Name
Individual foreign exchange settlement
Introduction
Individual foreign exchange settlement refers to exchanging foreign exchanges into RMB through Bank of China. In accordance with national foreign exchange management policy, Bank of China adopts annual total amount management to domestic and overseas individual customers with annual total amount of USD 50,000.
Features
The Bank of China exchanges idle foreign exchanges at customers' hands into RMB according to the domestic funds needs.
Process
1. Under current items, customers can transact business at Bank of China with personal identity document and relevant proof materials with trading amounts on them.
2. Under capital items the business is transacted in accordance with relevant regulations of capital items.
Relevant Regulations
Under capital items the business is transacted in accordance with relevant regulations of capital items.
1. Donation
Individual customers accepting overseas donation must be in accordance with the national regulations, and the foreign exchange settlement can be transacted only after the donation agreement or contract that has been notarized is submitted.
2. Maintenance
For the maintenance funds, certificate of direct relative relationship or notarized certificate of maintenance relationship, as well as relevant income proofs of overseas payer, such as bank statement, individual income tax payment voucher and other relevant certificates should be provided before foreign exchange settlement.
3. Inheritance of Property
For inheritance property, legal documents of inheritance or notarization and other relevant proofs must be provided before foreign exchange settlement.
4. Insurance Foreign Exchange Income
Insurance contract and insurance operators' payment certificate must be provided before foreign exchange settlement.
5. Exclusive Authority Usage and Licensing Income
Payment certificate, agreement or contract must be provided.
6. Services Incomes of Legal, Accounting, Consulting and Public Relations
Payment certificate, agreement or contract must be provided.
7. Employee Remuneration
Employment contract and income proof must be provided.
8. Overseas Investment Return
Overseas investment foreign exchange registration certificates, profit distribution resolution or dividend pay warrant or other income proofs must be provided.
Kind Reminder
Please take your relevant proof certificates according to different requirements of foreign exchange settlements.
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