How to Get Money Out of China: Is It Difficult?

Getting money out of China is legal through several regulated methods, including bank transfers, approved payment services, and international investment solutions.

It is not always as straightforward as many expats and foreign investors expect, as documentation, transfer limits, and foreign exchange rules apply.

The best option varies based on how much you're transferring, where the money is going, and whether you're sending salary, investing abroad, or buying overseas property.

I have helped several individuals transfer funds out of China and other countries, especially if they hold a Visa or MasterCard, though I’ve also managed it for people in different situations.

One of the biggest misconceptions is that getting money out of China is as simple as visiting a local bank with a few documents.

In reality, fees, documentation requirements, transfer limits, and the experience of individual banks can vary considerably.

This topic was published in Inc.  Download the PDF version here.

For expats short on time who want superior, proven methods of getting money out of China, you can contact me at hello@adamfayed.com.

This guide is long and detailed. Some facts may have changed since the time of writing.

This article covers:

• What are the best ways to get money out of China?
• Is it legal to transfer money out of China?
• How much money can foreigners transfer from China?
• Can you use wise to transfer money out of China?
• Can I send money from China to Hong Kong?
• What is the cheapest way to move money out of China?

Key Takeaways:

• Foreigners can legally transfer earnings overseas with supporting documentation.
• Keeping salary, tax, and source-of-funds records can support larger or more complex transfers.
• Bank transfers, investment accounts, currency specialists, and digital services serve different transfer needs.
• Comparing transfer fees and exchange-rate markups can trim the overall cost of moving money abroad.

Can you get money out of China?

Yes. Foreigners can legally transfer earnings earned in China overseas if they can document the source of funds and meet bank and foreign exchange requirements.

Common methods include bank transfers, investment platforms, currency specialists, and selected payment services, although fees, limits, and documentation requirements vary.

Why are Expats and Chinese moving money out of China?

Expats and Chinese nationals move money out of China for several reasons, including overseas investing, property purchases, retirement planning, family support, and protecting savings from currency depreciation.

While foreigners often need to transfer earnings when relocating or returning home, many Chinese residents also diversify assets internationally as regulations, economic conditions, and personal financial goals evolve.

Many expats come to China for relatively short-term assignments, and few plan to stay for more than 10 years. Even if they do, the majority do not want to contribute to a Chinese pension plan.

This has become a bigger issue as the days of the "career expat" are largely gone. People being sent to one location for a decade or more have become increasingly rare.

With the exception of expats running their own businesses, many foreign workers now relocate every two, three, or four years.

It is not just expats, though. Many Chinese returnees and other local residents have also invested in international real estate and overseas stock markets for years.

The trend accelerated alongside trade tensions and periods of RMB weakness, prompting more individuals to look for ways to move part of their wealth into foreign currencies such as the US dollar.

Previous reports showed growing demand for overseas asset diversification among Chinese investors.

While it is possible to carry relatively small amounts of cash (up to the applicable customs limits) when leaving China, this is generally impractical and less secure than regulated transfer methods, particularly for larger sums.

There are numerous ways to transfer money out of China, each with different requirements, costs, and limitations.

How to Get Money Out of China for Individuals

Some expats try using Hong Kong or international bank transfers, while others turn to services like Western Union, Chinese banks, or Alipay.

For larger sums, options like Bitcoin and crypto, offshore investments, overseas property purchases, or even gold and precious metals are possible.

Each method comes with limits, fees, and risks, which we’ll break down in detail below.

Can you transfer money from China to Hong Kong?

Yes. Some expats try to get RMB out of China through Hong Kong. However, some of the methods used to do so aren’t cost effective.

Time is also money, so taking a flight to Hong Kong from Shanghai, Shenyang or Beijing to get money out of China, doesn’t make any sense.

Even if you live in Shenzhen, going to HK will take a day.  Moreover, unless you have HKID, it isn’t always easy to open up a bank account. In which case you need to use a money changer, which doesn’t make any sense.

This is because you will be left with cash in your hand, and then you will still need to transfer the cash, and it isn’t easy or safe to change considerable amounts of money. 

