Personal Oversea Wire Transfer to be launched in Shenzhen

Published on February 29, 2012 by connie | This story has been viewed 1,059 views

The Wall Street Journal quoted an insider and disclosed that banks in Shenzhen had obtained approval to provide cross-border remittance service for individuals who want to transfer their money to oversea countries.

The Branch of the People’s Bank of China in Shenzhen said in a document dated February 14 that several China-invested banks that had businesses in Shenzhen would be approved to provide this new service to all clients in Shenzhen, but no data of effectiveness was mentioned, according to some insider who have read relevant document. The People’s Bank of China refused to give any information.

It’s said that the latest policy that allows individuals to make cross-border Renminbi remittance will be applicable to the branches of several China-invested banks in Shenzhen, including CBC, Bank of China, China Merchants Bank, China CITIC Bank and Hua’xia Bank, through which each person can transfer their fund of no more than RMB 80,000 Yuan to the bank accounts outside China.

It is still unclear that if relevant department will allow fund remittance back to China in a long period.

Shenzhen Post Elaine Contributes to the Story.

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Filed under: Shenzhen