Hi,

Methinks someone told you porkies or you misunderstood.

You can exchange up to 50K US Dollar annually either way, as individual, without special dispensations etc... So the annual limit is more like 340K RMB.

Do your expensive shopping in Hong Kong etc. and keep your extra income in an account elsewhere and you can manage with the $ 50K (barely, I know, it really cramps your style).

L.V.X. Thor

50k USD, CAD or EURO. Good luck finding Euros!

If you are looking to change a large amount of money at a place that is giving you good rates and no receipt- you are gonna get screwed. They are washing money, the suckers with find some bad notes in there- and after the fakes are removed, the exchange is less than a bank. You'll notice when they have a special on 1000k Hong Kong notes that are notorious well made forgeries (they don't take too kindly to foreigners passing those in HK or Macao).

Sounds like the staff haven't been briefed properly. We were told by ANZ (Australian Bank) the limit is US$50K per year. We have now moved our banking as a new regulation was also introduced start of Feb which means that we cannot access our GBP account without having an RMB account to deposit it all directly into. (previously, I just went to the bank and exchanged when I needed to). This is no longer allowed apparently.

Yes, it is USD50,000 per year. Definitely not RMB50,000

There is alot of confusion even amongst bank employees because the rules do change frequently.

Currently, you can use RMB to buy up to $50,000 per year. You can exchange up to $50,000 into RMB each year. There is supposed to be a limit of $10,000 per day, but that is rarely enforced if you are doing the currency exchange from / to your bank account. For Chinese people and Chinese permanent residents, you can buy US4 by just using your ID card. Expats can only buy up to $500 per day unless you have a work-related residence permit, salary / employment confirmation and income tax receipts.

There is a limit on how much US$ you can deposit or withdraw each day, too. You are generally not allowed to deposit more than $5,000 each day into your bank account. You are not allowed to withdraw more than $10,000 per day from your account. If you have multiple accounts in multiple banks than this deposit / withdrawl limit is virtually unenforceable.

As long as you have a work-related residence permit, salary and income tax documentation, yes, you can. If you haven't the necessary documentation, the most you are able to purchase is $500 per day.