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China caps bank card withdrawals abroad at $15,370 annually

Domestic card users will also be barred from withdrawing more than 10,000 yuan a day overseas

Reuters  |  Beijing 

China's foreign exchange regulator will cap overseas withdrawals using domestic Chinese bank cards at 100,000 yuan ($15,370) per year in an effort to target money laundering, terrorist financing and tax evasion, it said on Saturday. Individuals who exceed the annual quota will be suspended from overseas transactions for the remainder of the year and an additional year, the State Administration of Foreign Exchange (SAFE) said in a notice posted on its website. Under the new rules SAFE will submit a daily list of individuals banned from making overseas bank card withdrawals, ...

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First Published: Sat, December 30 2017. 18:35 IST