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Transferring cash out of China

OceanOcean (1191 posts) • +1

Any update on this? It's recently got more difficult even for Chinese to send cash abroad. Are there any "financial companies" outside the banking system that can transfer money (eg China to UK). To be clear, this is legit, taxed money that my Chinese wife and I want to send to UK for our future there.

john-doe1983 (70 posts) • 0

I am not suggesting this, as I think you should use official channels, but I heard a rumour about people (person A) asking somebody who is retired from the UK and receiving a pension (person B) if instead of transferring their money to China, Person B would transfer it to persons A UK account and person A would give person B the RMB equivalent. Also this way both parties would avoid fees and exchange rates. But this was only a rumour that I over heard in a bar one cold and lonely night.

herenow (354 posts) • +1

@Ocean: I wired funds to a foreign account using Bank of China earlier this month with no trouble.

OceanOcean (1191 posts) • 0

We did too a few months ago, but last week there was all sorts of extra information required such as proof that the person receiving the transfer was (at minimum) a close relative??

herenow (354 posts) • +1

@Ocean wrote "last week there was all sorts of extra information required"

That could be part of temporary measures to conserve cash due to the current problems in the money markets: finance.yahoo.com/[...] So the restrictions may ease back to normal when the liquidity situation improves, if you can afford to wait it out.

OceanOcean (1191 posts) • 0

Thanks all. Useful background info. It does seem to have tightened up an threatens to tighten further.

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