How to get your money out of China through banks?

Getting cash out of China via the banks

First of all, you must locate a bank that offers international banking services.

As long as you can prove that the money was earned in China through your tax and income records, you can transfer money from China to an account abroad.

Details about the transfer location are typically requested along with certain documents that include:

• Passport
• Employment contracts
• Bank account records of employer deposits
• Tax certificates

Depending on the bank, you might not be able to send your entire earnings abroad as the institution would account for your living expenses and calculate the actual/remaining amount you can transfer.

How long does it take to transfer funds from China?

The process for moving money out of China through banking services can take an hour or two, since the banks first need to check your income proof, tax docs, etc.

The whole international banking transaction process can take up to a week, depending on the bank, the mode of transfer, and other particulars, to complete.

How to transfer inheritance money or gifts from China?

Taking money out of China that have been gifted or inherited is subject to the same rigid rules, particularly when the total exceeds the US$50,000 annual cap and requires approval from the State Administration of Foreign Exchange.

Foreigners are required to disclose the source of the funds and present a notarized gift deed, tax compliance paperwork, and proof of the money's origin.

Once given the go-ahead, the money can be moved via banks that have been approved by China's capital control regulations.

Tips for Foreigners

Although foreigners typically enjoy greater freedom vs locals, banks and regulators have increased oversight to stop capital flight, so foreigners should make sure their transactions adhere to Chinese regulations.

Just make sure to bring with you all the proof and documents, plus tons of patience.