Like Tree2Likes
  • 1 Post By KowloonRun
  • 1 Post By si0001

Moving money from China to HK after property sale 2019

Reply
  1. #1

    Join Date
    Oct 2018
    Posts
    47

    Moving money from China to HK after property sale 2019

    Saw the info on the old thread and wondered if there is any update on how this might be accomplished. Unfortunately the property sale was through a mainland resident, so no easy foreigner transfer.

    Any agencies, etc., in this transfer business?


  2. #2

    Join Date
    Jan 2010
    Posts
    2,903

    No legal way for a Mainland Resident. Cash across the land border would be your best bet depending on the amount. Legal limit is 20k per crossing. Make sure you'll keep the withdrawal receipts to show the HK bank.


  3. #3

    Join Date
    Oct 2018
    Posts
    47

    Thanks. That really sucks. Way too many trips...

    Morrison likes this.

  4. #4

    Join Date
    Mar 2007
    Posts
    1,590

    I believe there is foreign transfer limit of around 50k USD a year, if you have family members then you could spread it around.

    nivantj likes this.

  5. #5

    Join Date
    Apr 2012
    Posts
    974

    I would ask an accountant. It's getting harder to move money out of china these days.


  6. #6

    Join Date
    Jan 2010
    Posts
    2,903
    Quote Originally Posted by si0001
    I believe there is foreign transfer limit of around 50k USD a year, if you have family members then you could spread it around.
    Since the beginning of this year you need to provide the bank with paperwork for the transfer, for example receipts for university fees or overseas travel. You can't just go to the bank anymore and transfer it all in one go. Also, be careful when doing it this way. If more than 2 person's transfer the full amount to the same overseas bank account they can all be blacklisted from future transfers.

  7. #7

    Join Date
    Aug 2017
    Posts
    268

    Apparently numerous money changers in HK offer this sevice but you need an HK account....


  8. #8

    Join Date
    Oct 2018
    Posts
    47

    Any names?


  9. #9

    Join Date
    Aug 2017
    Posts
    268
    Quote Originally Posted by KowloonRun
    Any names?
    Sorry I have only read about them, no first hand experience. You move yuan to their China bank and, while you wait, they move the equivalent (minus fees) to your HK account.

    There are threads on Quora and I thought I had read about it on here as well but it was months ago...