China Merchants Bank -- Foreign Currency Exchange

Service Features How to Apply

In case you need to convert some of your foreign exchanges into Renminbi yuan, or vice versa, You may come to CMB as both services are provided at our banking offices.

In September 2002, China Merchants Bank was officially designated by the State Administration of Foreign Exchange to be the first commercial banks allowed to offer the domestic residents personal foreign currency purchase service in its "Domestic Residents Personal Foreign Exchange Purchase Information System". Currently, our branches in Nanjing, Hangzhou, Wuhan, Shanghai, Xi'an, Guangzhou, Harbin, Xiamen, Ji'nan, Chongqing, Tianjin, Fuzhou, Nanchang, Changsha, Urumuqi, Shenyang, Zhengzhou, Dalian, the Banking Department at headquarter in Shenzhen, and the Management Department in Shenzhen have been licensed by local SAFE to offer domestic residents personal foreign exchange purchase service. Detailed information is available at local China Merchants Bank offices.

1.

With "Personal Foreign Exchange Settlement" service, clients sell their foreign currencies to China Merchants Bank at CMB's publicized foreign exchange rate, and CMB pays the equivalent amount in Renminbi yuan to its clients.

2.

With "Personal Foreign Exchange Purchase" service, clients purchase foreign exchanges from China Merchants Bank for purposes including overseas sightseeing, pilgrimage, and visiting relatives; seeking medical treatment abroad; studying abroad at their own expense, and other types of studying abroad; business trips, training, employment abroad; payment of membership fees to overseas organizations; overseas mail purchase; permanent emigration; overseas lineal relative relief; and international cultural exchanges.

Service Features

1.

Wide range of applications: Personal Foreign Exchange Settlement service is applicable to overseas Chinese returnees, overseas residents in China, domestic residents in possession of foreign exchanges, and residents with income in foreign currencies; Personal Foreign Exchange Purchase is applicable to domestic residents who have the need for foreign exchanges for personal reasons.

2.

No permanent residence registration limitation: Through the "Personal Foreign Exchange Purchase System" developed by SAFE, China Merchants Bank is able to sell foreign exchanges to clients regardless of their permanent residence registration status.

3.

Convenient and efficient: China Merchants Bank provides professional, considerate and efficient service.

How to Apply

A. Personal Foreign Exchange Settlement Service

·For Normal items income: As a domestic resident, when using the services for normal items income (such as patent right and copyright revenue, author's remuneration, alimony), you only need to bring your valid identification papers if the foreign currencies is equivalent to US$10,000 or less; For the amount between USD10,000 to USD50,000(inclusive), more relevant proofs must be presented (detailed information available at local offices of China Merchants Bank); For amount more than US$50,000, you should present your relevant proofs to local SAFE to apply for their permission and validation before you can proceed to China Merchants Bank for settlement.

·For Capital items income: As a domestic resident, when converting foreign currencies under capital items into RMB (such as overseas investment), you need to present your valid identification papers together with written approval from the local SAFE (detailed information available at local offices of China Merchants Bank or local SAFE).

·For non-domestic residents: You need to explain to China Merchants Bank the purpose of your converting, and fill in the "Non-domestic Resident Foreign Exchange Income and Expenditure Form".

·When settling from your foreign currency account, you can directly proceed to China Merchants Bank if the amount of settlement per person per time is less than US$10,000 or its equivalent; in case your monthly accumulated amount of settlement is more than US$50,000 or its equivalent, you need file an application to local SAFE, and CMB will honor your request only if the local SAFE confirms your purpose of settlement is an accepted one (accepted purposes include personal trade settlement, purchase of real estate and durable consumer goods such as automobiles and so on). In addition, while applying for settlement, you also need to present your valid identification papers to CMB or local SAFE.

· When settling with foreign exchange in cash, if the amount of settlement per person per time is less than US$5,000 or its equivalent, please present your valid ID papers; but if the amount of settlement per person per time exceeds US$5,000 or its equivalent, you also need to present the original copy of your entry declaration papers, or the original copy of foreign exchange cash withdrawal receipt from the bank of origin.

