You or your company automatically will be supervised by a bank in China if the transfer amount reaches these values
Often foreigners are interested - what amount of the transaction will make the bank pay attention to you?
Let's take, first of all, bank cards that are serviced by individuals. If the daily transaction amount set by the bank reaches 50,000 yuan or more, it will be included in the supervision of the bank's security system, and the bank may ask this customer to bring documents that confirm the legality of such transactions.
With regard to financial transactions in company accounts in China, as long as the amount of money transfer does not exceed 1 million yuan, in general, such an operation does not fall under the supervisory supervision of the bank, and the amount of cash transaction in general reaches 200,000 yuan.
Corporate account: Corporate account transaction amount is generally limited to 2 million RMB in general.
In fact, banks have set up appropriate control mechanisms to ensure the safety of funds and prevent violations of laws and regulations in China, such as misappropriation of public funds, tax evasion, money laundering, etc.
If you violate the above limits, then you or your company will automatically fall under the supervision of the bank's security system and records of your transactions will be sent to the testing center for appropriate verification of the legality of ownership and transfer of these funds.
In addition, the sudden appearance of a large amount of funds on a bank card can also cause questions from the bank and the bank may ask you for documents that confirm the legality of this operation.
Created: 29 June 2022