In China, our basic currency is RMB. When we need to pay foreign currency later, the act of using RMB to buy and exchange foreign currency for payment is called foreign exchange purchase.
Foreign exchange purchase is a transfer transaction, using the local foreign currency in the account, equivalent to.
The converted foreign currency is still in the account or bank card, and the cash has not been withdrawn.
However, since 2014, China has opened up its foreign exchange policy.
Individuals and organizations that need to buy foreign currency can buy foreign currency and obtain cash through formal companies.
Therefore, buying foreign exchange is no longer a simple banking business.
According to the latest policy, each person will be allowed to purchase foreign exchange of the equivalent amount of $50,000 a year, and can purchase foreign exchange in one or more instalments within the annual quota.
Citizens only need to declare the purpose of foreign exchange purchase orally, with their real identity can be directly handled.
If you want to purchase foreign exchange in excess of the amount, you need to provide relevant certificates of authenticity for the excess part, and the total amount of foreign exchange purchased shall not exceed the amount marked on the certificates.