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Personal Foreign Exchange Settlement Account


 

Name

Personal foreign exchange settlement account

Introduction

Personal foreign exchange settlement account refers to the account opened by individual foreign trade operators and individual businesses according to applicable provisions, for the purpose of processing operational foreign exchange receipts and disbursements under current account.

1. Foreign Exchange Purchasing and Settlement of Personal Foreign Exchange Settlement Account

Foreign exchange purchasing and settlement of personal foreign exchange settlement account are free of the restriction of total annual amount, and can be processed against true trade documents, no matter how large the amount is.

2. Cash Withdrawal of Personal Foreign Exchange Settlement Account

Personal foreign exchange settlement account is a foreign exchange account where it is prohibited to withdraw cash, and the interest calculation method is the same as that of current deposit.

3. Fund Transfer Between Settlement Account and Savings Account

In accordance with the relevant provisions of the People's Bank of China and the State Administration of Foreign Exchange(SAFE), funds can be transferred between your own foreign exchange settlement accounts and foreign exchange savings accounts, but the funds transferred to foreign exchange settlement accounts from the foreign exchange savings accounts shall only be used to make external payments on the same day of transfer, and foreign exchange settlement shall not be carried out after the transfer.

Target Customers

Individual foreign trade operators and individual businesses

Process

The customer goes through relevant procedures at the counter of any branches of Bank of China with relevant identity documents.

Required Identity Documents

1. Application form for opening a personal foreign exchange settlement account filled in by the applicant;

2. Applicants' original valid identity documents and the copies;

3. Original business license or other practicing certificates obtained according to the law and the copies;

4. As for the individual businesses that entrust their import and export business with the enterprises having foreign trade qualification, they shall provide the import and export agency contracts or agreement signed by them and the enterprises;

5. Original organization code certificate and the copies;

6. Those that have foreign trade qualification shall also provide the original archival filing form of foreign trade operation and the copies;

7. Stamp cards;

8. Other documents required by the SAFE and Bank of China.

Kind Reminder

Operational foreign exchange receipts and disbursements under individual current account shall be processed according to the following provisions:

1. When individual foreign trade operators purchase, pay, receive and settle foreign exchange for foreign trade, they can conduct these transactions through their own foreign exchange settlement accounts.

2. If you have entrusted an enterprise with foreign trade qualification to handle import business for you, you shall purchase foreign exchange by virtue of the import agency contract or agreement signed by you and the enterprise, and the foreign exchange purchased can be directly transferred to the agency enterprise's foreign exchange account under current account via your foreign exchange settlement account.

3. If you settle foreign exchange for overseas tour and shopping trade, you are expected to handle relevant matters by virtue of your own valid identity documents and the declaration form for individual tour and shopping.

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