Bypass Chinese Money Transfer Regulations and Send Money Abroad Hassle-free!

Table of Contents

1. Introduction
2. Regulations on Money Transfer in China
3. Method 1: Using PayPal
4. Method 2: Using SwapSee
5. Method 3: Having an External Bank Account in Greater China
6. Pros and Cons of Each Method
7. Conclusion
8. FAQs

💰 Sending Money Outside of China: 3 Ways to Bypass the Regulations

Living in China can sometimes pose challenges when it comes to sending money outside of the country. The Chinese government has regulations in place that limit individuals to transfer up to $50,000 USD per year. However, there are ways to bypass this regulation and send money overseas without having to go to a bank branch. In this article, we will explore three methods that allow you to transfer money outside of China while avoiding the limitations imposed by the government.

Introduction

When it comes to sending money outside of China, many individuals find it difficult due to the regulations set by the Chinese government. However, there are three alternative methods that can help you bypass these regulations and transfer money freely. In this article, we will discuss each method in detail, highlighting their pros and cons, to guide you in choosing the right option for your needs.

Regulations on Money Transfer in China

Before diving into the methods, it's essential to understand the regulations on money transfer in China. According to Chinese regulations, individuals can only transfer up to $50,000 USD per year. This limitation applies to each individual, meaning that if you wish to transfer more than this amount, you will need assistance from another individual.

Method 1: Using PayPal

One of the popular methods to send money outside of China is by using PayPal. However, utilizing PayPal for international transfers requires creating two separate PayPal accounts – one international account that connects to your home country's bank accounts and another Chinese PayPal account.

To use this method, you can request a payment from your international PayPal account to your Chinese PayPal account. You will then need to link your Chinese PayPal account to a Chinese credit card or a Chinese bank account. While this method allows you to transfer money, it can be costly and time-consuming. In our example, it took about 3 to 4 days to complete the transaction, with a transaction fee of $60.

Pros:

• Easy to use for individuals familiar with PayPal
• Can transfer larger amounts of money

Cons:

• Expensive transaction fees
• Lengthy processing time

For a step-by-step guide on how to use PayPal to transfer money overseas, you can refer to our video tutorial here.

Method 2: Using SwapSee

Another alternative method to send money outside of China is by using SwapSee. This peer-to-peer platform was developed by Chinese students who had leftover money in their bank accounts after studying abroad in the United States. SwapSee allows you to transfer money from China to other countries.

To use SwapSee, you need to pay someone in China using popular payment platforms like WeChat or Alipay. The person you pay should have the equivalent amount in USD in their home bank account. The transfer process can take anywhere from two days to have the money directly transferred to your bank account to wait for the payment via PayPal or Zelle. We recommend using Zelle as it offers lower transfer fees compared to PayPal.

Pros:

• Low transaction fees compared to PayPal
• Quick transfer process

Cons:

• Limited transfer amount (typically between $100 to $1,500)
• Currency options limited to RMB, Pound, Canadian Dollar, and USD

To learn more about SwapSee and its features, you can visit their website here.

Method 3: Having an External Bank Account in Greater China

The third method is a bit unconventional but doesn't require you to visit a bank branch in China. It involves having an external bank account in Greater China, such as in Hong Kong. Although this method requires physical travel, it offers more flexibility and eases the money transfer process.

Firstly, when crossing the border from China to Hong Kong, each person can bring up to 20,000 RMB, an amount allowed by customs without any questions asked. Once in Hong Kong, you can go to a bank branch to deposit the cash into your Hong Kong bank account. Alternatively, you can use a deposit machine or a recycler machine available in some areas for instant crediting to your bank account.

From there, you can transfer the money from your Hong Kong bank account to your home bank account using third-party platforms like TransferWise. The fees associated with this method include the transaction fees of using the deposit machine, cash handling fees, and possible currency exchange fees at the bank branch.

Pros:

• More flexibility in transferring larger amounts
• Avoids face-to-face interaction with the bank

Cons:

• Inconvenience of traveling to Hong Kong
• Incurs additional fees

Using this method, I successfully transferred $1,300 to my US bank account with a transfer fee of only $10. While it may be inconvenient, especially for larger amounts, it provides a way to bypass the $50,000 limitation in China.

Pros and Cons of Each Method

Here's a quick summary of the pros and cons of each method:

It's essential to weigh these pros and cons and consider your individual circumstances when choosing the most suitable method for you.

Conclusion

Sending money outside of China can be a challenging task due to the regulations limiting individual transfers. However, by utilizing alternative methods like PayPal, SwapSee, or having an external bank account in Greater China, you can bypass these limitations and transfer money freely.

Although each method has its advantages and disadvantages, it ultimately comes down to personal preference and specific needs. By understanding the various options available and considering factors such as transaction fees, transfer limits, and convenience, you can make an informed decision that best suits your situation.

Remember to stay updated on any new methods that may arise in the future. If you have any other methods or experiences to share, please let us know in the comments below. We hope this article has provided you with valuable insights and helps you navigate the process of sending money overseas from China more efficiently.

FAQs

Q: Can I transfer more than $50,000 from China using these methods? A: Yes, these methods allow you to bypass the $50,000 limitation imposed by the Chinese government for individual transfers.

Q: Are there any other currencies supported by SwapSee? A: Currently, SwapSee supports RMB, Pound, Canadian Dollar, and USD. Other currencies may not be available at the moment.

Q: How long does it take to transfer money using SwapSee? A: The transfer process for SwapSee can take up to two days, depending on the payment method and the platform used for the transfer.

Q: Will I incur additional fees when transferring money using an external bank account in Greater China? A: Yes, there might be additional fees involved in this method, such as transaction fees for using the deposit machine, cash handling fees, and possible currency exchange fees at the bank branch.

Q: Can I transfer money using these methods if I don't live in China? A: These methods are primarily designed for individuals living in China who wish to send money outside of the country. However, some elements of these methods may still apply to individuals residing outside of China.

Resources:

• PayPal: https://example.com
• SwapSee: https://example.com
• TransferWise: https://example.com