Getting money out of China – including with UnionPay?

Updated January 1, 2022

This article will explain how to send money out of China in 2021.

It also discusses potential tax problems if you send too much money to your country of origin as an expat.

This article is long and extensive. So for the time-poor who are looking for superior ways to get money out of China, please contact me on the WhatsApp Function below or at, or if you have any questions about this article or financial planning questions in general. 

I have helped several individuals get money out of China, and several other countries, quickly and hassle free.  This is especially the case if they have a Visa or MasterCard, but I have also managed to do it for people in other situations.

I partially wrote this article after reading a lot of misleading and outdated things on online Q/A websites such as Reddit and Quora.

One of these misconceptions is that it is easy (and cheap) to go to a local bank, provide a few pieces of documentation, and they are good at knowing the various procedures for getting money out of China.

I deal with this issue and others, on the video below, for those interested in visual content:

I will continually update this article as the years go by, typically at the bottom, and some of the information might therefore by outdated.

The most recent update was made on September 7, 2021. Previously, it wasn’t possible to get money out of China via investments if you used a UnionPay card.

I now have a solution for this issue.

Firstly, why do Expats and locals want to get money out of China?

One of the biggest issues expats in China face in 2021  is getting money out of Mainland China.  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 is becoming a bigger issue, as the days of the “career expat” are largely gone.

In other words, people being sent to one location for a decade or more, is becoming rarer.

So with the exception of expats running their own businesses, more foreign workers are being moved every 2, 3 or 4 years.

It isn’t just expats though. Many Chinese returnees and other locals also face the same issues and have been investing in international real estate and stock markets for years.

The situation has accelerated though, with the trade war and a depreciating RMB. As a result of this, many local Chinese are also looking at ways to get RMB outside of China and into USD.

Indeed Bloomberg has reported on why so many people want to get money out of China, and the situation has become more and more apparent as 2021 commences

It is true that for relatively small amounts of money (less than 20,000RMB) it is possible to take it home with you without declaring it to customs on your next flight home.  Taking so much cash with you isn’t particularly safe though, and isn’t an option at all for larger amounts.

There are numerous ways you can send money out of China. This article will review some of the best options in the market and answer some frequently asked questions.

Before getting started, do you think getting money out of China 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.

The truth is nobody knows the future for sure, but the Chinese Government does seem to be getting more authoritarian on these matters.

As the RMB is weakening, moreover, it seems that more local Chinese are trying to send money out of China.

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

Is it sensible to delay with the trade war and other ongoing political issues?

With the current political climate, the RMB could fall much further.  Certainly most economist expect it to weaken further.  Besides, the banks in China give low interest rates like the rest of the world.  Leaving money in RMB in the bank is money to inflation and probably currency depreciation.

In 2018, several currencies have depreciated much more rapidly against the USD than the RMB, including in Turkey and various South American countries.

Nobody can know for sure what will happen in 2021 and the longer-term future, but a steep depreciation by the end of next year is a distinct possibility.

Already on October 31, the Chinese RMB to USD exchange rate was trading at 6.97, which is the weakest level since 2008.  If the Chinese Central Bank allows the RMB to depreciate past 7:1, a sharper depreciation may happen.  

Nobody knows the future. However, this uncertainty is probably one of the biggest reasons why the USD is strengthening in turbulent times.

Could the RMB recover in 2021?

Of course the RMB could recover. It could even strengthen, as it has in 2020 to a certain extent, but given the current situation, the overall trend seems downwards.

At least that is a huge risk.

Getting money out of China Via Hong Kong in 2021

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 20,000RMB 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.

Getting money out of China via Western Union in 2021

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 a 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!

Getting money out of China via Chinese Bank in 2021

Another way is via a bank account.  Banks in China typically have better currency rates than Western Union and their competitors in the West.   However, as a foreign-national, you often have a $500 per time limit.  This low limit, like Western Union, means it is also expensive, as even a $25 fee is 5% of the transfer, and then you have other small fees, such as the 1%-2% indirect currency charge.

