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New threshold for overseas withdrawals

December 28, 2017

New regulations will limit overseas cash withdrawals from personal banking cards.

In order to fight money laundering, tax evasion and terrorism funding, Chinese Authorities have issued new rules for ATM withdrawals that will go into effect on January 1st 2018. New rules set the limit for overseas ATM withdrawals on personal bank cards to CNY 100,000 yearly (around EUR 12,800 / USD 15,400), while the daily limit stands unchanged at CNY 10,000 (EUR 1,280 / USD 1,540).

Any individual exceeding the annual limit would not be able to withdraw cash overseas for the rest of 2018, as well as the following year.

The limit applies also in case of individual with multiple personal bank cards, since CNY 100,000 would be the ceiling for the aggregated value of withdrawals across all the accounts owned by the individual.

 

 

 

 

 

 

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