1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  2. Hi Guest, welcome to the TES Community!

    Connect with like-minded education professionals and have your say on the issues that matter to you.

    Don't forget to look at the how to guide.

    Dismiss Notice

Taking Money Out Of China

Discussion in 'Teaching abroad' started by spanboy, Jun 9, 2019.

  1. spanboy

    spanboy Occasional commenter

    My school says that there is no limit in how much money we foreign teachers can take out of China each year. Another colleague says it's a 50,000 usd max. I've tried searching on the www but all I can find is 5000 usd per person per exit from the country. Does anyone have the CURRENT figures re: this please, and - whatever the figure is per year - is there a cash limit or a bank-transfer limit or doesn't it matter how it's done. TIA
     
  2. blueskydreaming

    blueskydreaming Lead commenter

    There is no limit on how much a foreigner can send out, as long as they can prove they earned it.

    Physically, on your person, it's now 10,000 rmb local currency, 5000 usd.

    The 50,000 annual limit is on buying hard foreign currency.

    https://www.sjgrand.cn/money-in-out-of-china/
     
  3. spanboy

    spanboy Occasional commenter

    blueskydreaming likes this.
  4. spanboy

    spanboy Occasional commenter

    @blueskydreaming - stupid question maybe, but just to clarify: sjgrand states that a maximum of 100,000 rmb (or equivalent) can be drawn from atm/exchanged in non-Chinese currency...presumably this is per calendar year? So on Jan 1st of the following year you start again. As I say, just want to be absolutely clear, as I will need to draw near this limit in dribs n drabs from an atm, back home this Summer! Thanks.
     
  5. blueskydreaming

    blueskydreaming Lead commenter

    As far as I am aware your card will not automatically cut off if you go over this limit - it needs a human being to notice. As a foreigner your bank probably won't care. If they do notice then they'll just ban you from withdrawing abroad.

    I withdrew near this limit last summer, plus withdrew cash from other countries. Nothing happened.
     
    spanboy likes this.
  6. the hippo

    the hippo Lead commenter Community helper

    The trials and tribulations of banking in the Middle Kingdom is one that I have described in my blog bulgariawithnoodles.blogspot.com

    Yes, it is indeed possible to send money out of China to your bank in the UK or wherever you like. But the time, trouble and tribulations should not be underestimated. My advice? Take with you a big pile of exercise books that need to be marked, some patience and a sense of humour.
     
  7. february31st

    february31st Established commenter

    If you are in the UK you are limited to the 500USD/day limit on withdrawals.

    The best rate of exchange is done buy electronic transfer from your Chinese Bank to your UK bank. One advantage of this is it provides a traceable means for the UK HMRC tax man if they stick their nose into your bank account.
     
  8. spanboy

    spanboy Occasional commenter

    Yes, am aware of this - do it frequently. This wasn't my question.
     
    blueskydreaming likes this.
  9. spanboy

    spanboy Occasional commenter

    Not in UK, in Spain. Last year I seemed to be able to withdraw 1000 euros/day without a problem. It was the overall yearly limit that I wasn't sure about.
     
  10. february31st

    february31st Established commenter

    I was limited to 400GBP/day in the UK using Barclays ATMs last July and August.
     
  11. blueskydreaming

    blueskydreaming Lead commenter

    Not true. I always withdraw £1,000 per day in the UK with my Union Pay card at a Barclays ATM.
     
  12. blueskydreaming

    blueskydreaming Lead commenter

    Maybe it depends on your bank account? I have a black card (aka. butterfly card) with Merchant Bank of China. This is the VIP account.

    I was limited to 500 quid per transaction - but could do 2 transactions per day.
     
  13. amysdad

    amysdad Established commenter

    Thanks for this - I forget every year how much I can take out in cash!

    And remember, the exchange rate is fixed so unlike elsewhere in the world you don't get fleeced if you change it at the airport.
     
    blueskydreaming likes this.
  14. february31st

    february31st Established commenter

    Its hard to believe its only a few years that we have been able to use union pay cards so freely around the world. I remember having to go to the BoC head branch in Singapore to withdraw money from an ATM, the only one in SG you could use.

    Then it was discovered that Chinese tourists had a lot of money to spend and everyone wanted a slice of the red pie.
     
  15. RoadToRags

    RoadToRags New commenter

    @blueskydreaming What were the overall charges for the two 500 quid transactions per day, if you don't mind
     

Share This Page