Currency Controls by Country
Capital-account restrictions, personal outbound FX limits, and repatriation rules — the rules that determine whether you can actually move your money to your new country of residence. These change often, especially in the emerging markets where they matter most. Verify with the linked regulator before acting.
Last reviewed: 2026-07-19. General information — not financial or tax advice.
Strict / closed regimes
| Country | Regime | Outbound limit | Trigger & regulator | Notes |
|---|---|---|---|---|
 China (Mainland) | Strict | USD 50,000/year individual foreign-exchange quota for residents. | State Administration of Foreign Exchange (SAFE). Applies to all Chinese ID holders. | Purpose of remittance must be declared (education, travel, medical, immigration). The immigration purpose is heavily scrutinised; banks report high-value transfers to SAFE. Cryptocurrency conversion off-ramps are banned domestically since 2021. Corporate outbound investment (ODI) needs NDRC/MOFCOM/SAFE approval above USD 5 million. |
 India | Strict | USD 250,000/year per resident under Liberalised Remittance Scheme (LRS). | Reserve Bank of India (RBI). LRS caps combined use across education, travel, medical, gifts, investment, property. | 20% Tax Collected at Source (TCS) applies to LRS remittances above ₹700,000 (~USD 8,400) per year (raised from 5% in 2023, with education/medical carve-outs at lower rates). Property purchase abroad allowed under LRS. Foreign Portfolio Investment by residents outside LRS requires RBI approval. |
 Argentina | Strict | Historically ~USD 200/month at official rate under 'cepo cambiario' controls. | Banco Central de la República Argentina (BCRA). Milei government has been progressively easing controls since December 2023 but caps remain material. | Multiple parallel exchange rates historically: official, MEP (contado con liquidación), and blue (informal). PAIS tax + AFIP withholdings have added 30-100% surcharges to USD purchases. As of 2024-2025 the government committed to lifting the cepo entirely but final removal is politically contingent — verify current status before acting. |
 Nigeria | Strict | USD 4,000/quarter Personal Travel Allowance; USD 5,000/year Form A remittance for education/medical. | Central Bank of Nigeria (CBN). Import Form M mandatory for goods; USD access rationed via authorised dealer banks. | Parallel market (naira blackrate) frequently 40-70% weaker than official. Post-2023 unification (Tinubu reforms) reduced but did not eliminate the gap. Domiciliary USD accounts allowed for residents but withdrawal in cash is capped and subject to source-of-funds documentation. |
 Vietnam | Strict | Individual outbound investment requires State Bank of Vietnam approval; small remittances allowed via authorised banks. | State Bank of Vietnam (SBV). VND is non-convertible outside Vietnam. | Vietnamese individuals cannot freely hold offshore accounts. Overseas remittances for education, medical, and family support are permitted through authorised commercial banks with documentation. Corporate outbound M&A needs Ministry of Planning and Investment approval. |
 Pakistan | Strict | USD 10,000/year via State Bank of Pakistan (SBP) for personal travel; foreign investment requires prior approval. | State Bank of Pakistan (SBP). Roshan Digital Account for overseas Pakistanis provides limited exceptions. | Parallel rupee market persists; hundi/hawala widely used informally. Restrictions tightened post-2022 IMF programme conditions. |
 Bangladesh | Strict | USD 12,000/year total private travel allowance; outbound investment barred without Bangladesh Bank approval. | Bangladesh Bank. Foreign Exchange Regulation Act 1947 (as amended). | Recent inbound remittance-boost policy provides 2.5% cash incentive for wage-earner remittances. Outbound flows remain restricted. |
 Morocco | Strict | MAD 100,000/year tourist allowance; outbound investment requires Office des Changes approval. | Office des Changes. Dirham is partially convertible for current-account transactions but not capital-account. | Residents cannot hold foreign bank accounts without prior authorisation. Repatriation obligations on export earnings (typically 70% of receipts). |
 Algeria | Strict | EUR 100/year of official tourist allowance (frequently insufficient in practice); most FX access via parallel market. | Banque d'Algérie. Dinar is non-convertible outside Algeria. | Square Port Saïd informal FX market historically transacts at 40-60% discount to official rate. Import restrictions and repatriation obligations on business FX. |
