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Overseas withdrawal of cash to be capped
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China will cap overseas cash withdrawals annually for China UnionPay users starting from tomorrow as it aims to clamp down on potential money laundering, UnionPay said yesterday.
Users will be limited to withdrawing a total of 50,000 yuan (US$7,857) outside China鈥檚 mainland from October to December, and they will be subject to an annual cap of 100,000 yuan equivalent from 2016, UnionPay said.
China鈥檚 State Administration of Foreign Exchange imposes a current daily withdrawal cap of 10,000 yuan equivalent per card. But the new rules will apply and users have to stay within the 50,000 yuan or 100,000 yuan limit.
The new limit aims to tighten possible financial risks and illegal activities including money laundering, according to UnionPay.
Cash withdrawal overseas is not currently included in the US$50,000 cap on individual purchase of foreign exchange in China.
Some banks do not impose a service charge on overseas withdrawal and this has led to a surge in cross-border withdrawals, according to market observers.
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