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News: New Limits to Overseas Cash Withdrawals

For those used to getting their salary out via overseas withdrawals

 

In an effort to curb money laundering, terrorist financing, and tax evasion, new limits are being set in place regarding cash withdrawals made from an ATM outside of China.

 

The State Administration of Foreign Exchange (SAFE) announced that, effective Jan. 1, 2018, the total amount of overseas cash withdrawals from all domestic bank cards owned by one person will cap at RMB100,000 annually. What this means is that, regardless of the number of bank accounts you hold, you are only allowed to withdraw up to RMB100,000 a year. Previously, individuals were allowed to withdraw RMB100,000 per card per year.

 

Authorities explain that this new rule will help "prevent law breakers from withdrawing a large amount of cash with different cards from different banks", threby curbing activities like money laundering and tax evading. If an individual exceeds this limit in a year, their overseas withdrawals will be suspended for that year as well as the following year.

 

According to Xinhua, 81% of domestic cards saw cash withdrawals that amount to less than RMB30,000, so the new regulations should have no impact on meeting normal cash needs.

 

The current overseas daily limit of RMB10,000 remains unchanged.

 

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Wansien Lee
Wansien Lee is the Life & Style Editor for City Weekend Shanghai. She's Malaysian by name, but funnily enough has never lived in Malaysia. She likes writing about food and travel, and will probably end up the crazy lady down the street with thirty-seven cats.

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