If you have a close Chinese friend, they can send up to $50,000 a year to you.  By putting the money in their bank account, they can send money to you.  The ability to spend more money at once means the fees are lower.   As an example, if you send $10,000 per time, you may have a $30 one off bank fee.  Added to the 1%-2% exchange rate fee, indirectly it is costing you 1.3%-2.3%.  If you only send $2,000-$5,000, the charges could top 3%.

Ultimately, sending money to your home country isn’t always the best option and 1%-3% every time adds up.  Look at it this way.  If you are sending money home to contribute to a pension, you are paying 1%-3% before you add the fees for the investment.

Or another way to look at it is instead of investing $100,000, you may only have $97,000 to invest.  If your investments go up by 10%, that is the difference between $110,000 and $106,700!  Every year for 10 years, that really adds up – could be $50,000+ compounded.

That isn’t to mention there are certain ramifications of sending too much money home.  In the UK, as an example, you can only ` earn` 3,000 Sterling from gifts every year.  If you are using a Chinese friend to send money on your behalf, this may be considered a gift.  Even though they are essentially using your money, as you are just using them as a gateway to funnel your own money into the country, their name will appear as the sender.

Many banks automatically inform HMRC about any payments above 5,000 Sterling or any potential suspicious payments.  Even if you haven’t done anything wrong, too many payments from overseas gets flagged.  You may therefore need to prove you are really an expat, to avoid tax on the money.  Australians, Canadians and other expats face similar issues.

Another issue with the banks is, they often refuse to send money outside of China, if you are paying for something which isn’t in your name.

In other words, if you want to pay for a deposit on a house, or anything else that isn’t a bank or investment account in your name, you might be refused.

Sending money out of China via Bitcoin in 2021

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.

Sending money out of China via PayPal in 2021

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.

Sending money out via investing in 2021

A better option is to invest overseas in USD, Euros or Pounds when you are living offshore.  In the same way that ISAs were originally designed for UK nationals living in the UK to save and invest in a tax efficient way, the UK overseas territories like the Isle of Man were originally designed to allow expats to invest whilst they live overseas.

Expats living overseas have options available to them from locations such as Hong Kong and the Isle of Man, which are much cheaper than other options they have, and especially cheaper than incurring the costs of sending money home via one of the aforementioned vehicles.

This is particularly a great option for expats who have Visa and other international cards, because often the premiums can be taken out from RMB and converted to USD or GBP. 

Another advantage of this option is speed. I have helped clients set up accounts in 48-72 hours, and all the documents can be done online.  

Property as a vehicle for getting money out of China in 2021

Many Chinese and expats living in Mainland China are interested in property overseas property in the US, UK and many other countries.  

There are a few currency companies I am aware of that have excellent currency exchange rates, for people who are looking to send money out of China in a lump sum.

Given the fees involved, however, this option is only good for people who have 40,000GBP (about $55,000) or more to send as a lump sum. Using a currency company for monthly investments isn’t a viable option.

I have seen several people buy a property using this method to pay for a deposit on a house.

Getting money out of China for Chinese in 2021

For returnee Chinese with foreign passports, it is often easy to get money out of the country.  Ultimately, China doesn’t allow joint passports.  So returnee Chinese with foreign passports are legally expats, even though they were born in China.

For local Chinese, as mentioned previously, it is possible to send $50,000 worth out of China in a lump sum mechanism.  All such accounts can be done online or via physical application forms, with some of the larger institutions that are available through brokers .

For Chinese people who want to invest more than $50,000, one of the most effective ways is to invest a further $500-$700 a month through a regular savings plan.

The reason why this is effective, is that the money is taken out of RMB and put into a USD account.  Therefore, it seems more like a bill payment, rather than an investment.  It is only when premiums become much higher, than the banks start asking questions and/or the credit or debit card limit has been reached.

With that being said, it is via easier to send money outside of China using Visa or MasterCard, than UnionPay.

The majority of Chinese sending money outside of China are middle-class consumers who have access to these international credit and debit cards.  

Some Chinese people are worried about their information automatically being shared with the Chinese tax authorities, and then rules being applied retrospectively. 

In other words,  the laws are changed relatively recently to only allow Chinese people to send $50,000 overseas, and the Chinese authorities apply a retrospective tax to people who used the previously $50,000 allowance.  This is unlikely to be an issue, and some offshore US territories do not share tax information.  

