Topic: news What You Need to Know About Transferring Money Overseas From China

Yes, a few years back I had to show my salary certs as you couldn't transfer more than (80% of, I think it was) your salary, and show you'd paid tax etc too! I jhad to go to the main branch of BoC up by the Bund in those days. ICBC seems more western customer-friendly.
However, what about bringing money INTO China from overseas? When I opened an SCB account 3 yrs ago they said there was a limit of US$50,000 per year. Is this right? And if you have brought it over, how much can you then transfer out again on leaving? It seemed also to have to be in RmB, could not leave it in $ or GBP. I have left the account unused as a result of being unsure or distrustful of these 'rules' and procedures!

How do people bring money in to buy assets like apartments?
And how do foreigners gift their 'gf's like mine asked me just last night, with large amounts like one million RmB or GBP100,000 (girls say these are paltry sums for us hahaha) ??

Also, re WESTERN UNION (at China EverBright bank, XIzang Rd branch) I spent a nightmare 2 hrs 2 mornings in a row last week trying to COLLECT a meagre $500 business payment, as they expected me to know the exact details of the SENDER as well as my own ID and MC number etc etc!! And they needed to fill in and sign/stamp at least 5 long forms!
Ridiculous - how can international business be done like this?? How do Chinese get so rich and the Govt accumulate so much foreign currency reserves if the system is as slow and bureaucratic (and cash based) as this?!?!
I would do the Cash run every time now, unless it was a very large amount and I had a trusted friend to send it to my UK bank for me. But in fact now I work for a Chinese boss, the salaries are so low and Shanghai prices so high that I have no stash to transfer ! - problem avoided!!