Expats In Can’t Send Money Back Home!

To ensure absolute control of its currency, has placed strict regulations on how currency is transferred in and out of the country. Chinese forbids anyone from sending more than USD $50,000 in any given year without permission from the government.

Official Account: ExpatRights

Many companies are forced to find loopholes within the financial system to send money out of China.

Some companies achieve this by using a broker.

The broker is responsible for finding a way to transfer large amounts of monies outside of for a business needing this service.

According to the China Blog, banks are usually the ones to suggest these brokers.
Although this practice is illegal, a referral from a bank for such a company is usually considered safe.

“Company A” transfers a large amount of money as a transaction to “Company B”. “Company B” having an international account then transfers the same amount to an account provided by “Company A”. “Company B” ‘fixes’ the transactions on the books for auditing purposes and “Company A” is happy.

Other expats use some variation of the following scenario: ‘ Mary’ has USD $150,000 that she needs to send to her home country. Because ‘Expat Mary’ can only send USD $50,000 outside of China, she separates the $150,000 into three $50,000 parts and have her friends ‘Chinese Paul’ and ‘Chinese Peter’ her with the transaction.

With ’s strict policy regarding the flow of currency, expats are forced to find crafty ways to get their money outside of China.

If an works or has a business in China, this expat should have the freedom of sending desired amounts of money once it is acquired from legal sources.

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