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Transferring more than 500USD in one day

veravdn (33 posts) • 0

Hello all,
I know it is not possible to (officially) exchange more than 500USD per day. However, would it be possible to show up at the Bank of China with, say, 1500USD cash, deposit it in my account and transfer the whole amount in one go? Looking at ways to avoid multiple trips to the bank.

Thank you!

veravdn (33 posts) • 0

I have euros, I don't need to exchange anything, I just want to know if it is possible to transfer amounts larger than 500USD per day from a Chinese to a European bank account.

As far as I know there is limit of 500USD per day for EXCHANGING money, but I don't know if this limit also exists for TRANSFERRING money abroad.

This is what I would like to confirm.

jings (7 posts) • 0

that's right, there is 500usd limit for foreigners, you can ask your chinese friend transfer the money for you, then limit is up tp 50,000 usd.

tigertiger (4910 posts) • +1

A slight tangent. For those who want to be regular savers, i.e. send a fixed sum home every month, you can ask your employer to pay a fixed sum of your salary into a foreign account every month. I think there is a limit of 1/3 of your total salary. I have had two employers ask me if I wanted to do this.

Many employers don't know about this.

herenow (184 posts) • +2

@veravdn: "... I just want to know if it is possible to transfer amounts larger than 500USD per day from a Chinese to a European bank account. As far as I know there is limit of 500USD per day for EXCHANGING money, but I don't know if this limit also exists for TRANSFERRING money abroad."

I believe the $500 limit applies to exchanging money, not to transferring money. It was certainly the case a year or two ago -- I haven't had occasion to reconfirm more recently, but I would tend to presume the same policy is still in effect.

michael2015 (599 posts) • +1

PayPal. Bank fees same - speed & convenience infinitely superior. Cost vs bank fees has a breakeven point around EUR 2-3k I believe (can't remember but it's somewhere in that range).

China SAFE rules apply on total annual and daily transfer limits.

veravdn (33 posts) • 0

@michael thanks!

I've used PayPal before for small amounts, it is indeed super convenient but I thought the cost was too high. Will have a look at the cost for higher amounts.

It is so much more convenient than having to waste half a day to go to the bank and do the waiting and the paperwork!

herenow (184 posts) • +1

As I wrote in an earlier thread, I would not use PayPal for any money that I couldn't afford to be without for an extended period of time given their history of arbitrarily freezing funds. See here: www.gokunming.com/[...]

On a related note, be advised that it's risky to use PayPal via a VPN, as doing so violates their terms of service and thus may result in whatever sanctions they deem appropriate.

It's possible to use PayPal via a VPN without problems for an indeterminate amount of time because they don't have a comprehensive global list of VPN IP addresses. However, they periodically update their list, so the hammer could fall at any point.

I wrote a reminder to myself that reads "TURN OFF VPN BEFORE LOGGING IN" in the same place where I keep my PayPal login information.

vicar (755 posts) • 0

Won't be long long before you turn up at a Chinese bank to exchange 1500USD to RMB and you only get 150 quai back the way the political system is going.

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