If you have a bank account in China, new regulations have just come into effect which you should know about.
Telecommunications Fraud has emerged in China as a significant problem and has been difficult to address. This kind of scam has fraudsters calling unsuspecting victims claiming to friends, family, or tax authorities, and demanding payment. In an effort to crack down on such crime, the People’s Bank of China has issued new regulations designed to strengthening the management of payments and settlements, which went into effect from December 1, 2016.
Under these new regulations, each individual may only open one bank account within the territory of the PRC. Additionally, bank account holders will no longer be required to pay service fees for trans-regional cash deposit, cash withdrawal or transfer within the same bank.
Going forward, transfers made via ATM, The card-issuing bank shall handle the transfer 24 hours after the transfer is initiated, and the user has 24 hours to cancel the transfer.
While use of ATMs is still widespread, many users increasingly rely on electronic payment systems linked to mobile phones. Under the new regulations, these services will require an agreement with the user establishing a limit of daily number of transactions, and total daily value to be transferred. Any transactions beyond those daily limits will require a visit to the bank.