B. Personal Foreign Exchange Purchase:

·Domestic residents need to present the following proof documents if they will actually depart from the country after the purchase:

Purposes for Purchase		Proof Papers Needed
Pilgrimage, visiting relatives, seeking medical treatment abroad, other types of study abroad, business trips, employment, permanent emigration, international exchange, overseas training and labor export		Must present passport with valid visa, resident ID card, or permanent residence registration record.
Sightseeing	Overseas sightseeing	Must present passport, valid visa (in case of group visa, photocopy validated with tour agency’s seal is also accepted) and resident ID card or permanent residence registration record.
Study abroad on one’s own expense	All individuals to study abroad	Must present passport with valid visa, offer, notice of tuition and their Chinese translation, resident ID card or permanent residence registration record. In case of proxy, letter of proxy, photocopy of the applicant’s resident ID or permanent residence record, the proxy’s ID or permanent residence record must be presented. In case the person who plans to study abroad has already cancelled his or her residence registration, he or she also needs to present relevant proofs from the local registration office.
		Tuition and living expenses for the second semester or school year and thereafter: Must present tuition notice for the current year, tuition receipt for previous semester or school year, letter of proxy, student card and other in-school proofs, photocopy of passport and valid visa, ID cards or permanent residence records of the student and the proxy.
	Those who must pay a certain amount of guaranty money before being issued a student visa	Must present passport, offer to preparatory courses or courses for higher degrees, notice of tuition (all bearing the name of the applicant) and their Chinese translation, resident ID card or permanent residence records
	After purchasing the foreign exchanges for tuition and living expenses for every school year or semester, they are not allowed to purchase any more foreign exchanges under other overseas expenditure items.
Other cases	Must present passport with valid visa as well as other valid proof papers.

Note: In case of revision, please follow the latest valid instructions of SAFE.

·Domestic residents need to present the following proof documents if they will not actually depart from the country after the purchase:

Purposes for Purchase	Proof Papers Needed
Payment of membership fees to overseas organizations	Must present notice of charge, proof from relevant overseas organizations, resident ID card or permanent residence record
Overseas mail purchase	Must present advertisement or proof of charge such as order form, resident ID card or permanent residence record
Overseas lineal relative relief	Must present proof of relations (including conjugal relation) from public security authorities or public notary, proof from Chinese embassies or consulates abroad, resident ID card or permanent residence record.
Other cases not involving actual departure from the country	Must present pertinent valid proofs.
Those heading for Hong Kong and Macao but not able to produce passport and valid visa	May present permit for trips to Hong Kong and Macao bearing valid endorsement from pertinent authorities

Note: In case of revision, please follow the latest valid instructions by the SAFE.

·Table of Quota for Domestic Residents Purchasing Foreign Exchanges

Purposes for Purchase	Quota Limits (Unit: US$)
Sightseeing, pilgrimage, visiting relatives, seeking medical treatment, business trips, employment, permanent emigration, international exchange, training, other types of studying abroad, and labor export	Based on the visa permission: 1. For a stay less than 6 months, purchase of US$3,000 or its equivalent is allowed per person per time; 2. For a stay of 6 months or more, purchase of USD5,000 or its equivalent per person per time is allowed; (Note: for multi-entry visa holders, the time interval between two consecutive purchases should not be less than 30 days.
Payment of membership fees to overseas organizations, overseas mail purchase and overseas lineal relative relief.	US$3,000 per person per time
Studying abroad at one’s own expense (with proof documents for tuition and living expenses)	1. Purchase of no more than US$20,000 (inclusive) or its equivalent each school year, based on the amount listed in proof documents for tuition and living expenses. 2. Purchase more than USD20,000, must get approval from local SAFE.
Individual residents planning to visit border areas of neighboring countries	A guiding quota of no more than US$100 or its equivalent per day; maximum purchase quota per day per time is US$500 or its equivalent.

Note: In case of revision, please follow the latest valid instructions by SAFE.