Why do Expats and locals want to get money out of China?
One of the biggest issues expats in China face in 2017–2018 is getting money out of Mainland China. Many expats come to China for relatively short term assignments, and few plan to stay for more than 10 years. Even if they do, the majority do not want to contribute to a Chinese pension plan.
Many Chinese returnees and other locals also face the same issues. With the trade war and a depreciating RMB, many local Chinese are also looking at ways to get RMB outside of China and into USD.
Indeed Bloomberg has reported on why so many people want to get money out of China, and the situation has become more and more apparent as 2018 draws to a close.
It is true that for relatively small amounts of money (less than 20,000RMB) it is possible to take it home with you without declaring it to customs on your next flight home. Taking so much cash with you isn’t particularly safe though, and isn’t an option at all for larger amounts.
There are numerous ways you can send money out of China. This article will review some of the best options.
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