Individual settlement of foreign exchange | govt.chinadaily.com.cn

Individual settlement of foreign exchange

Updated: Dec 13, 2018 govt.chinadaily.com.cn Print

Individual settlement of foreign exchange refers to the service provided by a bank to an individual customer to convert the customer's foreign currency into renminbi according to the immediate exchange rate provided by the bank. Generally, it can be handled through the bank’s counter, online banking, self-help terminals, and mobile or telephone banking.

Process

1. The bank teller verifies identity documents and other relevant information;

2. The bank teller inquires and registers foreign exchange quota;

3. The customer confirms the foreign exchange rate and pays renminbi;

4. The customer signs a voucher and confirms the transaction.

Regulations

1. Transaction subject and amount requirements

Note:

The origin of foreign currency banknotes should be verified when an individual settles a large amount of foreign exchange. If the accumulated value for any given day is less than $5,000 (inclusive), it can be handled directly at the bank. If the accumulated value of any given day is more than $5000, proof of origin of the foreign currency banknotes shall be provided.

2. True certificates for excess foreign exchange settlement

Domestic individual

Overseas individual

Tips:

1. An individual may entrust a direct family member to handle the purchase of foreign exchange within the total amount of the year on his behalf. He or she must provide both parties' identification certificates, authorization letters, and certificates of direct family relations.

2. Annual total quota cannot be used across the Gregorian calendar year. Unused quota or remaining quota for any year cannot be carried forward to the following year.

3. Some small currency exchanges and online reservation are handled only in some branches. Please refer to the information provided by local branches of the banks.

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