According to China's foreign exchange control regulations, generally speaking, only enterprises with Import & Export Right would have foreign curreny accounts, and customs declarations are required for the exchange settlement.
And Individuals can only do settlement within equivalent 50,000 USD per year into RMB in the territory of China . Once exceeding the limit , you can only borrow your friend`s ID card to withdraw RMB cash.
But what should foreigner do to withdraw USD Cash in China?
【Foreigner with Personal Domestic Cards】
Foreigners can also open Personal UnionPay Card, $50,000 restriction (including cash withdrawal and transfers) is the limit of exchange settlement but not exchange collection. So, UnionPay card is able to receive foreign exchange above 50,000 USD.
Though the foreign currency in Personal account can not be transfered in China Mainland, you can go withdraw it in the bank counter, the limit is 5,000 to 10,000 USD per day, and you`d better make a appointment first.
Foreigners with Personal overseas cards
As long as the card issuing banks permit, you can use the abroad VISA/Master cards to multinational withdraw cash by ATMs , which have VISA/MASTER logo on them. Generally, the card issuing banks require services fee. In addition to the loss of exchange rate difference, you need to pay 3% - 4% more as service fee, please consult the banks for exact details.
What`s more, if you want to withdraw cash in the other countries, you should call the bank centers for a record in advance , to inform them that you are likely to withdraw cashes abroad. Without prior notice, you can not withdraw money abroad.
The foreign currency in your HSBC account can be transfered into RMB according to related rate and can be put into your company account of China mainland, USD can be put into individual account. The Daily maximum amount of remittanceis is 100 million.
For example, you can use an HSBC card to withdraw RMB for the equivalent amount of 20,000 HKD - 40,000 HKD per day by ATMs in China mainland, and the services fee is only 20 HKD!
Do you want an HSBC account?
Just contact HACOS!
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