Can i transfer out the 1 million rmb in bank deposits

Can a bank transfer RMB 500,000 to a foreign exchange account?

According to the Measures, transfer of RMB 500,000 and more shall be subject to the approval of China State Administration of Foreign Exchange (the “ SAFE “), which means the bank will convert the RMB into foreign exchange and wire the same to inheritor’s bank account abroad without such an approval.

How to transfer RMB local payment to banks within mainland China?

1. RMB Local Payment to banks within Mainland China 1) Log on the online banking and select 'My Banking'-'Transfer and Currency Conversion'. 2) In the new transaction, you can select 'My Payees' or 'New Payee' as transfer account. 2.1) Select 'My Payees' and enter all the required information.

Can I convert foreign currency to RMB?

Yes, you can convert foreign currency to RMB. When you transfer foreign currency, it will remain as foreign currency in your Chinese account until you go to the bank and convert it to RMB. There is a limit on how much you can convert into RMB per person each year, but it is rather high.

What is the limit for transferring money out of China?

You can transfer out as much money as you want, as long as you can prove that it is earned income and you paid all taxes on it, or it is part of funds that your originally transferred into China from overseas. To transfer money out of China is a bit more tricky.

Can I transfer money from my home bank to China?

When you just start life in China, you may want to get some money wired into the country. You can do a wire transfer of foreign currency from your home bank into your new Chinese account without restrictions or limits.

What documentation do I need to convert RMB to USD?

You may not be able to convert any money without documentation. Just with your passport, you may be able to convert up to 500 USD from RMB per day, but this rule can be interpreted differently by different banks or tellers.