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     -  Introduction
     -  Buy FX (Personal)
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  Home Page > Personal Banking >Cross-border Financial Services >ICBC Currency Exchange >Buy FX (Personal)
Buy FX (Personal)
 

☆ Description
This is a service for customers to convert RMB into foreign currency at ICBC's real-time foreign exchange quotation of the day according to regulations of the State Administration of Foreign Exchange (SAFE).

☆ Features
1. Simple procedures: Customer, whose annual purchases of foreign exchanges are less than an equivalence of USD50,000 in total, can apply for the service at ICBC with the valid ID document.
2. Convenient application: ICBC's Internet banking, mobile banking and thousands of branches in China can provide you with the service.
3. Multi-currency: ICBC offers foreign exchange services in such currencies as US dollar, Hong Kong dollar, Japanese yen, euro, British pound, Australian dollar, Canadian dollar, Singapore dollar, Swiss franc, Danish krone, Norwegian krona, Swedish krona, Macao Pataca, New Zealand dollar, Korea won, TWD, Malaysia ringgit, Russian ruble, Kazakhstani tenge, Thai baht, Philippines peso, Vietnamese dong, South African rand, and Pakistan rupee .
4. Multiple types of settlement: Customer can get paid by cash according to the regulations of SAFE; or the foreign currency purchased can be credited to the customer's foreign currency account or be used for payment (by remittance or draft demand) or be deposited in a international card.
Note: Currencies available for exchange and settlement vary from one branch to another. Please send messages to 95588 or call local customer service hotline 95588 before applying for the service.

☆ Service Channels
1. You can apply for the service through designated ICBC outlets.
2. You can purchase foreign exchange in small amount through ICBC Internet banking or mobile banking and the highest amount is an equivalence of USD50,000 in total per year.

☆ Operation Guide
1. If the domestic personal customer whose annual purchases of foreign exchanges are less than an equivalence of USD50,000 in total:
(1) Customer can convert RMB into foreign curries by providing valid ID document and filling in the Application for Purchase of Foreign Exchange completely.
(2) If the customer cannot apply for the service by himself/herself, a direct relative can be entrusted. The customer shall provide valid ID documents of both the principal and the entrusted person, proof of direct relation and certificate of entrustment.
(3) Customer can withdraw an equivalence of USD10,000 upon purchases. The rest can be deposited in personal foreign exchange accounts, or be used for payment or credited to international cards.
2. If the domestic personal customer whose annual purchases of foreign exchanges excess an equivalence of USD50,000 in total:
(1) Customer shall provide valid ID document and Proof of Demand with specific real amount (see below). After ICBC's verification, the customer can buy foreign exchange according to particular demand without any restrictions on amount.
(2) If the customer cannot apply for the service by himself/herself, another person can be entrusted. The customer shall provide valid ID documents of both the principal and the entrusted person and certificate of entrustment.
(3) Customer can withdraw an equivalence of USD10,000 upon purchases. The rest can be deposited in personal foreign exchange accounts, or be used for payment or credited to international cards.

Purchase Reasons

Documents Required

Overseas study at one's own expense (including all persons going abroad for study or training at their own expenses)

Pay for the tuition fees (scholarship excluded) of the first academic year /semester

Customer shall provide originals and copies of common passport and valid visa, admission letter from the overseas school, and proof of fees (Faxed copies of admission letter and proof of fees or copies downloaded from internet are also acceptable if the original copies cannot be provided. The same below).

Pay the living expenses of the first academic year/semester

Customer shall provide originals and copies of common passport and valid visa, admission letter from overseas school, and proof of living expenses issued by school/embassy/government (original copies or faxed copies or copies downloaded from internet).

Pay the tuition fees (scholarship excluded) of the second academic year/semester and after

Customer shall provide copies of common passport and valid visa, proof of fees for the year/semester.

Pay the living expenses of the first academic year/semester

Customer shall provide copies of common passport and valid visa, certificate of studying (student card) and proof of living expenses issued by school/embassy/government (in original copies or faxed copies or copies downloaded from internet).

