Can you take rmb out of china

My understanding is that there is no limit or ceiling to the amount of money they can take out of China, as long as they have all of their documentations in order and they summit a proper request to SAFE. Michael Sze: Thank you for your enquiry. I suggest you email us for professional advice at tax dezshira.

I am leaving China to return to Australia and have 40k US to move. What is the best way to do this quickly. Find a trusted Chinese who has not used their yearly allowance. Perhaps not trivial. Overseas travel is one possible reason. Al: Follow what the article says and provide the tax paid receipts on that income. Then you can transfer whereever you wish. Your bank will be able to assist. Seems like this will be a problem for a number of Chinese companies?

Big ones might be alright but small ones might have issues? John — That business model is not going to work. Even if you can find Chinese clients willing to do this, you will face receivables and potential withholding tax issues. Thanks for the reply Chris. We will be providing filming services as well as selling films for television to Chinese buyers. If Chinese buyers cannot transfer to foreign accounts, how do they purchase television content or services from other foreign distributors??

I talked to a couple banks in BJ, one told me it was not a problem, the other said it was very complicated to wire money to HK. I am very confused now. John: Chinese companies have to go through a strictly controlled procedure to wire money overseas including Hong Kong. In order to legitimately take money out of China typically wire transfer , an application needs to be made to SAFE the Chinese company bank would normally assist with this procedure with proof of any taxes paid in China, and details of the overseas bank account the funds are to be wired to.

It is time consuming and leads to receivables issues. As I said from the start, in my experience which I presume you are asking for it is NOT a viable business model. If so, be prepared to face long delays in receiving payment. Hi Chris. The money is currently with Hong Kong Standard Chartered. It will be used to buy a residence for myself and my Chinese fiance. I have lived and worked in China for 12 years but have been retired for the past two. I am concerned that the latter is not correct.

Can you please advise? But make sure you have all the correct documents and so on from the property agent and can verify what it is for. So you need to make sure you are dealing with a bona fide property agent and that the money is cleared by SAFE as for a definable property purchase and not as taxable earned income in China. Concerning the transfer mechanisms, HSBC can help you. I am US citizen, wife is Chinese. We live in China. Its a sizable amount each month. Do we owe taxes on it once it comes to china?

Can she transfer it out unlimited USD to a bank outside of china? Any limitations on this amount? I am a foreigner and previously have successfully transferred about the same amount overseas to my personal bank account, using wire transfers via mainland banks. There were no issues at all and the money was in place within 24 hours. No tax or other documentation — beyond the usual stuff for identification purposes — was required.

Anyway, now I wish to wire cash direct to a brokerage account in the US. We already set up the account in the name of my Chinese wife and now I am faced with wiring cash there. This is standard operating procedure for TT transfers to brokerages, as the broker itself is but a client of the bank and needs to assign the incoming funds to the correct sub-accounts for clients. Ideally, I would like to avoid transferring cash first to an overseas account and then to the brokerage. We do have a HK foreign currency account which could be used for this, but I hope to avoid too many fees and currency conversion charges.

China does not have a fully convertible currency and mechanisms are in place at the banks to prevent abuse of the system. It is also breaking the law. You need to be careful here as banks have papertrails. Then I hear stories of people getting busted for 7k usd, and sent to a police station.

How strict is airport security when it comes to taking cash through the airport, Beijing airport specifically? Is this a common strategy, taking 10k usd plus through the airport? Can be as vague as you wish. Hi, I am working in China for the last six months and need to go back to India. I have around RMB which I would like to take back home. I am working on residence permit but just do not want to create noise by asking for tax receipts. Could you please explain what exactly does that mean and what is the process to do that.

I have a company provided world money card and do not have any bank account in china. I m a legal worker and has been working for a Chinese company for 2 years. Can you advise? If you take more they can confiscate it. You can also go to prison. The inference is that you are smuggling money on which tax has not been paid out of the country, or are engaged in some other cash-based business which is probably illegal, or are engaged in money-laundering activities.

It would be up to you to prove how you got it. Laws are laws. It is below the RMB20, threshold. For larger amounts you could be detained and held in jail while they investigate. My mother, a chinese national, lives in china and would like to give me a sum of RMB , as a gift.