As a final comment, I would say that the situation is different for businesses.  Companies that want to repatriate their capital outside of China can do it using various ways.  It also isn’t simple, but more options exist compared to those options available to individuals. 

How about new means like Swapsy?

One of the newest options on the market, Swapsy offers low-cost transfers.  It is a peer-to-peer platform, so verified users can exchange currencies on the platform, via WeChat, Alipay and other e-wallets.

So in practical terms if you are based in China and want to transfer money to a foreign currency, you don’t literally  send money outside of China.

Instead, you send RMB to another user that has a Chinese bank and they send to your foreign bank account.

The currencies will be received within 24 hours. The transaction fees can be as low as 0.5%.

To use it, you merely have to see what exchange rates are available when you are logged in, send the money with the code which is given and verify the transaction.

I haven’t personally used this platform, but I do hear some positive reports from users about how easy it is to operate.

The only main negative about the app is that there needs to be a reasonable number of users on the platform, on all currencies, for the app to function properly.

Moreover, you can’t always exchange the exact amount of money you want. It all depends on what the other users want.

As it is a peer-to-peer platform, some trust is part of the system.  Having said that though, each user needs to be verified, with proof of ID, address and so on.

So there is no incentive for somebody to break the law, when everybody is verified.

Finally, the limits aren’t always high.  They might be higher than Chinese banks, but it isn’t practical to send $200,000 to buy a property or an investment product.

For such larger purchases, some currency companies can be more competitive.

There have been reports that Alipay no longer works and Swapsy is only a good solution for some nationalities like Americans.

How about large amounts?

Large amounts of money, such as millions of RMB or USD, can be tricky to get out of China, but it is possible with some of the techniques I have mentioned

New developments in March-April 2020

AIUM announced in April 2020 that it would be joining the market in China.

They have partnered with Geoswift, to enable overseas customers to remit money to China.

This is more of a solution for remitting money to China though, as opposed to moving money outside the country.

The partnership should eliminate some hassles though, by ensuring the banks are sidelined.

What’s the situation like in June-July 2021?

It is getting more difficult to get money out of China in 2021.  The regulators are cracking down on using Bitcoin and other means to get money out of the country.

It is also getting trickier for Chinese firms to do IPOs on the US stock exchange, which might be a sign of a wider trend.


If you want to “kill two birds with one stone” investing via a debit or credit card, into USD, Euro or GBP investments is much cheaper than sending money home to invest.

Let’s face it, one of the motivations for expats is to send money home to save and invest.  Making two transfers (first home and then to an investment account) isn’t as efficient as one.

In comparison, if you are sending money home just to pay bills, some of the new ways to transfer, such as investment apps and currency companies, offer excellent exchange rates.

They can be excellent alternatives to the banks, if your payments don’t exceed certain limits.

It is highly likely there will be changes in 2020, 2021 and beyond, as the Chinese Government brings out more rules.

In practical terms, that means that techniques that work now, might not always work in the future.

“Striking when the iron is hot” is very relevant here.

Contact details 

In addition to my emails above, I am available on a range of apps. My full contact details are available here –

Further reading 

For any expats in China, or elsewhere, that have existing international investments, the article below would be useful to read.

September 16 update – I will be having a client event on November 2 with Dragon’s Den star Kevin O’Leary. To have the chance to attend, click here. All existing clients will automatically be invited. 

Pained by financial indecision? Want to invest with Adam?

Financial Planner - Adam Fayed

Adam is an internationally recognised author on financial matters, with over 312.5 million answers views on and a widely sold book on Amazon

Comments are closed.

Blog Comments

Very interesting, thanks. Seems it is getting more difficult these days.

It is, and is always changing.

Good article. Using Chinese people to send money overseas is taking the friendship a bit far!

I have contributed to an investment plan before, so I know this method can work; i.e. to invest in RMB in an overseas plan

OK Sarah. Yes that’s right as it just looks like a bill payment.

Thanks this is quite comprehensive, although it seems like the situation is always changing.

It is indeed always changing!

This is a wonderful and very helpful article! Thanks! I was wondering if you know of any limit on Western Union wires from China because I have a few thousand dollars I want to send out.

