Jump to content

China limits overseas cash withdrawals for its citizens


Recommended Posts

Food for thought if your spouse has a strong bank account

 

http://money.cnn.com/2015/09/30/news/china-overseas-atm-cash-limits/?iid=EL

 

 

The Chinese government is clamping down on the amount of cash its citizens can withdraw from ATMs overseas, its latest attempt to stop money flooding out of the country.

 

The restrictions apply to holders of UnionPay bank cards issued in mainland China. For the remainder of 2015, withdrawals will be limited to 50,000 yuan ($7,868). Starting in 2016, an annual limit of 100,000 yuan ($15,737) will apply.

 

UnionPay customers are also bound by an existing daily withdrawal limit of 10,000 yuan per card.

 

The new rules will apply to the vast majority of Chinese citizens because UnionPay has a near monopoly on cards, and card payments, in China.

China already limits the amount of money an individual can move out of the country to $50,000 per year.

 

MORE

Edited by Randy W
ATM withdrawals (see edit history)
Link to comment
Share on other sites

Please sign in to comment

You will be able to leave a comment after signing in



Sign In Now
 Share

×
×
  • Create New...