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Q: What's the daily limit of money I can exchange at the bank here?
11 years 42 weeks ago in Money & Banking - China
It will depend on the direction of the exchange as a foreigner.
If Rmb seeking dollars (or any other foreign currency), it will be the equivalent of $ 500 US dollars per day. For Chinese nationals there is no limits, so if you need more than the limit, use GF or wife, or a friend, to do it for you.
If foreign currency into Rmb, there is no real limit on a daily basis, but there is one regulation limiting it to the equivalent of $ 50,000 US dollars per year. If you were to buy an apartment, for example, that exceeds the limited amount, you can ask for a special permission to transfer the money here and exchange for local currency, and it is normally given, under some restrictions,
I have heard some banks limit to 5,000 Rmb on week days, and 2,000 Rmb on week ends. But it has never been applied to me, and I use wire transfers in amounts between $ 10,000 and $ 15,000 US dollars every 6 months or so. From comments made by local friends, I do feel this applies only if you use a credit card to get money at banks, and not to wire transfers.
cooter:
Just to clarify, there is also a yearly limit on the amount of RMB that Chinese nationals can exchange into foreign currency (50,000 USD equivalent).
There are different rules for money properly earned in China. I have a salary account here. When I asked to withdraw in USD, they just said "No problem" at the bank. The Unionpay cards also work abroad, and I do not think there are special flags on cards used by laowais.
cooter:
Seems pretty specific to your bank/situation, and might involve some guanxi through your company. I also have a salary account here, but have to jump through a few hoops in order to withdraw any significant quantity of USD. Without the guanxi of my company, I doubt I'd even be allowed to jump through said hoops...
the_horror:
What is a significant amount? Even the old times of hard currency controls, a foreign expert could exchange half of his salary into USD.
cooter:
In this case, a significant amount would be anything in excess of the usual 500 USD daily limit alluded to by Happy.
Hakupatasa:
The contract that I have states that I can convert 90% of my income to USD.
if you contact the bank in advance of a large amount of cash they can service you i usually give them 3 to 4 days advancw notice when i need a large sum and havnt had any problems
