◆ Personal Exchange Settlement ◆ Purchase of Foreign Exchange by Individuals
I. Personal Exchange Settlement
☆Introduction
Personal Exchange Settlement is the business that you may exchange foreign currency for RMB in ICBC's real time exchange rate under the rules State Administration of Foreign Exchange.
☆Features
1. Many currencies: exchangeable currencies include US dollar, Hong Kong dollar, Japanese yen, Euro dollar, British Pound, Swiss franc, Australian dollar, Singapore dollar, Canadian dollar, Swedish krona, Danish korna, Macau pataca and New Zealand dollar. But the available exchangeable currencies are subject to be different in different ICBC banking outlets, please call local 95588 operators to inquire first.
2. Wide scope: Both domestic residents and overseas individuals can do personal exchange settlement in ICBC with foreign currency cash or deposit in Foreign Exchange account.
3. Overseas individuals who are leaving China can convert the RMB settled through Foreign Exchange back to foreign currency at appointed ICBC banking outlets with passport, original foreign exchange slip, or ATM receipt of cash withdrawal using foreign card.
☆Service Channel
Appointed ICBC banking outlets.
☆Operation Guide
Both domestic residents and overseas individuals can settle foreign exchange up to USD 50,000 (inclusive) or equivalent per year under any purposes. “Per year” refers to one calendar year, from Jan 1st to December 31st.
Foreign exchange over USD 50,000 or equivalent per year will be settled according to the following rules:
1. Domestic residents
For non-operating foreign exchange more than the annual limitation under the personal current account should be settled at the Bank, the customers shall take along with his or her own ID Card and the following documents (copies are also needed):
(1) Donation: notarized donation Agreement or Contract, the donation must conform to national rules;
(2) Family support monies: Proof of documentation on the direct relative relationship or notarized evidence on the support relationship, proof of income on the overseas payer, such as bank deposit, personal income tax clearance certificate;
(3) Income from estate inheritance: legal document or notarized certificate on the inheritance;
(4) Income from foreign exchange insurance: Insurance contract and proof on the payment from insurance company. It must conform to national rules for an individual to buy foreign exchange insurance.
(5) Income from royalty and license: Proof of payment, agreement and contract;
(6) Income from services related to legal, accounting, consultancy, and public relation: Proof of payment, agreement and contract;
(7) Salary: Employment contract and proof of income;
(8) Overseas Investment income: Registered documents of foreign exchange for overseas investment, profit resolution or letter of dividend payment, or other evidence on the investment return;
(9) Others: related documents evidence and payment vouchers.
2. Overseas individuals:
For non-operating foreign exchange more than the annual limitation under the personal current account should be settled at the Bank, the customers shall take along with his or her own ID Card and the following documents:
(1) Rent of house: Rental contract registered under Housing Management Section, invoice or payment advice;
(2) Living expense: Contract or invoices;
(3) Medical or educational expense: proof from domestic hospitals (schools);
(4) Others: related evidence and payment vouchers.
II. Purchase of Foreign Exchange by Individuals
☆Introduction
It is the business that a domestic resident or oversea individual exchange RMB to foreign currency according with ICBC's real time exchange rate under the rules State Administration of Foreign Exchange.
☆Features
1. Simple procedure: domestic individual can buy foreign exchange USD 50,000 or equivalent per year with his ID card only.
2. Convenience: service is provided in thousands of banking outlets of ICBC located all around China.
3. Many currencies: exchangeable currencies include all the 9 free exchange ones - US dollar, Hong Kong dollar, Japanese yen, Euro, British Pound, Australian dollar, Singapore dollar, and Swiss franc. But the available exchangeable currencies are subject to be different in different ICBC banking outlets, please call local 95588 operators to inquire first.
4. Many ways to settle the Foreign Exchange: withdraw cash under rules of State Administration of Foreign Exchange, re-deposit into your Foreign Exchange deposit account, or used for payment (remittance, draft, traveler cheque), or deposit into international card.
☆Operation Guide
1. Domestic residents buy no more than USD 50,000 or equivalent of Foreign Exchange within a calendar year:
(1) Just change RMB to Foreign Exchange after filling the whole application of purchase of foreign exchange with his or here own valid ID document.
(2) Entrust direct relatives to do it on behalf of you if you cannot do it by yourself. However, both your and your direct relative’s ID document, certifying document on the relationship, and letter of authorization are needed.
(3) Foreign Exchange can be withdrawn is no more than USD 10,000 or equivalent of Foreign Exchange at the time of exchange. The rest can be re-deposited into your Foreign Exchange account, or used for payment (remittance, draft, traveler cheque), or deposit into international card.
2. Change more than USD 50,000 or equivalent of Foreign Exchange cumulative in a year:
(1) Show your own valid ID document, and the necessary documents with states the actual amount needed (see table below), foreign exchange can be changed according to actual need without limitation after ICBC approves.
