International Money Transfer in Renminbi

@DannyMauritius

Yes, you can transfer RMB directly between an offshore RMB account (e.g., CNH in Hong Kong, Singapore, or elsewhere) and your onshore RMB account in Beijing. This is done as a cross-border RMB remittance (often via CIPS or SWIFT), and the funds are credited 1:1 with no currency conversion involved.

The fees would be as follows:

1. Sending bank (offshore): Often 0.05–0.1% of the amount (with minimums around RMB 100–500) + possible cable/intermediary fees (e.g., RMB 200 or equivalent).
2. Receiving bank (Beijing): Inward remittance fees are usually low (e.g., RMB 30 or free for some promotions).
3. Total: Often under 0.5% for moderate amounts, and some banks waive fees entirely for cross-border RMB under promotions, Wealth Management Connect, or eligible customers. You need to chedk with your bank in Beijing about that.

Now with regard to entering China with cash, it depends on the currency:

1. RMB cash: Maximum RMB 20,000 per person per trip. Anything above this is prohibited—you cannot bring in more than RMB 20,000 in RMB notes/coins.
2. US dollars (or any foreign currency cash): No upper limit on the amount you can bring in. However, you must declare it in writing if the total foreign currency cash is USD 5,000 or more (or equivalent in other currencies). Fill out the customs declaration form (and keep a copy if you plan to take any of it out later).