Thanks. I don’t believe the limit is different – $500 a day. Also good to check for updates though, and with WU directly

I have around $10000 AUD in cash and I want to take them back home with me from China to Australia , you think I can take the risk via airport? or is there any other way?

Airport is probably fine for 10k AUD as it is under the limit and if you are careful, isn’t a big issue.

Which investment apps can I use?

so can money be transfer from a mainland chinese bank to a australian visa card
i have both visa and master card one debit card and one is a credit card.
my wife wish to move a large sum from china to buy a house. she is a rich woman from a rich business family

To move a large amount from China to Australia by card is difficult. I will email you anyway.

I have a customer in China who wants to send money to me in Australia. He has tried several local banks without success. Any ideas on how to transfer about $3000.00AUD?.

I will email you Jeff

I have a Chinese customers that wants to transfer $150,000 … how can it be done

Will email you.

Use banker facility. But the charge too expensive. 25% of face value. All safe and you will receive in your account or cash in your country.

which banks are charging 25% of face value? Surely that can’t be right unless it is a small amount and the fees are fixed.

Hi, What would be the best (cheapest and fastest) way to transfer the proceeds from a house sale from China to the UK?

It depends on many things. I will email you.

Can you help me understand how to do a transaction out of China for over 1 million can be done? It is for a real estate investment in the US.

I would like to know too how can I move large amounts like millions out for China for exploration and other investment purposes

Just emailed you

Hey, i have a question about money transferring. You mentioned there were more options for bussinesses, which are those? And also I currently have about 1mio€ That i want to invest in China. Id like to withdraw it from china in the future. What transferring method do you think will be the cheapest?

I will email you Amelie.

Could you email me how to transfer a larger amount of money out of China? Much appreciated

but your emailed bounced.

I’ve updated the email again

My parents in China would like to transfer 80k euros from Chinese bank in China to a local bank account in Finland. The amount they transferring is already in Euros in China. They were told that wiring fees + conversion fees amounts to approx. 6k euros, is there a cheaper way of doing this? Ive been told something about currency rate vs. cash rate which I don’t really understand..

Can you explain the details of how to use paypal to transfer the money? I have tried to do this but it seems taking from from the chinese bank account into chinese paypal is not an option. Is there a special process to go through?

great article ! i would like to transfer around 50,000 usd out of China to several accounts in Brazil, Europe and mainly USA. Article is very helpful but unfortunately after trade war started it is quiet hard especially for foreigners. Most of my Chinese friends are also not able / afraid to make bank transfers abroad as well.

I will email you thanks Krzys

Thanks for the article. I would like to know what is the best way to transfer a proceeds from a property sale from China to USA.

thanks I will email you.

can you email me the info as well.

My friend has sold her property in china and wants to spend the $200,000 Aud on buying a property in Australia. Could you help me with best options for her.

Can you please explain the process of using Paypal to get money out of china? I have a Chinese Paypal account but cannot seem to figure out how to transfer it to my Canadian account.

I am also wondering if you could explain the process of using the credit card to purchase investments. Theoretically, I would sign up for a visa card through my Chinese bank, then use that card to buy some stocks and bonds or other investments online, then later on I would withdraw those investments when I’m back in my home country. Is that the basic process?

I will email you

Thanks for the artice! I’d like to move 50K RMB to the US, do you have any suggestions on how to do that?

For smaller amounts I would first try Alipay and apps like Swapsy. For bigger amounts, there can be better options.

Hey Adam,
I’m stuck and need to transfer from my Chinese account back to Australia. I usually just withdraw at Australian ATMs using my Chinese card. Looking for some help if you can.

Depends how much you want to transfer?

Hello, and thanks for the highly informative post.
Please allow me to ask one question about my current predicament.

I am currently finishing up my contract in a big university in Guangzhou.
It is my understanding that as of 2020-08-07, Chinese banks freeze foreigners’ accounts once they leave the country, as a measure related to the pandemic.As an employer of a (big) university, I regularly filed tax forms.
My understanding is that I could download a tax declaration form, show my contract and proof of employment, fill the opportune documents at the bank, and “empty” the account.