(2) Entrust direct relatives to do it on behalf of you if you cannot do it by yourself. However, both your and your direct relative’s ID document, certifying document on the relationship, and letter of authorization are needed.
(3) Foreign Exchange can be withdrawn is no more than USD 10,000 or equivalent of Foreign Exchange at the time of exchange. The rest can be re-deposited into your Foreign Exchange account, or used for payment (remittance, draft, traveler cheque), or deposit into international card.
|
Foreign Exchange Purchase Reason |
necessary documents |
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Overseas study at own expense (including all those who go aboard for study and training at own expenses)
|
Tuition fees for the first academic year or first term (scholarship deducted) |
Original and copy of Private Passport and effective visa, Admission Notice issued by overseas universities/colleges/schools, tuition certificate ( if the originals of admission notice or expenses certificate cannot be provided, fax or download internet copy can be replaced, the same blow). |
|
Living expenses for the first academic year or first term |
Original and copy of Private Passport and effective visa, Admission Notice issued by overseas universities/colleges/schools, living expenses certificate issued by the universities/colleges/schools/embassies/governments(original, fax or download internet copy). |
|
Tuition fees for the second or later academic year or second term |
Original and copy of Private Passport and effective visa, expenses certificate of the year or term. |
|
Living expenses for the second or later academic year or second term |
Original and copy of Private Passport and effective visa, studying certificate such as student's ID, Admission Notice issued by overseas universities/colleges/schools, living expenses certificate issued by the universities/colleges/schools/embassies/governments(original, fax or download internet copy). |
|
RMB guarantee fund needed for student visa |
Original and copy of Private Passport and effective visa, Admission Notice issued by overseas universities/colleges/schools, tuition certificate, living expenses certificate issued by the universities/colleges/schools/embassies/governments(original, fax or download internet copy), and ID card or Resident Registration. |
|
Overseas medical treatment |
Original and copy of Private Passport and effective visa, documents issued by domestic hospital with doctor's diagnose and expense documents issued by overseas hospital. |
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Overseas training |
Original and copy of Private Passport and effective visa (registration), expense documents for overseas training. |
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Payment of membership fee of overseas international organization |
Payment Advice of overseas international organization, ID Card or Resident Registration. |
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Overseas mail order |
Receipt of advertisement or order, ID Card or Resident Registration. |
|
Help solicited from overseas direct relatives |
Document issued by authorized sections or notary firm certifying the direct relationship, documentation related to the solicited subject, ID card or Resident Registration. |
|
Overseas consultation |
Written application, personal ID document, contract (agreement), invoice (payment advice), tax voucher. |
|
Other service trading expense |
Written application, personal ID document, contract (agreement), invoice (payment advice), tax voucher. |
|
trade in merchandise and related expenses |
Written application, personal ID document, import goods declaration, contract (agreement), invoice (payment advice) |
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Other additional foreign exchange for overseas spending or other expenditure paid without credit card |
Written application, personal ID document, document on spending and expenses under overseas current account. The business in ICBC will have to be done within 2 months after being back to China . |
3. Purchase of Foreign Exchange by Overseas Individuals
(1) Overseas individuals shows his or her own valid ID document, then foreign exchange can be changed within USD 500 (inclusive) or equivalent foreign exchange accumulative every day.
(2) If overseas individual has settled foreign exchange in our bank or other banks, or withdrawn RMB cash in domestic banks’ ATMs via overseas bank cards, he or she can exchange the left RMB back to foreign exchange with “his or her own valid ID document and original notice of exchange settlement” or “his or her own valid ID document and ATM receipt of overseas bank cards”. But the re-exchange date must be within 24 months of the settlement date on the settlement notice (including TM receipt of overseas bank cards).
(3) For overseas individual’s legal RMB income under current account in China, he or she may purchase foreign exchange with his or her own valid ID document and the certificate for his business (including tax voucher, if he or she does need to pay tax according to Chinese regulations, tax voucher can be ignored). Such as providing the employment contract, itemized income, and tax voucher.
(4) If overseas individual needs to remit foreign exchange changed from RMB by selling purchased domestic commercial housing, he or she will go for auditing at Foreign Exchange Management Department of State Administration of Foreign Exchange in the place of the commercial housing; the bank will make the exchange and remittance with Department of State Administration of Foreign Exchange approval notice: A. application for the purchasing foreign exchange, B. Contract for transferring the Commercial Housing, C. tax voucher certificate for transferring the housing ownership.
☆Helpful Tips
ICBC has appointed some banking outlets to make individual foreign currency purchase on holidays and weekends in order to meet the foreign exchange request of the customers. Please inquire local 95588 operators for the details.
☆Responsibility Statement
The contents on this page are for reference only. The ultimate power of interpretation is under the Industrial and Commercial Bank of China Limited. For part of the contents, notice and specific regulations of local branches shall prevail.