash without questions. Don't try to do that with a Bank account, but you can slowly deposit this everyday (limit is 100.000 HKD around 13k USD) or just start a business and tell the bank that all the cash is from customers so they can raise the limit.
5. Gold. I heard there's ways to buy gold in Shanghai and use it as collateral for a USD loan in HK.
6. RMB deposit. Deposit 10m RMB in HSBC Shanghai and get a USD loan somewhere else. This requires the bank approval for an international merchant transaction. If you don't return the USD, they get your RMB, that probably is not a problem.
7. Horse racing / Macau Gambling. Similar to the above post.

These are they ways I heard off, probably there are much more. It's not ilegal in HK to find ways to get the money out, the definition of money laundering here is different from China,they are more interested in the source of income but not in the way you get it out. Anyway be very careful on doing this, and please don't follow this ways. This is for educational purposes only.
There's no CRS between Mainland China and Hong Kong. The HK Gov tried to make a move on this matter and weeks later you got the violent protests here

How do they get such large sums of money into Macau if there are currency restrictions of $5kUSD?

 

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How do they get such large sums of money into Macau if there are currency restrictions of $5kUSD?

Macau don't have the same HK restrictions. They buy big luxuries with CC and return it for cash or they just smuggle big amounts of RMB

 

[hernanday]

Macau don't have the same HK restrictions. They buy big luxuries with CC and return it for cash or they just smuggle big amounts of RMB

How do the Macau retailers get their money out of Macau?

 

[JohnSeed]

Strange I would have thought they use crypto to send money out of the country and then receive luxery or gold etc. for it at the other end.

 

[Elitegold7]

I learn every day from this forum

All business is actually done in USDT. Not BTC.

How do the Macau retailers get their money out of Macau?

Make a Wild Guess) Whats is Macau famous for?

 

[hernanday]

I don't get the concept of mirror trading, I find the Indian accent dude impossible to understand. The concept doesn't make sense. You have ABC Russia, ABC Hong Kong. Russian company with money trying to get it out to HK. I'm pretty sure I'm not understanding this correctly, but it seems like mirror trading seems to presume that the russian company already has the money and shares over in HK, if so, why would he even bother to mirror trade?

Like if you have $100 million in Russia, and are trying to get it to HK. I can see how ok Russian company buys rouble shares of Walmarta, then gifts it to HK affiliate so its safe. But that is not what is being done here. They are adding an additional step of Russian company buys shares, HK sells shares back to russian company. So he ends up with shares right back in Russia.

 

[hernanday]

Make a Wild Guess) Whats is Macau famous for?

Macacas? I dunno anything about Macau. google tells me casinos and gambling.

 

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Macacas? I dunno anything about Macau. google tells me casinos and gambling.

 

[daxbr]

I don't get the concept of mirror trading, I find the Indian accent dude impossible to understand. The concept doesn't make sense. You have ABC Russia, ABC Hong Kong. Russian company with money trying to get it out to HK. I'm pretty sure I'm not understanding this correctly, but it seems like mirror trading seems to presume that the russian company already has the money and shares over in HK, if so, why would he even bother to mirror trade?

Like if you have $100 million in Russia, and are trying to get it to HK. I can see how ok Russian company buys rouble shares of Walmarta, then gifts it to HK affiliate so its safe. But that is not what is being done here. They are adding an additional step of Russian company buys shares, HK sells shares back to russian company. So he ends up with shares right back in Russia.

No, works better with ADR or Russia-HK equivalent. Also, it does not necessarily have to be 100m or some huge amount if a country is in the middle of financial crisis. Little guy can still turn riskless profit and pay for airfare. Argentina comes to mind.

 

[troubled soul]

I don't get the concept of mirror trading, I find the Indian accent dude impossible to understand. The concept doesn't make sense. You have ABC Russia, ABC Hong Kong. Russian company with money trying to get it out to HK. I'm pretty sure I'm not understanding this correctly, but it seems like mirror trading seems to presume that the russian company already has the money and shares over in HK, if so, why would he even bother to mirror trade?

Like if you have $100 million in Russia, and are trying to get it to HK. I can see how ok Russian company buys rouble shares of Walmarta, then gifts it to HK affiliate so its safe. But that is not what is being done here. They are adding an additional step of Russian company buys shares, HK sells shares back to russian company. So he ends up with shares right back in Russia.

Same here I also not get it