Assuming you are preaching the 20,000 RMB allowance, you could also be stopped at customs using this method. 

With the current troubles in Hong Kong, this option seems even more difficult than 6 months ago.

Can you get money out of China through international transfers?

Some people might favor making an international transfer into or out of China over paying with cash. There are no restrictions on the transfer of the legal income that a worker has earned in China and has in their account to another country.

However, the foreign person will need to show documentation that the money’s source is legitimate and that it was received through legitimate means of earning in China.

Chinese nationals have a daily transfer cap of $50,000 US that they can use for international transfers. You can complete this transaction via a local bank.

The Chinese national must provide evidence of recent expenses, nevertheless, if the transaction exceeds the given cap.

Can you send money out of China through Western Union?

You could also send money out of China by Western Union.  One can see why this is an attractive option, because Western Union have branches even in small Chinese cities.

However, the fees and currency rates are terrible, meaning that you are often paying 7%-10% to send your money if you include the direct and indirect cost.

Western Union only charge $15-$30 for the transfer typically, but added to a bad currency rate, this is an expensive option. Companies similar to Western Union might say they are commission free, but the conversion rates are a killer.

In addition to that, it isn’t always very practical to send money via Western Union.

I met countless expats in China, whose family literally had to collect the money at the other side!

How do you send money out of China through a Chinese bank?

Foreigners can send money abroad through a Chinese bank by visiting a branch, providing the required documentation, and complying with China's foreign exchange regulations.

Depending on the source of the funds, banks may ask for documents such as your passport, employment records, tax receipts, salary statements, or proof of the source of funds.

Chinese banks generally offer competitive exchange rates compared with traditional money transfer services, although fees, exchange-rate markups, and documentation requirements vary by bank.

Processing times and transfer limits also differ, so it's worth confirming the requirements before initiating a transfer, especially for large amounts or first-time transactions.

Can you use PayPal to send money out of China?

PayPal is one of the oldest methods for sending money out of China. It is a viable option, but the fees are once again the big issue. There are also many processes involved here, like setting up a separate Chinese PayPal account.

This PayPal account should be linked to your Chinese bank account. You can then send money from your Chinese PayPal to your UK or US PayPal, although there are several steps you need to take to make this happen.

The total fees can be high because you are paying for the international transfer (typically 0.5%-2%) plus the currency conversion.

Can you use Bitcoin to send money out of China?

Bitcoin might not have the best reputation in the world, but it is possible to send money out of China using Bitcoin.

Needless to say, however, the highly volatile nature of bitcoin, which can fluctuate by 25% in a day, means that it shouldn’t be used to transfer money overseas.

Moreover, the Chinese Government is cracking down on Bitcoin payments.  In 2017, they banned Bitcoin exchanges, meaning it is difficult to buy and sell Bitcoin in RMB.

After the ban, some people have stated some peer-to-peer exchanges to get around the ban. The process isn’t easy, however, and the coins are still too volatile to use to exchange money without significant losses being a possibility. 

Can investing move money out of China?

Yes, investing overseas can be one way to move money out of China, provided the transfer complies with Chinese foreign exchange regulations and the receiving investment account accepts international funding.

Rather than transferring money to a domestic account in your home country first, some expats choose to fund eligible offshore investment accounts directly.

This approach may reduce the number of transfers involved and can be more efficient for long-term investors.

However, eligibility, documentation requirements, fees, and tax implications vary by jurisdiction and investment provider.

It's important to confirm that the transfer complies with both Chinese regulations and the rules of the destination country.

Can buying property help transfer money out of China?

Yes, acquiring property overseas may provide a legitimate reason to transfer money out of China.

Because property purchases typically involve large one-time payments, some buyers use specialist foreign exchange providers to reduce currency conversion costs.

Many Chinese nationals and expats living in mainland China buy property in countries such as the UK and the US.

For larger transactions, specialist currency exchange providers may offer more competitive exchange rates than traditional banks, making them more suitable for lump-sum transfers.

Given the fees involved, however, this option is generally more cost-effective for larger transfers, such as £40,000 (around US$53,000) or more, than for regular monthly investments.

Some buyers also use this approach when transferring funds for a property deposit.

