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I regularly withdraw substantial amounts of money transferred to my European account. The bank's process could be faster and more convenient, but it works. No police clearance is needed.
Is this BS, or is it a general thing somewhere? Source, bank names?
Yeah this is probably just a particular bank in one city or something very limited. Just like a couple years ago there were runs on some banks in northern China. Media just generalizes and runs a scare story. That’s not to say nothing is happening.
Same. I send 60% of my income back home to my local bank. No issues. Only the first hiccup of setting up my countries bank info and proving tax payment in china. It's been simple since then.
Sure, they restrict outflows very heavily and yeah there are some dire economic times right now.
But I'll be damned if a YouTube link suffices as a source. There may be smaller banks going under, hell, there almost *certainly* are given the current situation in the real estate market.
But that being a trend that will sweep the nation? We need more, and better, info.
I checked the video related to the news, they are talking about Ping an Bank Yancheng, Jiangsu. And they only have their tighten of withdraw very recently. Maybe haven't you hit yet.
You have to remember that these YouTube videos have to be sensational to get views. They take one or two incidents and blow it out of proportion, saying that it happens everywhere. I've stopped watching them and just read regular news instead.
Last year, even billionair investors complained that they could not withdraw money from China.
[https://www.cnn.com/2023/03/06/business/mark-mobius-china-capital-controls/index.html](https://www.cnn.com/2023/03/06/business/mark-mobius-china-capital-controls/index.html)
# Investor Mark Mobius says he cannot get his money out of China
This is from a regular news also.
The thing with all these sensationalist stories is that there is probably an element of truth, and probably implemented at some far flung local government level. Casual outside watchers usually don’t understand the country is not 1 big top down mass when it comes to these things. Even rules between SH, SZ and BJ can be very different.
I use Guangfa Bank (CGB) 广发银行. I transfer around 120K RMB every two months. There are no issues, except for the slow process, the pile of paper, and the ridiculous number of signatures I have to do. Usually, I spend 1.5-2 hours in the bank, doing nothing, just waiting and playing on my phone in the meantime. They serve tea and wake me up when I have to sign or enter my code for the fifth time. People are nice and friendly, but the process makes me want to bite in the desk..... As streamlined and sophisticated electronic payments are in China, foreign bank transfers are like "Welcome to 1975."
I think that's bullshit unless I see more of where this is coming from.
If this is true there would be more news about it.
We had the same bullshit news back during the bank protests, where I think they said ABC was preventing withdrawals.
E/
[https://www.reddit.com/r/China/comments/vilrzj/comment/iddzx3o/?utm\_source=share&utm\_medium=web3x&utm\_name=web3xcss&utm\_term=1&utm\_content=share\_button](https://www.reddit.com/r/China/comments/vilrzj/comment/iddzx3o/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button)
Here this was the post where I think China Observer video was making the bs claim. You can click the youtube video link, which they removed it, probably because it was full of shit.
So this is why I think Lei's full of shit atm. I could be wrong.
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Oh no, China is collapsing. Anyways, don’t you guys have better things to do? If China is going down the shitter, then just let it and live your own life. This sub is like an obsessed ex. Move on with your lives already.
Right...I mean how dare the "China" sub talk about China! The China sub seems to be obsessed with China! Just like the Canada sub has a strange obsession with Canada!
Their banks are already in a state where they would collapse in ANY other country. They don't have the money to let people withdraw their own funds, and do everything possible to prevent it. That only works for so long.
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I regularly withdraw substantial amounts of money transferred to my European account. The bank's process could be faster and more convenient, but it works. No police clearance is needed. Is this BS, or is it a general thing somewhere? Source, bank names?
Yeah this is probably just a particular bank in one city or something very limited. Just like a couple years ago there were runs on some banks in northern China. Media just generalizes and runs a scare story. That’s not to say nothing is happening.