 Ethiopia | Strict | Rationed via bank foreign-exchange auctions; personal outbound transfers heavily restricted. | National Bank of Ethiopia (NBE). Multi-tier rate regime; birr devalued sharply July 2024. | 30-day repatriation rule on export receipts. Parallel market rates historically 60-100% weaker than official pre-2024 float. |
 Egypt | Strict | USD 250,000 lifetime cap on non-declared outbound; declared USD purchases require documented source. | Central Bank of Egypt (CBE). Multiple pound devaluations 2022-2024 as part of IMF programme. | Cash USD withdrawal limits at ATMs abroad tightened post-2022. Import Letter of Credit rules restrict business FX access. Parallel market persists but narrowed after March 2024 float. |
 Zimbabwe | Strict | Multi-currency regime post-2019; ZWL (now ZiG) transfer restrictions apply, USD flows require SI approvals. | Reserve Bank of Zimbabwe (RBZ). ZiG (Zimbabwe Gold) launched April 2024 replacing ZWL. | USD auction access rationed; SI 218 export retention rules mandate 25% surrender to RBZ. Domiciliary USD accounts permitted but withdrawal capped. |
 Iran | Closed | Effectively closed to non-sanctioned outbound flows; sanctions-driven, not just capital-control-driven. | Central Bank of Iran (CBI) + US OFAC secondary sanctions. | SANA (Foreign Exchange Deals System) and NIMA (Integrated Foreign Exchange Market) rates differ. Effective isolation from SWIFT-based cross-border settlement for most transactions. |
 Cuba | Closed | CUP non-convertible outside Cuba; MLC (freely-convertible currency) accounts restricted to specific merchant use. | Banco Central de Cuba (BCC). | Dual-currency system (CUC/CUP) unified in January 2021 but MLC digital-only currency retains parallel role. Remittance from US restricted by US sanctions. |
 Russia | Strict | USD 1 million/month transfer cap to accounts abroad (as of mid-2024, subject to change); ruble-denominated transfers to 'unfriendly' jurisdictions restricted. | Central Bank of Russia (CBR). Controls introduced post-February 2022 sanctions. | Non-residents from 'unfriendly' states face additional restrictions; exit-tax discussions ongoing but not enacted for individuals as of 2024. Sanctions on major Russian banks limit practical outbound routes regardless of formal rules. |
 Ukraine | Strict | Martial-law FX controls: monthly cap on personal outbound transfers; business FX purchase restricted. | National Bank of Ukraine (NBU). Restrictions in place since 24 February 2022; periodically eased. | Male residents aged 18-60 face travel restrictions (separate from FX controls). Hryvnia depreciation limits gradually loosened 2023-2024. |
Moderate — quotas or documentation burden
| Country | Regime | Outbound limit | Trigger & regulator | Notes |
|---|---|---|---|---|
 Turkey | Moderate | No hard cap on personal outbound; export-revenue conversion mandates apply to corporates. | Central Bank of the Republic of Türkiye (CBRT). Business FX repatriation requirements. | Since 2022, exporters must convert 40% of FX earnings to lira. Lira-protected deposit (KKM) scheme introduced December 2021 to slow dollarisation. Personal accounts more open than corporate. |
 South Africa | Moderate | ZAR 1 million/year 'single discretionary allowance' + ZAR 10 million/year foreign investment allowance (SARB tax-clearance letter required for the latter). | South African Reserve Bank (SARB) + SARS. | Financial emigration formally abolished March 2021 — replaced by 'ceasing tax residency' regime. FIA emigrants historically ring-fenced retirement savings; new regime treats them as ordinary non-residents subject to withholding on ZA-source income. |
 Brazil | Moderate | No hard cap; transfers > BRL 10,000 (~USD 2,000) via bank; Banco Central de Brasil declarations for accounts abroad > USD 1 million. | Banco Central do Brasil (BCB). Progressive liberalisation via 2022 Lei do Câmbio. | IOF (financial transactions tax) applies at 0.38% to most outbound transfers; 1.1% on cash withdrawals abroad on Brazilian cards. December 2023 IOF changes eased some tourist transactions. |
Open — no capital controls
Reporting requirements (customs declarations, FBAR-style filings) may still apply, but there is no permission needed to move money out and no formal cap.
