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Individual Foreign Exchange Purchasing


 

Name

Individual foreign exchange purchasing

Introduction

If you have needs of traveling abroad, studying abroad, visiting your relatives or having a business visit, you may exchange RMB into the foreign currency you need at Bank of China for overseas use.

Features

1. Outlets of individual foreign exchange purchasing (personal purchase of foreign exchange) can be found nationwide.

2. 17 currencies are provided for your option (specific currencies are determined by the outlets of Bank of China at various regions).

3. You can transact overseas remittance (including telegraphic transfer and bank draft), traveler's cheque and bank card after foreign exchange purchasing.

4. No registered permanent residence restriction for foreign exchange purchasing.

Process

Please go to outlets of Bank of China to transact the business with valid personal identity document and relevant materials.

Relevant Regulations

1. In compliance with relevant regulations of State Administration of Foreign Exchange, Bank of China transacts individual foreign exchange purchasing business for residents according to the real-time foreign exchange rate announced by Bank of China.

2. There is an annual total amount management for domestic residents to purchase individual foreign exchanges with the amount of an equal value of USD 50,000 per person per year.

3. If the foreign exchange you purchase is within the total amount, you may transact the foreign exchange purchasing business with your true identity document after declaring the usage.

4. If the amount exceeds the annual total foreign exchange purchasing amount, Bank of China will examine and verify your true need proofs in accordance with foreign exchange management regulations, then you may transact the foreign exchange purchasing business.

I. Foreign Exchange Purchasing Within the Annual Total Amount

1. Purpose of foreign exchange purchasing

Current items foreign exchange purchasing for studying abroad at one's own expense, living costs, traveling abroad, business visit, visiting relatives and friends, seeing doctors abroad, pilgrimage, overseas training, being employed to work abroad, international exchanges, leaving the country and settling abroad, dispatched labor, overseas mail order costs, payment of membership fees to international organizations, relieving overseas direct relatives, overseas consulting and other relevant charges.

2. Materials examination and verification

(1) Personal true identity documents, including: personal ID card (Chinese citizen), Hukou book (Chinese citizen under age of 16), military ID card (Chinese People's Liberation Army), armed police ID card (Chinese People's Armed Police), mainland travel permit for Hong Kong and Macao residents, mainland travel permit for Taiwan residents and passport (foreign national).

(2) If the business is transacted by a direct relative, the relative must submit the power of attorney of the consignor, the true identity document of the proxy and the certificate of relative relationship.

3. Limit for foreign exchange purchasing

The annual total amount of individual foreign exchange purchasing is USD 50,000 per person per year.

4. Notes

(1) The annual total amount should not be used cross a calendar year, and the amount unused or remaining must not be transferred to the next year for use.

(2) The foreign exchanges purchased by a domestic individual can be deposited into his/her domestic foreign exchange account, remitted abroad, can be held in remittance draft, traveler’s cheque or credit card to be taken abroad; When the individual withdrawal of foreign currency cash is accumulatively equal to or less than USD 10,000 for one day, the business can be directly transacted in Bank of China; When the withdrawal amount exceeds the above one, customers should report to local foreign exchange office with personal identity document and the withdrawal purpose materials. Bank of China will transact the individual withdrawal business on receiving relevant certificate issued by the foreign exchange office.

(3) The foreign exchange purchased by a domestic individual can be deposited into his/her foreign exchange account or withdrew to be taken abroad.
(4) Foreign exchange purchasing by a domestic individual is not restricted by his/her registered permanent residence.

(5) If the ID card number of a domestic resident is the same to another one, the customer needs to present a confirmation letter issued by local public security organ, then Bank of China can transact procedures for foreign exchange purchasing for the customer.

II. Foreign Exchange Purchasing Beyond the Total Annual Amount

Materials needed for tuition fees and living costs of studying abroad at one's own expense:

1. Personal private passport and valid visa (or endorsement);

2. Admission letter from the overseas school (there is no need to provide if it’s used for paying tuition fees and living costs for the second academic year or the second term);

3. Tuition fees or living costs certificate of an academic year or term of the overseas school.

Materials needed for seeing a doctor abroad:

1. Personal private passport and valid visa (or endorsement);

2. Certificate issued by domestic hospitals with doctors' comments on it and costs certificate issued by overseas hospitals. Without the original copy of costs certificate issued by overseas hospitals, faxed copy should be provided for transaction.

Materials needed for overseas training:

1. Personal private passport and valid visa (or endorsement);

2. Overseas training costs certificate. Without the original copy of costs certificate, faxed copy should be provided for transaction.

3. Bank of China will transact the business after examining and verifying other certificates.

Materials needed for paying membership fees to overseas international organizations:

1. Personal true identity document;

2. Payment notice from overseas international organizations. Without the original copy, faxed copy should be provided for transaction.

Materials needed for relieving overseas direct relatives:

1. Personal true identity document;

2. Certificate of relative relationship and relevant proof materials issued by relevant department or notary organization or their faxed copies should be provided for transaction.

3. Direct relatives refer to the spouse, parents and children of a domestic resident.

Materials needed for overseas mail order:

1. Personal true identity document;

2. Advertisements, orders and other charges vouchers or faxed copies and copies downloaded from the Internet.

Materials needed for overseas consulting:

1. Written applications;

2. Personal true identity document;

3. Contracts (agreements), invoices (payment notices) and tax payment certificates. It is examined and verified in accordance with relevant regulations of selling and paying foreign exchanges of service trade transacted by an individual.

Kind Reminder

1. Domestic residents should purchase foreign exchanges within the annual total amount. For the exceeding part, relevant proof materials should be provided with trading amount on them.

2. If the domestic foreign exchange purchasing is not transacted by the resident himself/herself, the power of attorney of the consignor and the proxy's true identity document should be provided.

Notes: If the above terms are to be revised, the latest information announced by the State Administration of Foreign Exchange prevails.

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