Asked by: Xiuli Denti
personal finance credit cards

How much can you wire to China?

Last Updated: 24th January, 2020

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There's no legal limit on the amount ofChinesecurrency you can send to China. ButChinesecitizens do have a limit on how muchforeign currencythey can convert or purchase per year— US$50,000 asof August 2019. If you're sending USD toChina, themoney can be counted towards thatlimit.

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Thereof, can I wire money to China?

Many major US banks will allow you towiremoney to banks in China. Moneytransferproviders. It's simple and convenient to send anonlinemoney transfer to China from the comfort of yourhome.Providers with cash pickup.

Also, is there a limit on international wire transfers? In most cases, it's the banks andmoneytransfer services that typically have their ownupperlimits, which can vary widely depending on the natureof thetransfer. Your bank may limit youtotransferring $5,000 per day — or may havenolimits at all.

Thereof, how much money can you transfer out of China?

Individuals exiting China are required by lawtodeclare amounts of RMB 20,000, or the equivalent of USD 5,000inforeign currency, to customs. This is the maximum amountofcurrency any individual is allowed to leaveChinawith.

Are wire transfers over $10000 reported to the IRS?

By law, banks report all cash transactionsthatexceed $10,000 — and any transaction of anyamountthat alerts their suspicions. Money transferbusinesses,which often solely send money between countries,sometimes havereporting thresholds as low as $1,000.

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