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UnionPay forex controls tightened [Copy link] 中文

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Post time 2015-10-3 14:46:07 |Display all floors
Logos of China UnionPay are seen on bank cards in this file photo illustration taken in Beijing Dec 5, 2013. [Photo/Agencies]
New rules to be introduced to limit amount that can be withdrawn overseas via cards
China will tighten management of cross-border cash withdrawals by UnionPay bank card holders to prevent money laundering. Cardholders are advised not to withdraw large amounts of cash overs ...

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Post time 2015-10-3 14:46:08 |Display all floors
On a tour of the UK, it was observed at London's Heathrow Airport that most of the big spenders from  China were asking for their VAT refunds in cash, and rejecting the credit card refunds, even if this was free and less messy. This to me, was an obvious indication that much of the tourist spendings abroad were trying to avoid possible scrutiny and not able to face the light of day.

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Post time 2015-10-3 17:00:19 |Display all floors
A couple of things about this.  "Foreign exchange authorities" hate cash because they can't make a profit from it.  They want everyone to use credit cards or debit cards because they can earn higher fees.  It really has nothing to do with security, just good old capitalist greed. For instance, my last holiday, I rented an apartment instead of staying in a hotel.  I got a better  room for the price and saved money.  But I had to pay in cash.  The big western banks hate this (and they control the "foreign financial authorities").  They want everyone who does business to be forced to sign up with them so they can skim their money off the top of each transaction.  Union Pay and SAFE can do what they feel they need to do, but really, the "foreign financial authorities" are the last people they should be listening to.

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