How to Move Money in or out of China Legally?

How to Move Money in or out of China Legally?

Money transactions, what a highly sensitive topic in China. No matter you attempt to take money in or out of the country, no matter you are a local resident or a foreigner, strict regulations are waving at you...

You want cash? Ok!

As foreigners, you must be aware of the rules of money withdrawal from your bank cards, even when a Chinese bank card is used.

The State Administration of Foreign Exchange limits the amount of overseas ATM withdrawals to RMB100,000  per person per year. 

If a person makes withdrawals that exceed this annual cap, his or her overseas withdrawals can be suspended. This change does not affect the daily limit of withdrawals. 

Send money legally? Now it's getting complicated

Ask a Chinese friend to help you? Sorry,  illegal! 

VPN and the use of foreign currency apps? Sorry, illegal!

We already know China likes to keep the money inside the country to prevent the nefarious use of cash, including funding terrorist activity, money laundering and evading taxes... Therefore, while you're still staying here, you would want to stay compliant with the rules, avoid grey areas to avoid sanctions or other legal consequences.

Does it mean China completely cut off the possibility of you sending your hard-earned salary to your beloved family? No, not that cruel, read ahead!

01

Proof of income & tax payment 

For personal amount, for personal use, all you need to do is to prove it first -- prove that you earned the money legally and that you have paid tax on it, also, you're not getting the money out of the country to evade from tax....

02

Document checklist

Here is what you need before heading to the bank, better get 100% prepared:

• A copy of work contract 

  
  

• Yearly income tax statement (issued by the tax office)

  
  

• Passport

  
  

• Foreign bank account details 

  
  

• And the money (can't exceed the amount that tax office document covers)

03

Amount limits?

Normally, you can send up to $50,000 per year -- the limit seems to vary from bank to bank

04

Any additional charge?

Yes, you need to pay a conversion fee. 

05

How long a transaction takes?

It depends. many have suggested the use of the same bank in both China and abroad so that the transfer can be faster, for example, HSBC.

You quit, pack a bag full of money?

Be careful how much you are taking with you, and do not forget to declare at customs when needed!

There are a variety of restrictions regarding the amount of money you can bring into the country, as well as how much you can take out of it. And customs will examine any declaration record of foreign currency.

01

Is there an 'allowed amount'?

Yes...Generally, Both Chinese and non-Chinese citizens are allowed to take up to USD5,000 or the equivalent in foreign currency out of China each time they leave. They can take local currency of RMB20,000 in or out of China.

This limit is applicable to local residents and foreigners. This is the generally allowed amount and does not require any additional action. This amount does not need to be declared with customs.

02

What to do if you want to take out more?

Well, you want more, you do more, as always...

• Less than USD10,000: Special permit (issued by a bank)

  --- this gives you permission to bring in/take out the money from the country.

• More than USD10,000: Special warrant (issued by State Administration of Foreign exchange)

  --- when your transaction involves more than USD10,000, you will need to obtain a special warrant from the State Administration of Foreign Exchange.

03

Quickly exit China? More limits for you!

• Exit China twice in 15 days

  --- You will be subject to a cap for foreign currency of USD1,000.

  
  

• Exit China twice on the same day

  --- You will be subject to a cap for foreign currency of USD500.
  

Btw for some reason, this 'quick exit' thing gives me crime movie vibes for some reason... Anyways, keep your bag in the right size...and DECLARE!!!! Good luck!

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Seek assistance for moving in or out of China, tax issues, etc... contact our VisaOfChina team for the most professional consultation!

COVID-19 Update June. 23rd

1. Shanghai: 

+9 local cases

+9 imported COVID-19 cases

2. Chinese mainland:

+48 local cases

+35 imported COVID-19 cases

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