100,000 yuan annual cap on overseas UnionPay withdrawals

The annual cap on overseas cash withdrawals for UnionPay cardholders has been reduced to 100,000 yuan (USD15,713) or its equivalent per card, effective next year. Between October 1 and December 31 this year, overseas withdrawals will be limited to 50,000 yuan or the equivalent.
The new rules have been issued by China’s State Administration of Foreign Exchange (SAFE) through a circular sent to banks, the media reported.  The new instructions add to the 10,000 yuan equivalent daily cap per UnionPay cardholder.
Accounts that exceed the cap are to be added to a watch-list by banks, according to SAFE requirements. Further cash withdrawals outside of China should be forbidden. According to the administration, the measures were implemented to rein in potential money-laundering activities. Banks have also been requested by SAFE to monitor “abnormal” accounts that register frequent cross-border fund transfers.