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Personal Foreign Exchange Savings Account


 

Name

Personal foreign exchange savings account

Introduction

The currency types of foreign currency savings deposits of Bank of China include: USD, HKD, GBP, EUR, JPY, CAD, AUD, CHF, SGD, MOP (limited to Guangdong Province only), KRW(limited to Jilin Province only).

2. Varieties of Foreign Currency Savings Deposits

Personal foreign exchange deposits that Bank of China can provide to you are divided into: Current savings, term deposit, call deposit, and other deposits approved by relevant regulatory authorities. Term deposit can be divided into five grades regarding terms: one month, three months, six months, one year and two years.

The deposits above can fall into two categories of accounts, namely, exchange accounts and cash accounts. You can choose from multiple deposit methods like ordinary current passbook, current all-in-one account, term all-in-one account, term deposit certificate, etc.

3. Withdrawal Transactions

Please withdraw your deposits at savings counters by presenting your deposit receipt or certificate and using password.

When you withdraw cash from your foreign exchange savings account, if the accumulative amount on the same day is less than the equivalent of USD 10,000, you can directly handle the transaction at the relevant bank; If the above amount is exceeded, you shall report to and file at the local foreign exchange bureau in advance with your valid personal identity documents, certificate of cash withdrawal purpose and other documents. The bank will handle the procedures of withdrawing foreign currency banknotes for you against your valid identity documents and the Archival Filing Form for Withdrawal of Foreign Currency Cash stamped by the foreign exchange department.

If you want to withdraw foreign currency cash that is equal to the equivalent of USD 10, 000 and above, you shall notify the bank at least one day in advance, so that the bank can make preparations for the cash to be paid.

4. Deposit Transactions

You can deposit cash over savings counters, or transfer deposits, make inward remittance from personal foreign currency settlement accounts, etc.
When an individual customer deposits foreign currency cash into foreign exchange savings accounts, if the accumulative amount on the same day is below the equivalent of USD 5,000 (including USD 5,000), he or she can directly handle the transaction at relevant bank. If the amount above is exceeded, the customer shall handle the transaction at the bank with valid personal identity documents, the Luggage Declaration Form of the Customs of the People's Republic of China for Inward Passengers stamped by the customs or the withdrawal document of foreign currency cash issued by the original deposit bank of the customer.

Target Customers

In accordance with applicable regulations like the Regulations on Foreign Exchange Control of the People's Republic of China, the Measures for the Administration of Individual Foreign Exchange and the Detailed Rules for the Implementation of the Measures for the Administration of Individual Foreign Exchange and so on, both domestic and overseas individuals can handle foreign currency savings deposit business in Bank of China with their valid personal identity documents.

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. Domestic individuals: Chinese nationals holding resident ID cards, military ID cards, and armed police ID cards of the People's Republic of China.

2. Overseas individuals: passports for foreign nationals (including stateless persons); re-entry permits for compatriots from Hong Kong, Macau and mainland travel permits for Taiwan residents.

Kind Reminder

1. Minimum initial deposit for opening an account: foreign currency equivalent to RMB 100 for current savings and term deposit.

2.Pursuant to applicable regulations of People's Bank of China and State Administration of Foreign Exchange (SAFE), domestic fund transfer business of personal foreign exchange savings accounts shall comply with the following requirements:

Fund transfer among personal accounts shall be handled with valid identity documents;

Fund transfer among the accounts of an individual and his immediate family members shall be processed against their valid identity documents. Immediate family members refer to parents, children and spouse;

Fund transfers between domestic personal accounts and overseas personal accounts will be processed as cross-border transactions;

Mutual transfers between domestic personal foreign exchange cash accounts and foreign exchange accounts are not restricted by limit, and shall be processed according to relevant charging rules of Bank of China Limited.

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