I have a couple of questions. Where, however, is the USD come from? Regarding the RMB one can take though the airport. If you only take foreign currency out of the country, the maximum cannot exceed USD 5, Hope that clarifies the situation.

I am traveling out of China with my wife and 2 kids. I was wondering if the currency export customs regulations of max cash export USD apply to kids under Are kids allowed to carry cash when traveling with parents? In other words could the four of us carry a total of 20K USD cash without worrying for having issues with customs?

Thanks Teodor. What to do? China has a tax treaty with most countires, so the taxes paid are an offset yo your local country taxes payable. If you are not declaring the income, then I hope you get nailed and go to jail. Some years ago they thought they would like to retire in Shanghai so bought an appt. They lived in Shanghai for 6 months of the year then 6 months in the UK. They are now over 80 and think they would prefer to Live in the UK to be closer to their family.

They wish to sell their appt in Shanghai and buy something in England. Can they simply Transfer the Money from the sale of their appt to the UK? Thank you Mee May. Dear Mee May; According to the current regulations, your parents can go to the Bank of China to apply for transfer of the funds obtained from the sales of their apartment in Shanghai upon producing the following documents: 1 Passport or other forms of proof of identity 2 Commodity house transfer contract 3 Service Trade Outbound Payment Tax Filing From Other documents may also be required, but according to BOC since this is valid income, there should be no problem transferring the funds to the UK and it also should not take long for the bank to process these monies.

I intended to walk my legally earned RMB across the border, deposit it into a HK bank account, and then transfer it directly to my US bank account. Unfortunately, I was recently denied the ability to open a HK bank account.

Do you know a way for me to open an account in HK as a US citizen? Do you buy the USD and leave it in you r local bank account? Meaning our accounts can hold more than one currency at a time. Greg — yes, you can use your ATM to withdraw this money. Are you saying you can carry both amounts out at the same time legally? As I work in the middle of knowhere in China, the local bank does not have dollars.

Great information. Lucky me I recently found your blog by chance stumbleupon. I have bookmarked it for later! I have lived and worked in China and paid taxes since My wife is Chinese. We have purchased property together joint names which has increased in value substantially. How do we transfer the proceeds of a sale offshore — Hong kong or Australia? Could a buyer pay portions of the sale price offshore?

What questions would the bank ask to demonstrate that the money was not ill-gotten? I had a similar situation earlier this year when I returned to UK after 20 years in China. I, too, had made a significant profit on properties. One is allowed to move money out of China if you follow the correct process. If your buyer wants to pay into HK or elsewhere, all well and good and no problem. Official and actual amount paid for the property may differ depending on how you sold it.

Anyway, you can move that money out as I did — mine to UK. Lots of documents needed and a helpful bank manager makes things easier but it does work. Also, if you have earned income in China and paid taxes on it, you can move out what you earned provided you can show the tax-paid documents.

Again, quite a bit of paperwork, but certainly do-able. I managed it. One copy of this form, endorsed by Customs, shall be returned to the passenger for relevant procedures at the time of their exit. Now, they want to pay me in RMB.

They also want me to open two bank accounts. One with ICBC, the other with some other bank that they are friendly with. All foreign expatriates in China are permitted to withdraw up to RMB per day without needing to provide documentation, proof of ownership, or tax certificates.

For foreign expatriates who are appropriately registered in China and have been paying their taxes, money withdrawal is not a problem. The best possible way of doing so is making an application through your bank and then transferring your money through an international money transfer.

The process is to fill in an application form and provide the following details and documents to your bank:. The complete account information like account number, account name, bank address, and branch are required for such kind of transactions. These can be provided by your bank. May I suggest another legal way. Easy and legal, transfers can be done via computer anywhere. Best exchange rates and no fees since it is within the same bank. Other international banks may have the same service.

I have a Question. As i changed Jobs this year while opening a Bankaccount i had to get a Tax Number. From the new Company i did get a Tax Number. But does this mean that i can forget all my Saved Money from the past Years, since i am not able to provide proof for paid taxes?