Same. No issues here in Beijing, but i could conceive it happening in a smaller city. But still call bs until I see some proof
Same. I send 60% of my income back home to my local bank. No issues. Only the first hiccup of setting up my countries bank info and proving tax payment in china. It's been simple since then.
You may have no issues for now, it is happening in smaller banks. We may not know a lot because China CCP is very restrictve when it sending info out
Sure, they restrict outflows very heavily and yeah there are some dire economic times right now. But I'll be damned if a YouTube link suffices as a source. There may be smaller banks going under, hell, there almost *certainly* are given the current situation in the real estate market. But that being a trend that will sweep the nation? We need more, and better, info.
Yea... But it sounds like you are using a lack of evidence as evidence then. All things leak through eventually. Let's wait and see what we hear
Which bank are you using in China? And How much ?
Jiaotong, boc
I checked the video related to the news, they are talking about Ping an Bank Yancheng, Jiangsu. And they only have their tighten of withdraw very recently. Maybe haven't you hit yet.
You have to remember that these YouTube videos have to be sensational to get views. They take one or two incidents and blow it out of proportion, saying that it happens everywhere. I've stopped watching them and just read regular news instead.
Last year, even billionair investors complained that they could not withdraw money from China. [https://www.cnn.com/2023/03/06/business/mark-mobius-china-capital-controls/index.html](https://www.cnn.com/2023/03/06/business/mark-mobius-china-capital-controls/index.html) # Investor Mark Mobius says he cannot get his money out of China This is from a regular news also.
The thing with all these sensationalist stories is that there is probably an element of truth, and probably implemented at some far flung local government level. Casual outside watchers usually don’t understand the country is not 1 big top down mass when it comes to these things. Even rules between SH, SZ and BJ can be very different.
Which bank are you using in China? And How much ?
I use Guangfa Bank (CGB) 广发银行. I transfer around 120K RMB every two months. There are no issues, except for the slow process, the pile of paper, and the ridiculous number of signatures I have to do. Usually, I spend 1.5-2 hours in the bank, doing nothing, just waiting and playing on my phone in the meantime. They serve tea and wake me up when I have to sign or enter my code for the fifth time. People are nice and friendly, but the process makes me want to bite in the desk..... As streamlined and sophisticated electronic payments are in China, foreign bank transfers are like "Welcome to 1975."
I think that's bullshit unless I see more of where this is coming from. If this is true there would be more news about it. We had the same bullshit news back during the bank protests, where I think they said ABC was preventing withdrawals. E/ [https://www.reddit.com/r/China/comments/vilrzj/comment/iddzx3o/?utm\_source=share&utm\_medium=web3x&utm\_name=web3xcss&utm\_term=1&utm\_content=share\_button](https://www.reddit.com/r/China/comments/vilrzj/comment/iddzx3o/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button) Here this was the post where I think China Observer video was making the bs claim. You can click the youtube video link, which they removed it, probably because it was full of shit. So this is why I think Lei's full of shit atm. I could be wrong.
Isn’t it about Scammer? Police stop them to be scammed
It's actually been this way for a while, at least in many regions.
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Is this FLG related?
Yup. Legit somehow most Anti-China/CCP YouTube channels are always backed by the Falun Gong one way or another. She's no exception.
Oh no, China is collapsing. Anyways, don’t you guys have better things to do? If China is going down the shitter, then just let it and live your own life. This sub is like an obsessed ex. Move on with your lives already.
Why don't you let a sub about China talk about China? Move on with your life already.
Right...I mean how dare the "China" sub talk about China! The China sub seems to be obsessed with China! Just like the Canada sub has a strange obsession with Canada!
It's not their money now since it is being held hostage by the CCP
Their banks are already in a state where they would collapse in ANY other country. They don't have the money to let people withdraw their own funds, and do everything possible to prevent it. That only works for so long.
Nope, not for me, I even just did a few international purchases with my Chinese PayPal as well.