All About China > Visas, Immigration and Emigration

Laws for transfer of money from China to the US

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Arnold:
Like Willy said, the current limit per years is $50,000 (per Person) to send out off China. When Qing's brother bought the house here for $200k, he used his wife/himself/mother and dad to bring it all at ones to buy it. All done with Western Union for a fee of course ($37 each, if I remember right). Straight to Escrow through borthers wife account we had opened earlier in the year for her, while she was here to check out the House we found for her and brother.

JohnB:
Willy, "I transfer into China the equivalent of 40,000 rmb a month from London to my B of C account.."
40,000  CNY=6,575  USD  Wow, China is that expensive!
I was of the understanding you vacated 'expensive' Zhuhai for low- rent Zhongshan.

Willy The Londoner:
No that is extra to what I need to live on.  Having bought and paid for the house and car here there is not a lot more to spend it on as living here is cheap.  As I intend to live in China forever I am gradually bringing my money over here and investing it in various businesses etc.  China is on the up again after initial financial setback caused when they let Leimans Bank going under.  Plus the way things are going in the UK I can get more interest on the money here than in a bank there.

I am restricted as to how much I can transfer by online or telephone banking.  I can do more if I go to my bank in person in London but my pensions and online websites tend to build up in between time. 

I vacated Zhuhai for love not for economic reasons. 8)

Willy

Willy The Londoner:
I was wrong about one thing. There is not only a limit on what a private person can  send out of China ever year but now I find that there is the same limit, $50,000.00 a year, when sending money into China for exchanging into RMB.   

I had wrongly assumed that I could import as much as I wanted and exchange it into Chinese money!

My bank here tell me that today I reached my limit and now have to wait until 2014 to start afresh for a New Year.

Of course there are several other methods of doing under the counter exchanges.

Willy

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