From time to time, we got inquiries from our subscribers: “Is it true that there is a cap for the salary I earned to be sent to my home country?” Or “Can I only send 50K USD each year out of China?”
Well, I assume there is some misunderstanding here.
The so-called cap of “50K USD a year” is only applied to Chinese citizens. It means the total amount for each Chinese individual purchasing/selling foreign exchange is 50K USD each year.
For foreigners working in China, there is no cap for them to send their salary overseas, as long as they have paid the individual income tax in line with related taxation law，the transfer is treated as Non-business foreign exchange under the current account, such as outbound tourism, study abroad, overseas trip for business purpose, non-investment insurance, consulting services, medical care, settlement, family support.
What documents you need to provide to transfer the money? There are no unified rules. It’s highly recommended to contact the local bank for details.
Anyway, the list of documents provided by the Bank of China can be used as reference.
1. Employment contract between you and your employer.
2. Bank slip of your salary.
3. Tax certification from the tax office.
4. Revenue statement from your employer.
5. Copy of your work permit.
Related regulations:
Administrative Rules on Individual’s Foreign Exchange
Article 13: A non-domestic individual can convert legitimate renminbi income obtained in China under the current account into foreign exchange and remit abroad at a bank by showing valid identity documents and relevant documents.
Article 38:
(3) Non-business foreign exchange under the current account refers to foreign exchange under current account items other than trade.
