Investment Immigration/Overseas Residence/Asset Allocation, how to legally and compliantly remit fun

Many people consider various factors such as children’s education, wealth appreciation, convenient entry and exit, medical benefits, and elderly care, and choose to immigrate overseas with their families. However, they are also troubled by fixed quotas. Because these quotas cannot support their expenses for buying houses, cars, children’s education, or investments overseas, how can they legally and compliantly remit large amounts of funds? What are the methods? And what are the risks? A very detailed answer will be given next.

Many people transfer this fund overseas, hoping to invest or immigrate. Then they find someone else to transfer it, only to find that the money is gone or the account has been frozen for many reasons. Today, I will explain this issue in detail about large cross-border remittances.

Currently, there are three ways to legally comply with the exit of large assets. Let’s discuss them separately.

The first type is consumer-oriented transfer

When we live overseas for a long time and need to remit domestic funds, we can use this Visa card or MasterCard, because the funds in the card can be automatically converted into the currency we need to consume locally.

Then use domestic funds for repayment. Of course, you can apply for several MasterCard or Visa cards for consumption abroad. The advantage is that there is no annual limit. It is different from this debit card, which is a savings card. The savings card is 100,000 for consumption or withdrawal every year. However, there is currently no such requirement for credit cards. Banks may have unilateral requirements. In the end, it is also subject to the bank. I suggest that everyone apply for several banks, which is enough for daily expenses.

Another way is through third-party consumption, such as WeChat and Alipay, but there is a limit to consumption abroad. Regarding this limit, I have also consulted relevant customer service. Due to the different usage methods of each person, the limit should also be based on the actual page prompt. For example, if you consume 100,000, it will prompt that you are not allowed to consume. Others may consume 200,000, so this prompt will be given. Therefore, everyone is different, and the consumption scenario is also different. Let’s still follow the page prompt.

Then there is the savings card consumption, the savings card is the UnionPay card, then you consume or withdraw money overseas, there will be a limit every year, which is just mentioned 100,000.

The second is in the form of telegraphic transfer

We are all familiar with telegraphic transfer, which is also a traditional way of remittance. Basically, people have a high level of trust in it, and its security is also high. The only thing is that there is a limit on the amount every year. You need to purchase foreign exchange first, and then remit it to an overseas bank account.

During this process, you will encounter the purpose of purchasing foreign exchange. It must be clearly stated here. We can fill in travel or shopping. If there are other reasons, the bank may ask you to provide relevant vouchers, which is quite troublesome. Moreover, telegraphic transfer takes a long time to arrive and the difficulty of remittance is high. After all, domestic banks generally have higher requirements for funds. If there are problems with the review, the remittance will be returned in the original way, and unnecessary handling fees will be incurred during this period, which is not worth it.

If it is an immigration telegraphic transfer, you need to remit all the funds at once, but you can only apply once and need to apply to the State Administration of Foreign Exchange.

But there are a few prerequisites here:

1. You need to cancel your household registration and ID card
2. You need to prove the legal source of your funds and make it clear
3. It is legal to pay taxes, and all tax records need to be checked. Another requirement is to have obtained permanent foreign nationality in order to apply for a one-time transfer of all domestic funds.

One thing to note: after obtaining foreign nationality, all income generated within the country cannot be transferred through this method. This point needs to be noted.

Next, let’s talk about a very useful way of remittance, which can also be combined with telegraphic transfer.

It is to conduct global large-scale remittances through the BiyaPay platform.

Here I want to emphasize that when you use the BiyaPay platform to remit money overseas, it does not occupy the quota, that is, there is no limit. We can directly use it for large remittances, which can be said to be the same-day remittance and the money will be credited on the same day.

If you haven’t registered for BiyaPay yet, you can register now. Online registration has no threshold and sometimes there are some small benefits.

So let me explain in detail about the BiyaPay platform.

It is a global multi-asset trading wallet, just like Alipay that we are familiar with. BiyaPay supports the mixed exchange of dozens of legal currencies and dozens of digital currencies worldwide. It can transfer money in most countries or regions around the world. For projects such as overseas real estate, investment, immigration, and studying abroad, large remittances can be made through BiyaPay, thus achieving the goal of personal overseas asset allocation investment. Moreover, BiyaPay’s online remittance is made by legitimate remittance institutions, which can be said to achieve zero risk control for banks.

If you still want to make overseas investments and invest in US and Hong Kong stocks, you may often encounter various deposit and withdrawal difficulties, such as foreign exchange limit, telegraphic transfer limit, lack of Hong Kong card or offshore account, difficulty in cross-border remittance, difficulty in returning to China, slow deposit and withdrawal from securities firms, missing market trends, or serious liquidation. Therefore, I believe that BiyaPay can be a professional tool for US/Hong Kong stock deposits and withdrawals to help you.

After all, BiyaPay supports exchanging digital currency into US dollars/Hong Kong dollars, withdrawing to personal bank accounts, and finally depositing funds into your securities firm. There is no limit, and the payment is made on the same day. Of course, you can also directly trade US or Hong Kong stocks on BiyaPay, saving time and costs. It is truly a multi-functional wallet.

For beginners who have not operated it, they may not be very familiar with it, but after my explanation, you will have a certain understanding, and then you will not be very unfamiliar with registering and using it.

The third is to carry it with you

In the case of carrying it with you, we do not need to carry a certificate if we carry less than 5000 US dollars each time. If it exceeds 5000 US dollars, a stamped carrying certificate from the bank is required; if it exceeds 10,000, it is prohibited to carry it unless you apply for a stamp from the local relevant department.

There are two types of carrying certificates: the first type is the carrying certificate issued by the State Administration of Foreign Exchange; the second type is the carrying certificate issued by the bank.

Okay, let’s review. Currently, the three ways to legally and compliantly transfer large amounts of funds are as mentioned above. Personally, I recommend using BiyaPay, a large online remittance platform, which at least supports unlimited, safe, fast, and saves money. It can also meet our various remittance needs. You can give it a try.

Finally, I want to say that you must use legitimate channels to avoid falling into various traps, otherwise it may lead to fund theft or account freezing in minutes. I hope everyone can be vigilant.

That’s all for the above content. I hope it can be a little helpful to you. Please give me a like or share it. If you have any questions, we can also communicate together.