| Country | Regime | Outbound limit | Trigger & regulator | Notes |
|---|---|---|---|---|
 United States | Reporting only | No outbound FX limit. FBAR (FinCEN 114) required for aggregate foreign accounts > USD 10,000 at any point in year; FATCA Form 8938 above higher thresholds. | FinCEN + IRS. Reporting only — no permission required to move money. | US citizens and residents face heaviest reporting burden globally, but no capital controls. Currency Transaction Reports (CTR) auto-filed by banks on transactions > USD 10,000. |
 Japan | Reporting only | No outbound FX limit. Report required for individual transfers > JPY 30 million (~USD 200,000) under Foreign Exchange and Foreign Trade Act. | Ministry of Finance (MOF). Reporting via authorised bank at time of transfer. | Corporate direct investment > JPY 100 million into specific sectors requires prior notification. Personal remittances routine. |
 South Korea | Reporting only | USD 100,000/year outbound without approval; > USD 100,000 requires Foreign Exchange Bank designation. | Bank of Korea (BOK) + Ministry of Economy and Finance. Foreign Exchange Transactions Act. | Real-estate purchases abroad above USD 500,000 require BOK notification. Fewer frictions for South Korean nationals than for foreign residents. |
 United Kingdom | Open | No capital controls. Cash movements over £10,000 into/out of the UK must be declared at customs. | HMRC + Bank of England. UK abolished exchange controls in 1979. | AML source-of-funds documentation typically required by banks for wires above ~£25,000. No reporting equivalent to FATCA for outbound. |
 European Union (aggregate) | Open | No capital controls between EU member states (Article 63 TFEU). Third-country cash > EUR 10,000 declared at customs. | TFEU + national implementations. Emergency capital controls (Cyprus 2013, Greece 2015) have been applied within-EU but rare. | AML directives (AMLD5/AMLD6) require source-of-funds evidence for large cross-border transfers. No day-to-day limits. |
 Switzerland | Open | No capital controls. Cash > CHF 10,000 declared at customs. | FINMA + SNB. Historically an FX-neutral jurisdiction. | AEOI (automatic exchange of information) via CRS applies to bank data since 2018. |
 Singapore | Open | No capital controls. Physical currency > SGD 20,000 declared at customs. | Monetary Authority of Singapore (MAS). | SGD is fully convertible. Cross-border wire transfers are routine; AML documentation applies to large flows. |
 Hong Kong | Open | No capital controls. Cash > HKD 120,000 declared at customs on entry (no declaration required on exit). | HKMA. Linked exchange rate to USD since 1983. | Despite mainland-China SAFE controls, Hong Kong retains full capital-account convertibility. Cross-border RMB with mainland has separate PBOC/HKMA rules. |
 United Arab Emirates | Open | No capital controls. Cash > AED 60,000 declared at customs. | Central Bank of the UAE. AED pegged to USD since 1997. | Free zones (DIFC, ADGM) offer additional regulatory certainty. AEOI-CRS since 2018 for tax data. |
 Australia | Reporting only | No outbound cap. AUSTRAC report required for cash movements > AUD 10,000 into/out of the country. | AUSTRAC. All AUD 10,000+ threshold transactions auto-reported. | International Funds Transfer Instructions (IFTIs) reported by banks to AUSTRAC regardless of amount. Personal remittances routine. |
 Canada | Reporting only | No cap. FINTRAC report on cash > CAD 10,000. T1135 (foreign income verification) required for aggregate specified foreign property > CAD 100,000. | FINTRAC + CRA. | Departure tax (deemed disposition) applies on ceasing Canadian tax residence — separate concept from currency controls. See /reference/exit-tax-by-country. |
 New Zealand | Reporting only | No cap. Cash > NZD 10,000 declared at customs; Prescribed Transaction Reports by banks on international transfers > NZD 1,000. | DIA + IRD. | Foreign Investment Fund (FIF) rules require reporting of interests in foreign non-portfolio funds — no restriction on holding, but tax reporting burden. |
How to use this reference
Currency controls are a first-order gating factor for relocation from any of the listed strict-regime countries. If your capital exceeds the country's outbound quota, the practical move-out may take years — even if your visa approves in months. Common workarounds include: gradual LRS-style annual transfers (India, China), pre-immigration establishment of foreign accounts, business FX flows, or in extreme cases, unofficial parallel markets. None of these constitute legal advice; consult a licensed professional in your source country.