BEIJING (AFP) – China has tightened rules on how much cash cardholders can withdraw overseas in a bid to clamp down on money laundering, terrorist financing and tax evasion, authorities said Saturday (Dec 30)..
BEIJING (AFP) – China has tightened rules on how much cash cardholders can withdraw overseas in a bid to clamp down on money laundering, terrorist financing and tax evasion, authorities said Saturday (Dec 30).
The annual limit will be set at 100,000 yuan (S$20,556) per person from Monday – no matter how many cards a person has.
Currently, there is an annual ATM cap of 100,000 yuan for each separate card, but there is nothing to stop users withdrawing many times this amount using multiple cards.
