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Foreign Currency Exchange
1.Introduction
Foreign currency exchange is a counter service for individual customers, including purchase of foreign currencies, sale of foreign currencies and conversion of one foreign currency into another.
2.Functions
The service can satisfy individual customers' needs to convert foreign currencies into RMB or any other currency.
3.Target Clients:
All individual clients
Foreign currencies covered by BIN's foreign currency exchange service include USD, EUR, HKD, SGD, GBP, AUD, CAD, SEK and JPY.
1) Procedure of buying foreign currencies:
Citizens of Hong Kong , Macao and Taiwan , overseas Chinese and foreigners may convert their freely convertible currencies into RMB at the service hall of BIN by presenting their valid ID certificate.
2) Procedure for selling foreign currencies:
Citizens of Hong Kong , Macao and Taiwan , overseas Chinese and foreigners may convert the RMB that they cannot spend into a foreign currency by presenting the foreign currency exchange memo within the validity period, which is six months from its issuing date.
3) Procedure for selling foreign currencies:
Citizens of Hong Kong , Macao and Taiwan , overseas Chinese and foreigners may convert one foreign currency into another.
According to the Stipulations of SAFE
Individual Forex Purchase of Domestic Residents
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For the purpose of regulating and facilitating foreign exchange transactions of banks and individuals, individual settlement of foreign exchange and domestic individual purchase of foreign exchange is subject to the administration of total annual amount, according to the provisions of “Measures for the Administration of Individual Foreign Exchange”. The total annual amount is equivalent of USD50,000 per person. This quota is subject to the adjustment of SAFE in light of international balance of payments.
If a domestic individual's non-operation purchase of foreign exchange under the current account is beyond the total annual amount, he/she may apply for the transaction at a bank upon the strength of his/her valid personal identity certificate and the relevant certificates bearing the trading volume. Below are the specific procedures: |
