Cross-strait Postal Remittances Inaugurated in
February
The direct
remittance of funds between Taiwan and Mainland China got under way in
February. Taiwan’s rules now allow remittances of up to US$30,000 per time from
Taiwan to China; from China to Taiwan, the maximum remittance allowed is
US$10,000 for cash and US$50,000 for savings-account transfers.
Rules enforced by the Mainland Chinese authorities, however, differ
somewhat. Remittances of cash from Taiwan or transfers of funds from Taiwan
into China’s Renminbi (RMB) savings accounts are limited to US$10,000 each,
while there is no ceiling on remittances into foreign-currency savings
accounts.
In Taiwan the transfer of funds to China is handled at branches
designated by Chunghwa Post; in China, it is done by the Postal Savings Bank of
China. Since no mechanism is in place for the cross-strait settlement of RMB
currency, cross-strait remittances currently have to be denominated in U.S.
dollars.
