The Personal Foreign Exchange Sale and Purchase includes the Personal Foreign Exchange Sale and the Personal Foreign Exchange Purchase.
Personal foreign exchange sale refers to the conversion of foreign exchange ("forex"), held by individual customers in RMB, and on the basis of real-time exchange rate published by ABC.
Personal foreign exchange purchase refers to the purchase of forex, with RMB held by individual customers, for private or public business abroad or other purposes according to the real-time exchange rate published by ABC.
Features
More than ten foreign currencies can be exchanged at ABC, including: US Dollar, Euro, Pound, Hong Kong Dollar, Japanese Yen, Australian Dollar, Canadian Dollar, Singapore Dollar, Macau Pataca, Norwegian Krone, Swedish Krona, Danish Krone and Swiss Franc.
After purchasing forex, the customer may use them in the following ways in conformity with the forex control policies: depositing it into a personal forex account; directly remitting out (including telegraphic transfer and Western Union Money Transfer); carrying bill of exchange or traveler's cheque abroad; and drawing cash.
Tips
Personal foreign currency deposits are comprised of spot forex and cash. While spot forex sale applies to the ABC spot forex buying price, cash forex sale applies to the cash forex buying price.
In accordance with China's personal forex control policies, personal forex sale and domestic personal forex purchase are limited to an equivalent of USD50,000 per person per year. If forex sale or purchase exceeds this limit, relevant certificates are required.
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