Can precious metals be used to move money out of China?

Gold and other precious metals might be used to transfer money into and out of China, albeit a bit inconvenient. Both locals and foreigners can frequently purchase actual gold in China in jewelry stores or banks.

Make sure to declare any amount of gold you bring into China or import at customs, and maintain a copy of the record or receipt.

There are severe customs regulations regarding how much gold, silver, and other precious metals are allowed to be brought into China, but there are no restrictions on how much can be taken out.

If you decide to leave, being able to get your money out will depend on having proof of how much you took with you.

Be mindful of customs regulations if you decide to take gold, silver, or other precious metals out of China with you. In general, you are not required to report precious metal goods that weigh less than 50g (2 ounces).

If you do choose to bring precious metals on your trip, make sure to save all of your receipts for the exit check.

Last but not least, verify the most recent customs laws before leaving to guarantee a smooth journey.

Can Alipay send money abroad from China?

Alipay international transfers are limited to Chinese users who have completed real-name authentication, and availability also depends on the specific transfer corridor, destination, and compliance requirements.

Not every Alipay account can send money abroad, and supported limits, fees, and processing times may vary.

While some users successfully send money abroad using Alipay, others find that the service is unavailable or that transfers are rejected following compliance checks.

If a transfer is declined, common reasons include identity verification issues, incorrect recipient details, regulatory restrictions, or additional documentation requirements.

Processing times vary depending on the destination bank and payment corridor. If a transfer is delayed, check the transfer status in Alipay or contact Alipay support or the receiving bank for further information.

Can you use Swapsy to send money out of China?

Yes, Swapsy can be used as an alternative to traditional international money transfers by matching users who want to exchange currencies.

Instead of sending money directly overseas, users exchange funds with other verified members through supported payment methods, allowing each party to receive the equivalent amount in their local currency.

Because Swapsy relies on peer-to-peer matching, the availability of exchange rates, supported currencies, transfer amounts, and processing times depends on other users on the platform.

Larger transfers may be more difficult to match, and you may not always be able to exchange the exact amount you want.

Users must also complete identity verification before using the service.

Does Wise work in China for getting money out?

Yes. Since July 2023, Wise has allowed eligible users to send money out of China.

Eligible foreign nationals and non-Mainland Chinese individuals who work or have worked in China can send Chinese yuan (CNY) from their Chinese bank account to another account they own, including an overseas bank account or their Wise Account.

Wise currently supports transfers to more than 160 countries and allows you to convert CNY into over 40 currencies, including USD, EUR, GBP, AUD, CAD, and SGD.

Transfers are subject to a limit of 100,000 CNY per transaction, while the total amount you can remit depends on your annual income in China, taxes paid, and China's foreign exchange regulations.

At present, you cannot use Wise to send money from China directly to someone else's overseas account—only to an account in your own name.

Can someone else send money on your behalf from China?

Yes, someone else may be able to send money on your behalf from China, but the transfer must comply with applicable foreign exchange and banking requirements.

Using another person's account or annual foreign exchange quota can trigger additional documentation requests or compliance checks, and the sender may need to explain the source and purpose of the funds.

For most people, sending money from their own account with the required supporting documents is the simplest and most transparent option.

If you're considering using a friend or family member to make the transfer, check the bank's requirements and ensure the arrangement complies with Chinese foreign exchange regulations.

How can Chinese citizens transfer money out of China?

Chinese citizens can legally transfer money out of China through authorized banks and other approved channels. In most cases, individuals have an annual foreign exchange purchase quota equivalent to US$50,000.

Certain transactions may be permitted beyond this limit if they are supported by the required documentation and approved under applicable rules.

For larger overseas investments or property purchases, additional documentation or regulatory approvals may be required depending on the purpose of the transfer.

Businesses are also subject to different foreign exchange rules and generally have more options for cross-border payments than individuals, provided they meet the relevant compliance requirements.

Which method is best for getting money out of China?

International bank transfers are commonly used for salary remittances, currency specialists may be better for large property purchases, and international investment accounts can help those investing overseas.

The table below summarizes which option is generally most appropriate for different situations.

