China’s wealthy are going global. From buying luxury homes in London to investing in businesses in Singapore, and expanding their footprints beyond the mainland.  But while their ambitions know no borders, their money still does.

With China’s strict capital controls, individuals are limited to USD 50,000 annually in overseas transfers, barely enough for high-net-worth individuals to get started. So how do they get around these restrictions?

That’s where Grey comes in. With Grey,  users can open foreign currency accounts in USD, GBP, or EUR with real bank details. In this guide, we break down how wealthy Chinese are moving funds abroad safely and easily with Grey.

Also read: Easiest way to send USD from China to the US

Why do wealthy Chinese move money abroad?

1. Asset diversification: To protect their wealth, many choose to spread their money across different currencies and countries, especially in times of economic uncertainty.
2. Foreign education: Parents often have to send large sums to cover tuition and living expenses for children studying in the UK, US, Canada, or Australia.
3. Real estate investment: Properties in London, Vancouver, and Singapore are popular investment choices, so funds are transferred abroad to make purchases.
4. Business expansion: Some invest in foreign businesses or apply for second citizenship through investment programmes, requiring a legal transfer of funds abroad.

Also read: Affordable UK universities with the lowest tuition fees for international students.

Legal platforms used by the Chinese to move money abroad

1. Bank transfers: Many wealthy individuals use the legal $50,000 yearly quota, but they scale it by pooling limits from multiple family members to move larger amounts.
2. Offshore accounts: Opening bank accounts in places like Hong Kong, Singapore, or the Cayman Islands has been a traditional method, though it now faces stricter regulations, making it harder in recent years.
3. Grey: Grey offers legal, simple, and fast ways to hold foreign currency (like GBP, EUR, or USD) and transfer funds globally, ideal for those seeking safer, modern options.

Steps to move money abroad with Grey

1. Create a Grey account

Visit grey.co or download the Grey app. Sign up using your email and phone number.

2. Verify your identity

For compliance and security, Grey will ask for:

• A government-issued ID (passport or national ID)
• Proof of address (e.g., utility bill or bank statement)
• A selfie for identity verification

3. Request your foreign accounts

After approval, you can request UK, EU, and US accounts with bank details like IBAN or routing numbers to receive money abroad.

4. Send funds

Transfer money into your Grey account through accepted methods. You can send payments to overseas clients or institutions, hold your balance in foreign currency, or convert it to your local currency when needed.

Wealthy individuals in China shouldn’t have to jump through hoops to move money abroad. Whether you're funding overseas investments, paying for tuition, or securing assets in foreign markets, Grey gives you the power to manage global payments with ease.

Create your free account today to get started.

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