Outbound currency controls
Where a transfer starts determines what it must clear. The overview below summarises the outbound rules of selected jurisdictions as at October 2026. Rules change frequently; the competent authority and a qualified adviser remain the reference for any specific transfer.
| Country | Regime | Authority | Key rules |
|---|---|---|---|
| China | Controls on capital-account flows; annual quota for individuals | State Administration of Foreign Exchange (SAFE), People’s Bank of China | Individuals: USD 50,000 foreign-exchange purchase quota per year. Companies: documentation for genuine trade; capital-account transactions may require SAFE registration or approval. |
| India | Limits on outbound remittance and investment | Reserve Bank of India (RBI) | Individuals: up to USD 250,000 per financial year under the Liberalised Remittance Scheme; tax collected at source above a threshold. Companies: outbound investment under RBI rules. |
| Argentina | Partial controls | Banco Central de la República Argentina | Individuals have again been able to buy foreign currency on the official market since April 2025, subject since September 2025 to a 90-day restriction between official-rate purchases and purchases of foreign-currency securities. Companies remain subject to further restrictions. |
| Venezuela | Managed exchange regime | Banco Central de Venezuela | Controls were relaxed in 2019 and foreign-currency transactions through banks are permitted, but access to foreign currency remains limited; international sanctions add further restrictions. |
| Russia | Sanctions and residual controls | Bank of Russia | Limits on residents’ foreign-currency transfers abroad were lifted from 8 December 2025; EU, UK, US and other sanctions continue to restrict transfers with many jurisdictions. |
| Iran | Comprehensive international sanctions | Central Bank of Iran | UN, US and EU sanctions; in practice, transfers through regulated banks are not possible. |
| Egypt | Documentation requirements for large transfers | Central Bank of Egypt | The pound has floated since March 2024; banks may require justification and apply limits to large outbound transfers. |
| South Africa | Annual allowances | South African Reserve Bank | Single discretionary allowance of R2 million a year (2026 Budget); foreign investment allowance of R10 million a year with SARS tax compliance status. |
| Malaysia | Foreign exchange policy | Bank Negara Malaysia | Residents with domestic ringgit borrowing face limits on investment abroad; large transfers require documentation. |
| Brazil | Tax on foreign exchange | Banco Central do Brasil | No general limits; tax on financial operations (IOF) applies to foreign-exchange transactions. |
| Saudi Arabia | No general exchange controls | Saudi Central Bank (SAMA) | Transfers are free, subject to AML documentation. |
| Iceland | No capital controls | Central Bank of Iceland | The controls introduced in 2008 were lifted in 2017; ordinary reporting duties apply. |
Transfers from China
China sets no fixed annual ceiling on corporate transfers abroad, unlike the USD 50,000 annual foreign-exchange purchase quota for individuals. Corporate transfers are, however, closely scrutinised and must follow a defined set of rules and procedures:
- Purpose. The transfer must serve a genuine business purpose, such as payment for imported goods or services, royalties or dividends.
- Documentation. Contracts, invoices, tax documents and, in some cases, government approvals are required.
- SAFE. Larger or capital-account transactions may require registration with, or approval from, the State Administration of Foreign Exchange (SAFE), supported by a sound business rationale.
- Bank review. The company’s bank examines the documents and the transaction for conformity with Chinese regulation before executing the transfer.
- Currency conversion. Renminbi must be converted into the target currency, which may require further documentation.
- Quotas. Some provinces or industries apply internal guidelines or quotas for outbound investment; these are not uniform.
- Tax. Outbound payments above USD 50,000 under trade in services and similar items generally require a prior tax record filing.
- Capital account and current account. Capital-account transactions, such as foreign investment and loans, usually require more documentation and possibly government approval than current-account transactions, such as trade payments and salaries.
Wealthy individuals in China are subject to the same USD 50,000 annual foreign-exchange purchase quota as everyone else. Larger sums can move abroad only through channels that Chinese law recognises, for example:
- Approved investment programmes. Investment abroad through QDII products offered by licensed institutions, and through other government-sanctioned outbound investment schemes.
- Foreign business ownership. Establishing or acquiring a business abroad under the outbound direct investment rules, with the required filings and approvals.
- Overseas real estate. Purchases abroad, where permitted and properly documented.
- Loan repayments. Repayment of documented obligations owed abroad.
- Education abroad. Tuition and living costs for family members studying abroad, against supporting documents.
- Investment immigration. Investment programmes of other countries that grant residence, funded through compliant channels.
- Offshore trusts. Complex structures that must comply with both Chinese and international law.
Legal and compliance risks
Every one of these routes must comply strictly with Chinese law, which is complex and changes often. Splitting purchases across family members to evade the individual quota, mis-invoicing of trade and similar practices are unlawful, and IFB does not accept funds that have left China by such means. Breaches can lead to severe penalties, including fines and criminal proceedings.
Given the complexity and the potential consequences, advice from lawyers and financial advisers versed in both Chinese and international law is essential.