Or how can i solve this problem? Welcome Guest. Login to the Beijinger No account? Register Here. Joey Knotts , Contributing Editor Feb 8, pm 8 comments reads. What do I need to bring to the bank when transferring?

Can I carry cash with me on a flight? Can I withdraw cash with my Union Pay card abroad? Related stories :. Login or register to post comments. Joined: Nov 19, Posts: 1. Log in or register to post comments. Giovanni Martini. The total fees can be high because you are paying for the international transfer typically 0. In the same way that ISAs were originally designed for UK nationals living in the UK to save and invest in a tax efficient way, the UK overseas territories like the Isle of Man were originally designed to allow expats to invest whilst they live overseas.

Expats living overseas have options available to them from locations such as Hong Kong and the Isle of Man, which are much cheaper than other options they have, and especially cheaper than incurring the costs of sending money home via one of the aforementioned vehicles. Another advantage of this option is speed. I have helped clients set up accounts in hours, and all the documents can be done online.

Property as a vehicle for getting money out of China in There are a few currency companies I am aware of that have excellent currency exchange rates, for people who are looking to send money out of China in a lump sum. For returnee Chinese with foreign passports, it is often easy to get money out of the country. So returnee Chinese with foreign passports are legally expats, even though they were born in China.

All such accounts can be done online or via physical application forms, with some of the larger institutions that are available through brokers. Therefore, it seems more like a bill payment, rather than an investment. The majority of Chinese sending money outside of China are middle-class consumers who have access to these international credit and debit cards.

Some Chinese people are worried about their information automatically being shared with the Chinese tax authorities, and then rules being applied retrospectively.

This is unlikely to be an issue, and some offshore US territories do not share tax information. As a final comment, I would say that the situation is different for businesses.

Companies that want to repatriate their capital outside of China can do it using various ways. One of the newest options on the market, Swapsy offers low-cost transfers. It is a peer-to-peer platform, so verified users can exchange currencies on the platform, via WeChat, Alipay and other e-wallets. Instead, you send RMB to another user that has a Chinese bank and they send to your foreign bank account.

To use it, you merely have to see what exchange rates are available when you are logged in, send the money with the code which is given and verify the transaction.

The only main negative about the app is that there needs to be a reasonable number of users on the platform, on all currencies, for the app to function properly. It all depends on what the other users want. As it is a peer-to-peer platform, some trust is part of the system.

Having said that though, each user needs to be verified, with proof of ID, address and so on. There have been reports that Alipay no longer works and Swapsy is only a good solution for some nationalities like Americans. Large amounts of money, such as millions of RMB or USD, can be tricky to get out of China, but it is possible with some of the techniques I have mentioned.

This is more of a solution for remitting money to China though, as opposed to moving money outside the country. It is getting more difficult to get money out of China in The regulators are cracking down on using Bitcoin and other means to get money out of the country.

It is also getting trickier for Chinese firms to do IPOs on the US stock exchange, which might be a sign of a wider trend. In comparison, if you are sending money home just to pay bills, some of the new ways to transfer, such as investment apps and currency companies, offer excellent exchange rates.

It is highly likely there will be changes in , and beyond, as the Chinese Government brings out more rules. In practical terms, that means that techniques that work now, might not always work in the future.

In addition to my emails above, I am available on a range of apps. For any expats in China, or elsewhere, that have existing international investments, the article below would be useful to read. To have the chance to attend, click here. All existing clients will automatically be invited. Adam is an internationally recognised author on financial matters, with over I have contributed to an investment plan before, so I know this method can work; i.

This is a wonderful and very helpful article! I was wondering if you know of any limit on Western Union wires from China because I have a few thousand dollars I want to send out. Also good to check for updates though, and with WU directly.

I have a customer in China who wants to send money to me in Australia. He has tried several local banks without success. Use banker facility. But the charge too expensive. All safe and you will receive in your account or cash in your country.

Hi, What would be the best cheapest and fastest way to transfer the proceeds from a house sale from China to the UK? Can you help me understand how to do a transaction out of China for over 1 million can be done? It is for a real estate investment in the US. I would like to know too how can I move large amounts like millions out for China for exploration and other investment purposes.

Hey, i have a question about money transferring. You mentioned there were more options for bussinesses, which are those?