How can a business move money out of China?

Sending business funds out of China is typically justified for one of three reasons. The first is in the form of shareholder dividends, the second is in the form of costs or royalties to the foreign parent business, and the third is in the form of an intra-company loan.

Since the third alternative is designed for capital borrowing rather than money repatriation, it is not practical. Law requires the borrowing corporation to reimburse the lender with interest.

Dividends to Shareholders

The Chinese company must pass a yearly external audit by an accounting firm in order to return profits from a Chinese bank as dividends to shareholders abroad.

Such audit is performed every year, around the time of the Chinese New Year, generally in April.

As a result, there is just one window of opportunity each year, around Chinese New Year, for sending dividends out of China.

All corporate income taxes must be paid in full, and operating losses from prior years must be accounted for, in order to pass the audit.

In addition, if the business hasn’t yet accumulated at least 50% of its registered capital, it must set aside at least 10% of its after-tax income in a reserve fund.

The profits of the company may be transferred out of China and into foreign accounts once all these requirements have been satisfied by Chinese banks.

The business bank of your organization will require proof of:

• a copy of the company’s business license
• tax registration documentation for the business
• report on the company’s registered capital injection audit
• the external auditing firm’s annual report
• tax-paying receipts
• for the profit distribution, a resolution from the corporate board

Lastly, there’s the withholding tax. The withholding tax deducts 10% of the amount that is repatriated; however, depending on the nation where the receiving account is located, there may be exceptions due to international treaties.

Nonetheless, this represents a 10% reduction in the amount that is repatriated in general.

Dividend payments could take one to two months.

Intra-company Payments: Royalties and Expenses

The use of the company’s trademark in China is also frequently paid for with royalties to the parent company abroad, which is perfectly legal and makes sense from a business perspective.

As royalties are exempt from both the withholding tax and the value added tax, this strategy is one that many businesses find appealing.

In many instances, it is also desirable that royalties are often calculated as a percentage of revenue generated.

Another well-liked method for transferring cash from the Chinese organization to the foreign one is through intra-company expenses.

This one, however, is subject to VAT, and Chinese authorities will carefully examine transaction records and invoices to ensure that the money is going where you say it is going.

This is the best choice if you are paying for goods or services with an outside company and then collecting payment from a Chinese company.

In China, royalties and other charges are closely scrutinized.

Expect to present the bank with pre-drafted legal contracts between the overseas parent company and the company in China, a business license, a tax number certificate, as well as your invoices from China and your invoices from the overseas holding company in order to send out these payments internationally.

What is the cheapest way to send money from China?

There is no single cheapest method for every situation. For smaller transfers, digital remittance services and peer-to-peer platforms may offer competitive exchange rates.

For larger transfers, specialist currency providers often provide lower overall costs than traditional banks.

Expats investing abroad may also reduce repeated transfer costs by using international investment structures where appropriate.

The cheapest option ultimately depends on the transfer amount, destination, and documentation requirements.

Common mistakes when sending money out of China

The most common mistakes when moving money out of China involve documentation, transfer fees, foreign exchange rules, and choosing the wrong transfer method.

Many transfer issues are avoidable with proper planning. Some of the most common mistakes include:

• Assuming every Chinese bank follows identical procedures and documentation requirements.
• Failing to keep salary, tax, or source-of-funds documentation.
• Comparing transfer fees without considering exchange-rate markups.
• Waiting until shortly before leaving China to arrange large transfers.
• Exceeding transfer limits or annual foreign exchange allowances without understanding the applicable requirements.
• Using unofficial or unverified transfer methods that may create legal or financial risks.

Avoiding these issues can help prevent delays, unexpected costs, and compliance problems.

How have China's money transfer rules changed over time?

China's approach to outbound money transfers has evolved over the past several years. While foreign exchange controls remained in place, regulatory enforcement, investment trends, and available transfer methods kept changing.

Understanding this evolution helps explain why some methods are no longer practical while others have become more widely used.

2020: New payment partnerships emerged

There were new developments in March and April 2020 for moving money in and out of China.

AIUM announced that it would join the Chinese market through a partnership with Geoswift, enabling overseas customers to remit money into China.

