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

Foreign Exchanges

Individual purchase of foreign exchange

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

Individual purchase of foreign exchange is a service provided by a bank to an individual customer to convert the customer's renminbi into foreign currency at the bank's real-time exchange rate. 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 a 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

The foreign exchange purchased by an individual may be deposited into his domestic foreign exchange account, remitted abroad, or withdrawn in cash in foreign currency. Individuals who withdraw foreign currency banknotes cumulative equivalent of less than $10,000 (inclusive) a day can handle it directly at bank; if the amount exceeds $10,000 , the individual should report to the local foreign exchange bureau with identity documents and materials relevant to the purpose of the banknotes withdrawal. The bank shall handle the case for an individual on the basis of the relevant documents issued by the State Administration of Foreign Exchange.

2. True certificates for excess foreign exchange purchases

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 quotas or remaining quotas 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.

Copyright©2020 China Daily. All rights reserved.

京ICP备13028878号-6

京公网安备 11010502032503号