Product Overview

Foreign currencies can be converted into RMB at Bank of China's real-time exchange rates within the specified currency range.

Application Channels

Foreign exchange settlements within the facilitation quota can be completed through online channels, including the BOC mobile banking app and online banking, or at BOC branch counters and smart counters. For settlements exceeding the quota, a visit to a BOC branch counter is required to have relevant supporting documents reviewed before proceeding.

Additionally, BOC has installed self-service currency exchange machines at major city airports and collaborated with institutions, including over 1,700 hotels nationwide, to establish foreign currency exchange points. Small-value foreign currency cash exchanges can be handled at these locations with valid identification, without using the annual facilitation quota.

Required Documents

An individual is entitled to an annual facilitation quota for foreign exchange settlements equivalent to $50,000. Transactions within this quota can be processed directly with valid identification documents.

If the quota is insufficient, the client can conduct the foreign exchange settlement by presenting valid identification documents and supporting materials that can prove the authenticity of the underlying transaction and its amount.

Notes

BOC currently offers currency exchange service for up to 39 major international currencies. Some currencies may only be available for specific services like cash transactions, or can only be handled in specific regions.

For foreign currency cash settlements, in addition to complying with the facilitation quota management requirements, the rules for foreign currency cash deposits must also be followed.

When a client cannot visit a BOC branch counter in person, a representative can be entrusted to handle the transaction. Using the facilitation quota by proxy requires authorization of a close relative.