This development primarily improved inbound transfers rather than helping individuals move money out of China, but it demonstrated how alternative payment solutions were beginning to reduce reliance on traditional banks.

2021: Regulatory scrutiny increased

It became more difficult to move money out of China as regulators increased scrutiny of cryptocurrency and other methods used to transfer funds overseas.

During the same period, Chinese companies also faced increasing challenges listing on US stock exchanges, which many observers viewed as part of a broader tightening of capital controls and financial oversight.

2022: Wealth diversification accelerated

In 2022, growing numbers of wealthy Chinese individuals began moving assets to jurisdictions such as Singapore.

Concerns over domestic policy changes, including the emphasis on common prosperity, encouraged many high-net-worth families to diversify internationally.

Singapore became a popular destination because of its established financial sector, large Mandarin-speaking community, and expanding family office industry.

According to CNBC, firms assisting with family office establishment reported strong growth in demand from wealthy Chinese clients during this period.

Is it difficult to transfer money from China now?

China continues to maintain foreign exchange controls, but transferring money overseas remains possible for foreigners and residents who comply with documentation and regulatory requirements.

The level of difficulty depends on the transfer method, the amount being sent, and whether the sender can verify the source of funds.

While banks and payment providers have introduced new services over time, regulatory oversight remains strict.

Will it become harder in the future?

Many people tell me that they want to get money out of China in 2-3 years, because they want to buy a property or do something else with the cash, but are worried about whether sending money outside will get harder in the meantime.

It is impossible to predict future foreign exchange policies, but China's cross-border money transfer rules have become more closely monitored over time.

It wouldn’t be surprising if sending money outside the country became harder, so delaying doesn’t seem sensible.

If you know you'll need to move money overseas for a property purchase, investment, or relocation, waiting until the last minute could create unnecessary delays if documentation or regulatory requirements change.

What are the restrictions on transferring money out of China?

Both the quantity of money you can bring into the nation and the amount you can take out are subject to a number of restrictions.

In general, visitors are permitted to carry out of the country up to $5,000 in foreign money. They are allowed to bring or take out of China local cash worth 20,000 RMB. Foreigners and native residents are both subject to this cap.

There is nothing more that can be done because this is the maximum permitted quantity. No customs declaration is required for this sum.

The amount that travelers are allowed to withdraw may occasionally be exceeded, but doing so will involve extra measures.

You will require a special permit given by a bank that gives you authorization to bring in or withdraw money from the nation for cash transactions up to the maximum of $10,000.

A special warrant must be obtained from the State Administration of Foreign Exchange if your transaction is worth more than $10,000.

When someone enters China, Customs will check any records of foreign currency declarations before granting entry.

Due to the complexity of these requirements, a lot of individuals rely on service providers of strategic consulting services to assist them in adhering to the laws.

Those who leave China swiftly face increased restrictions.

The amount of foreign cash that can be taken out of the nation on a second departure within 15 days is limited to $1000. The cap is $500 when leaving the country a second time on the same day.

Can you get large amounts of money out of China?

Large amounts of money, such as millions of RMB or USD, can be tricky to get out of China, but it is possible albeit under more regulatory scrutiny.

If the funds are intended for overseas investing, transferring them directly to an eligible investment account may be more efficient than first sending them to your home country and then making a second transfer.

For other purposes, such as paying bills or purchasing property, banks and specialist foreign exchange providers may be more suitable depending on the amount and destination.

China's foreign exchange rules and transfer requirements may change over time, so techniques that work today may not always be available in the future.

Checking the latest requirements before initiating a large transfer can help avoid delays or compliance issues.

FAQs

Can I transfer money out of China without paying tax?

Transferring money itself is not necessarily taxable, but you may need to prove the source of the funds and comply with tax and reporting requirements in both China and the destination country.

How long does it take to transfer money out of China?

Most international transfers are completed within one to five business days, depending on the bank, transfer method, destination, and any compliance checks.

Can I transfer money out of China after leaving?

Yes, in some cases, but your options may be more limited if you no longer have access to your Chinese bank account or cannot provide the required documentation in person.