Moving Money Out of China and Its Regulations
Getting money out of China is the concern of many foreigners who work or have a business there. There are many expatriates in China for work, saving their Chinese Renminbi (RMB) for their future. There could be a time when some of them would want to go back to their country, whether for good or not. The reason is that their contracts ended, and they want to move their money out of China.
If you are one of those expatriates in China, read this article to find out how you can take your RMB without any hassle.
The Law
Based on the law, the individuals in China that want to take cash outside the country, they must declare an amount that is a maximum of 20,000 RMB. That is the maximum amount of money that any foreigner can bring with them when they exit China. All expatriates in China can withdraw a maximum of 2,000 RMB every day without being asked for a document.
If the foreigner has been paying their taxes in China, they will not have a problem withdrawing money. The best way to do this is to apply at your bank and then transfer if using an international money transfer.
The Process
You must fill out the form provided by your bank before you can start moving money out of China. You will need to give your account name, account number, bank address, and the branch. Make sure to include a SWIFT copy of your foreign bank, and a routing number.
Please keep in mind that there are fees to do this.
In case the money you are transferring must be changed to foreign currency, there is a fee as well. There are cases when you might have to fill out a different form if you must convert to a foreign currency. There is no daily or annual limit on how much money can be transferred.
Companies That Can Perform International Money Transfers
- Agricultural Bank of China
- Postal Savings Bank of China
- Zhejiang Chouzhou Commercial Bank
- Bank of Jilin
- Bank of Wenzhou
- Longjiang Bank
- Yantai Bank
- Fujian Haxia Bank
- SPD Bank
- Huishang Bank
- ICBC
- China Construction Bank
- Bank of China
- China Pay
- Everbright Bank
- Harbin Bank
You Can Use Online Money Transfers
You can send and receive money instantly using an online money transfer platform. The sender and the receiver need to have an account at the platform.
Once you log in to your account, enter the amount you wish to send, the e-mail address of the recipient.
The money will be transferred right away, and the recipient will get a notification once the money is in their account. There usually are lesser fees, and the amount depends on how much money is sent, the countries, and currencies. You can choose to pay the fees or the recipient.
Repatriating Foreign Funds
If you are planning to repatriate foreign funds from your investment in China, make sure that your investment follows the Chinese regulations. It is quite known that Chinese regulators will not notice illegal schemes to move their foreign investment into companies in China quickly. However, if the money is leaving China, the regulators might block the fund transfers when foreign investors want to cash out their investment.
If you want to set up a business in China, you can ask for our help. Our experts are available to make the process faster for you.
