How Expats Can Get Their Earned Money Out of China Legally
This article provides essential information related to how expats can get their earned money out China legally:
- China law related to taking money out of the country
- The document process
- Lists of banks offering international transaction
According to the law in China, Individuals taking cash money out of the country are required to declare an amount equal to or exceeding RMB 20,000 to customs. This is the maximum amount any foreign expatriate is permitted to exit the country with. All foreign expatriates in China are permitted to withdraw up to RMB 2000 per day without needing to provide documentation, proof of ownership or tax certificates.
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:
- Valid identification documents (typically a passport)
- Work permit
- Valid employment contract
- Tax certificate
The complete account information like account number, account name, bank address, and branch are required for such kind of transactions. It is important to include the foreign bank’s SWIFT code and routing number. These can be provided by your bank. Please be informed that the transferring banks normally charge a commission and the receiver bank also may charge a commission. If RMB is transferred into a foreign bank account in another currency, an exchange fee will also be charged to exchange the RMB into the foreign currency. In certain cases, for example, Bank of China, the transferor is required to fill a separate form to convert the RMB into a foreign currency. There are no daily or annual limits on the amount of money that can be transferred out of China legally.
There are also companies that can perform international money transfers. For example, Western Union, please be informed that Western Union only accepts money transfers in U.S. dollars. Western Union cooperates with the following banks in China and these banks can be used to send your money abroad. The list is as follows:
- Postal Savings Bank of China
- Agricultural Bank of China
- Bank of Jilin
- Zhejiang Chouzhou Commercial Bank
- Fujian Haxia Bank
- Yantai Bank
- Longjiang Bank
- Bank of Wenzhou
- Huishang Bank
- SPD Bank
- China Construction Bank
- China Pay
- Bank of China
- Everbright Bank
- Harbin Bank
How HROne can be beneficial to your business
HROne’s service can handle the complete employee benefits for your company in compliance with the local policies and also can take care of the visa for your company’s expatriate employees. We can directly hire employees for a company not having a legal entity in China by our specialized Employee Leasing / Talent dispatching services.
The information contained in this article is valid on June 22nd, 2016. For updated information, please contact us via email at [email protected]