Personal foreign exchange settlement means that a resident individual sells foreign exchange income obtained from abroad, with full ownership, and freely disposable foreign exchange income to a designated foreign exchange bank or a franchised currency exchange institution. The designated foreign exchange bank or institution pays the equivalent value based on the exchange rate on the day of the transaction. RMB behavior. Personal foreign exchange sales refer to the behavior of resident individuals buying foreign exchange from banks for payment abroad, and the designated foreign exchange bank sells foreign exchange to foreign exchange users, and collects equivalent RMB according to the RMB exchange rate on the day of the transaction. The characteristic of personal foreign exchange settlement and sale is that by handling this business, the range of bank personal foreign exchange business products can be expanded, providing individuals with the opportunity to choose multiple banks to purchase foreign exchange. Personal foreign exchange settlement and sale are applicable to individual customers.
Introduction to personal foreign exchange settlement process
Personal foreign exchange settlement: Personal current account foreign exchange income that can be settled includes: patent, copyright income, manuscript fee income, consulting fee income, insurance income, profit, dividend income, interest income, annuity, retirement pension, compensation for employees, inheritance foreign exchange, and support Family payments, donations and other current account foreign exchange income. Capital item income is the principal of various direct investments or indirect investments repatriated from abroad by individual residents and approved by the relevant domestic overseas investment authorities.
Personal foreign exchange purchase: Resident individual outbound travel (including Hong Kong and Macao travel), hajj, family visit, overseas medical treatment, self-funded study abroad, other outbound study, business investigation, overseas training, employment, payment of overseas international organization dues, overseas mail order, outbound Settlement, assistance to immediate family members abroad, international exchanges, dispatched labor services and others.
The annual total amount of foreign exchange settlement for domestic and overseas individuals shall be managed, and the total annual foreign exchange settlement for individuals shall be equivalent to USD 50,000 (inclusive).
What materials do I need to bring for settlement?
If the domestic individual foreign exchange settlement exceeds the annual limit, the following supporting materials shall be provided:
- Settlement of donations: donation agreement or contract notarized, donation must comply with national regulations;
- Foreign exchange settlement of support payments: proof of immediate family relationship or notarized support relationship, overseas payer’s relevant income certificate, such as bank deposit certificate, personal income tax certificate, etc.;
- Settlement of inheritance income: legal documents or notarial deeds of inheritance;
- Foreign exchange settlement of insurance foreign exchange income: insurance contracts and payment certificates from insurance agencies, and foreign exchange insurance must comply with national regulations;
- The use of exclusive rights and the settlement of franchise income: payment certificate, agreement or contract;
- Foreign exchange settlement of income from legal, accounting, consulting and public relations services: proof of payment, agreement or contract;
- Employee remuneration settlement: employment contract and income certificate;
- Foreign exchange settlement of overseas investment income: foreign exchange registration certificate, profit distribution resolution or dividend payment letter or other income certificate for overseas investment.
Foreign individual foreign exchange settlement exceeding the annual limit shall provide the following supporting materials:
- Rental expenditure: the rental contract, invoice or payment notice registered by the housing management department;
- Living consumption expenditure: contract or invoice;
- Expenses for medical treatment, study, etc.: Proof of charges for domestic hospitals (schools).