Product Introduction

Renminbi can be converted into foreign currencies within the range of currencies listed by Bank of China according to BOC's real-time exchange rates. If the foreign currency is purchased using salary issued domestically, customers can purchase foreign exchange without using the annual facilitation quota, provided the relevant documentation.

Application Channels

The service is available at BOC branches via mobile banking, or through online banking. Foreign clients do not have an annual convenience quota and can only conduct transactions via branch counters.

Required Documents

Domestic individuals and foreign individuals holding a permanent residence permit are entitled to an annual convenience quota for foreign currency purchase equivalent to $50,000. They can conduct purchases within this quota by presenting only their valid identification documents. 

If the convenience quota does not meet customers' needs, or customers are not entitled to a convenience quota, they may conduct foreign currency purchase transactions by presenting valid identification documents and supporting materials that prove the authenticity and transaction amount of the background of the transaction.

If the RMB used for the foreign exchange purchase comes from foreign currency previously brought into China and converted but not yet fully used, and the total amount for the day is less than or equal to the equivalent of $500, foreign customers can directly reconvert RMB to the original currency with a valid ID. If the amount exceeds this limit, they also need to provide the original conversion receipt that is still within its validity (i.e., the original settlement date is within 24 months).

Convenience Service for Salary-related Foreign Currency Purchase: If the RMB used for the foreign exchange purchase comes from legal income within China, foreign customers can conduct foreign exchange purchases by providing a valid ID along with relevant materials that can prove the authenticity and compliance of the RMB source and the transaction amount (including tax payment certificates). After the original documents are submitted and verified for the first time, subsequent transactions can be processed without resubmitting the materials, making the process simple, fast, and convenient.

Notes

Bank of China currently offers currency exchange services for up to 39 popular global currencies. Some currencies may only be available for specific services such as cash exchange, or may only be available in certain regions.

Customers need to follow the requirements for foreign currency cash withdrawal in order to purchase foreign currency and withdraw it as cash.

Customers who are unable to visit a branch due to special circumstances may authorize another person to handle the transaction on their behalf. For transactions utilizing the convenience quota, the authorized person must be a close relative.