Can only get student visa after paying for certain security deposit

Customer shall provide common passport, admission letter and proof of tuition fee issued by the overseas school, proof of living expense fee issued by school/embassy/government in original copies or faxed copies or copies downloaded from the internet. ID Card and household register shall also be submitted.

Overseas medical treatment

Customer shall provide originals and copies of common passport and valid visa (or visa endorsement), proof of medical treatment issued by the domestic hospital with doctor's opinion and proof of fees (in original or faxed copy) issued by the overseas hospital.

Overseas training

Customer shall provide originals and copies of common passport and valid visa (or visa endorsement) and proof of fees (in original or faxed copy) for overseas training.

Personal membership fee of international organizations abroad

Customer shall provide payment notice (in original or faxed copy) issued by international organizations abroad and ID Card or household register.

Overseas mail

Customer shall provide advertisement or order or other proof of charge (in original or faxed copy or copy downloaded from the internet) and ID Card or household register.

Emergency assistance to direct relatives abroad

Customer shall provide proof of relation issued by authorized department or notary agency, documents (in original or faxed copy) related to the assistance and ID Card or household register.

Overseas consultancy

Customer shall provide written application, identity document, contract (agreement), invoice (payment notice) and tax payment documents.

Other fees for service and trade

Written application, identity document, contract (agreement), invoice (payment notice) and tax payment documents shall be provided.

Trade in goods and other related fees

Customer shall provide written application, identity document, Customs Declaration for Import Goods; contract (agreement), invoice (payment notice) (in original or faxed copy or copy downloaded from the internet).

Pay overseas spending or expenses without credit cards

Customer shall provide written application, identity document and proof of overseas spending or expenses. The customer shall apply for the purchase of foreign exchange within two month after returning from abroad.

3. Purchase of foreign exchange by overseas customers:
(1) The overseas customer, whose purchase of foreign exchange is less than an equivalence of USD500 (inclusive) or exchange of foreign currency is less than an equivalence of USD1,000 (inclusive) a day at places outside the customs but within the boundary before leaving the country, shall apply for the service by providing ID document.
(2) The overseas customer, who has made exchange settlement in ICBC or other banks or has withdrawn RMB from a overseas bank card at a Chinese bank's ATM, can convert the remaining RMB into foreign currency by providing "valid ID document + original exchange memo" or "valid ID document + withdrawal slip". The exchange memo is valid for 24 months while the withdrawal slip is for six months.
(3) The overseas customer can convert his/her lawful RMB gains from current items into foreign curries. The customer shall provide valid ID document and related documents with volume of trade (including tax payment document; but if the current items are tax-free according to Chinese regulations, such tax payment document may not be provided). For example, the customer shall provide employment contract signed with domestic company, income details and tax payment document.
(4) If the overseas customer, who needs to convert RMB earned by selling his/her commercial house in China into foreign currency and remit it out, the following documents shall be provided: A. Application for Purchase of Foreign Exchange; B. overseas ID document; C. Contract for selling the commercial house and registration documents; D. Duty-paid proof for transferring the ownership of the house; E. If another person is entrusted for applying the service, the notarized Letter of Authorization and valid ID document of the assignee shall be provided.
4. Purchase of foreign exchange in small amount through Internet banking and mobile banking:
(1) Any domestic customer who has opened multi-currency accounts in ICBC and activated the Internet banking or mobile banking can purchase foreign exchange in small amount through Internet banking and mobile banking.
(2) The annual amount of personal purchase of foreign exchange through Internet banking and mobile banking is limited and the highest amount is an equivalence of USD 50,000 per customer.

☆ Tips
Branches are designated for personal customers to exchange money timely during the public/national holidays and weekends. Please send messages to 95588 or call local customer service hotline 95588 before applying for the service.

The above is for reference only. Details refer to the rules drawn up by local ICBC branch. To save your time, please call your local ICBC before applying for the service.

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