Forex Settlement

You can convert foreign currencies into renminbi at the Bank of China's real-time exchange rates within the specified currency range.

Non-resident individuals have an annual quota equivalent to $50,000 per person for the sale of foreign exchange.

If your annual quota is insufficient and you can provide evidence demonstrating the authenticity and legality of the renminbi's purpose and transaction amount, you can conduct the transaction with valid identity certificates and relevant supporting documents.

Where to make the transactions

For foreign exchange sales within the annual quota, transactions can be conducted through the Bank of China's mobile banking, online banking, other online channels, as well as at outlet counters.

For foreign exchange settlement exceeding the annual quota, transactions can be conducted after relevant supporting documents are reviewed at the counter.

Additional information:

The annual quota for the sales of foreign exchange by non-resident individuals applies to foreign exchange settlements under the current account, such as payments for studying in China, medical treatment, and house renting. For other purposes, please contact the bank's counter or customer service hotline for details.

Currently, the Bank of China offers exchange services for up to 39 currencies from various countries or regions worldwide. Please note that certain currencies may have limited business types. For example, some currencies may only support cash services or may be restricted to specific regions.

Forex Purchase

You can exchange renminbi into foreign currencies at the Bank of China's real-time exchange rate within the specified currency range.

For exchanging the unused portion of purchased renminbi back into foreign exchange, if the daily cumulative amount is less than or equal to the equivalent of $500, the transaction can be handled directly with your valid identity certificates. If the amount exceeds $500, the transaction shall be handled based on the original exchange memo, which remains valid for 24 months from the date of the exchange.

For foreign exchange purchases with lawful renminbi income under the current account obtained domestically, and if you can provide evidence demonstrating the authenticity and legality of the renminbi source and transaction amount, you can purchase foreign exchange with valid identity certificates and relevant supporting documents.

The business can only be handled at the outlets.

Additional information:

Bank of China currently provides exchange services for up to 39 currencies from various countries or regions worldwide. Please note that certain currencies may have limited business types. For instance, some may only support cash services or may be limited to specific regions.

If you are purchasing foreign exchange and withdrawing foreign cash, please ensure you comply with the withdrawal requirements for foreign cash.

If you are unable to visit the outlet, you can authorize others to conduct the transaction based on related supporting documents. The Bank will review your and the trustee’s valid identity certificates and relevant supporting documents to verify the validity of the authorization.

Source: Bank of China