How can I transfer funds from China to Taiwan these days? Can I use Bitcoin?

The recent thread about using Cryptos to send a large amount of NT$ to Europe is interesting

I recently rented out my apartment in Shanghai and I would like to figure out a way to get the rental income over here to Taipei on a regular basis, since I do not know when I will be traveling there for the time being.

I originally planned to have a friend in Shanghai collect the rent, convert the RMB into USD (using my friend’s annual foreign exchange allocation), and then deposit it in my HSBC multi-currency account as USD. I would use HSBC’s Global Link service to get the funds over to me. I did not anticipate that I would need to set up my friend as a designated authorized person to deposit into my account. and I can only do this in a branch in Shanghai. Whenever I next visit Shanghai, I will aim to do so.

I have heard of using crypto currencies to move funds over. The idea would be to buy it in China (which I haven’t done before) and almost simultaneously sell the amount in Taiwan. Around the time I first thought about doing this years ago, there was a crackdown in China on Bitcoin, but I wonder if times have changed and buying cryptos there is again more freely available.

I would appreciate any suggestions or other ideas

Do you have a UnionPay card and can take it out of the ATM here?

Also I’m noticing that they accept alipay here at Carrefour and 7-11

This may be a stupid question. But if large sums, why not a world trusted mint in gold coins/bars?

You can only take 100,000 RMB out per year abroad.

I transfer money from my Bank of China account using PayPal. I signed up for a Chinese PayPal account, added my UnionPay card, and then I send money to my regular Paypal account. You lose quite a bit due to conversion fees but if you’ve already hit the 100,000 RMB yearly international withdrawal limit like me it is one of the only options.

The RMB OTC market for crypto in China is pretty much dead. You are going to pay a huge premium, as they’ve correctly identified crypto as a vehicle for capital flight and effectively shut it down.

What you can do is get a Union Pay card and just use it for your daily expenses in Taiwan to balance things out.

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