My employer should however pay me the gratuity leave, and the tax office should give me a tax return once I leave.
Should I keep the Chinese bank account?

Thanks in advance

I will email you.

I need to know how to have my wife’s brother who is a local chinese to send about 4 mill usd to the US, please email me, thanks

I am at the top of a house buying chain the bottom is a Chinese ‘ property invester’ who is stuck on 2 week
Lockdown he then intends to travel to Hong Kong to transfer funds to buy first house on our ladder , does this sound feasible there are 4 households waiting on this, your comments would be appreciated please

Hi Sue – I am not an expert on housing and property. If he is honest he should be able to transfer money in this manner.

Hi Adam,

I need to send to $2,400 from China to Australia. I use my wife’s account usually and my old method of Alipay Transfers has been disabled, probably linked to the Chinese gov crackdown on Alibaba and Ant Group. We tried through the bank and they rejected it, saying they don’t process personal transactions. Could you help me?


So she tried to send to you?

it’s the same for me , since December my chinese friend can’t use his alipay to send me money back home. I’m all out of options except expensive PayPal and Western (that I hate). Alipay app also states that only Bank of China can now do international transfers… it’s getting crazy

Very true.

This is very sad. Alipay doesn’t work since 1st of December 2020. Is there any other option available ?

Did you check the alternatives listed above George?

I’m a US citizen, my husband is a Chinese national who recently obtained his US green card. His parents in China would like to send around $1M USD for us to buy a house, cars, and invest. Would a currency company be the best way to send it?

how do a Chinese transfer out large amounts to USA or Canada

Hi Adam My son teaches English in China, he had been able to send money back through the bank where he worked in Shenzen, but he’s moved to Nancheng and he’s come up against a brick wall with the banks. He wants to send about £1500 a month, we can’t get Paypal to work, any suggestions much appreciated.

Hi Stephen – I would get him to ask him employer to provide all the documents needed, in Chinese, and he should go to the bank with those documents. Many banks don’t know that foreigners with a work permit can send money out of the country. If that doesn’t work, I do know a currency company who might be able to help, but they only work with lump sums, so you might need to wait until the payment is large enough (like a year payment).

Hi Thanks Adam I think the main problem is that his Chinese isn’t that good, he’s sent money out before, having the visas and documentation. I will point him to your site, is it available in China, i.e. not blocked for any reason?

I have an Asian gentleman at BOC that is looking to invest in my renewable energy project. Is it possible for him to transfer out of the country to USA? Is it possible for him to walk into BOC in USA to transact?

I will email you Martin.

My boyfriend who is now in China on a short-term work assignment wants to remit to me in Singapore for more than US$10k. So that he will not be subjected to restrictions for a foreigner by customs at the airport if he brings more cash out of China when he completed his job there. Is there any alternative to transfer his funds?

Is he local? In which case it is easier.

He is an American citizen and will remit for business and personal expenses to Singapore to me for an amount of more than US$20K from Shanghai.
Are there any alternatives to remit such an amount overseas and what are the relevant documents to furnish for expatriates? He needs to remit it before his flight to Singapore for work purposes.

If his HR are co-operative (a big if) he should be able to remit it from a bank account, but I know many expats struggle with this. I do have access to a currency company as well but minimums are typically 50k+.

Can email me the currency company that can do this facility for expat? Thank you

Hello sir, fantastic article, thank you. I have 200,000 RMB to send home to the UK. This money was earned at a previous employment, and they are not sure of what documents to provide me with so that I can prove I have paid tax for the entirety of my time working there.

Can you please let me know exactly which paperwork I need to ask them for, and if there is anything else I need to do. I would like to have everything sent via direct bank transfer using all this documentation. Thanks, Daniel

The documents should be listed in the article – basically documents which prove where your income has came from

How to transfer money from China to USA without PayPal as can’t anymore

Thanks for the info. Been scouring the internet for a while to find something up to date. I’m looking to relocate in around a year from China. I’m British but have been in China 10 years so have no uk bank and no family in uk and am moving to Thailand. Any ideas on how to transfer around 70,000 pounds sterling. I have Chinese PayPal linked to Chinese bank account but no other bank account. Thanks.

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