The USD You're Allowed to Use Each Day Are Less Now!

Let’s see Three Specific Transaction subjected to PBC based on the New Foreign Exchange Policy

Accumulative depositing or withdrawing foreign cash, cash settlement, cash exchange, cash remittance and cash notes reach or more than 50,000RMB (or foreign currency of 10,000USD in equivalence) per day.

Accumulatively reach or more than 500,000RMB (or foreign currency 100,000USD in equivalence ) per day.

Accumulatively reach or more than 200,000RMB (or foreign currency 10,000USD in equivalence) per day.

That is to say, in the past, you could purchase 50,000USD foreign exchange every year and withdrew 10,000USD per day. 

But nowadays, you can only purchase USD or other foreign currencies no more than 50,000RMB in equivalence (about 6950USD at current exchange rate) or the transaction will be reported to PBC if it surpasses the setting limits. 

In other words, if you intend to have a 50,000USD foreign remittance, you need to remit at least 5 times respectively.

Let's see in what kind of situation we should report to PBC?

"Reasonable doubt" is the presupposition of suspicious transaction report. In addition , the financial institutions monitor large transactions automatically via system and submit the suspicious transaction reports after identifying suspected accounts, and analyzing their information and trading records. 

This new policy intends to curb money laundering, irregular financing activities and safeguards financial security.

With huge and complex bank branch network, new policy is still under adjustment and modification, it will be implemented from July 1st this year. 

At that time, PBC will have more access to obtain details of personal foreign exchange dynamics.

Thus, you'd better purchase foreign exchange or arrange Hongkong insurance before June in this year!