You can choose the CMB personal exchange sale/purchase if you want conduct forex transactions with your CNY funds.
(1) Personal exchange sale: enables customers to receive CNY from CMB by selling funds or cash in foreign currencies to CMB at the applicable exchange rate published by CMB.
(2) Personal exchange purchase: enables individuals in and outside of China to purchase forex from CMB.
Personal Exchange Sale
Personal exchange sales for individuals in and outside of China are subject to annual quota management to USD 50,000 (or equivalent) per person. The State Administration of Foreign Exchange can make adjustments to the annual quota according to the international balance of payments.
You need to present ID at a CMB branch to conduct an exchange sale transaction below this quota. For amounts above the quota, the following rules apply:
1. Current account holders in China must present the following evidence at a CMB branch in addition to their ID to conduct non-operating exchange sale above the annual quota:
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(1)
Donation: notarized donation agreement or contract. The donation must comply with the state regulations;
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(2)
Family maintenance: certificate of direct kinship and notarized dependence certificate; foreign payer certificate of income, e.g. bank deposit certificate, tax payment receipt of personal income;
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(3)
Inheritance: legal document or notarized deed of inheritance;
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(4)
Insurance forex income: insurance contract or payment certificate from the insurer. Forex insurance must be purchased in accordance with the state regulations;
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(5)
Patent royalties and license fees: payment certificate, agreement or contract;
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(6)
Legal, accounting, consultancy and PR service income: payment certificate, agreement or contract;
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(7)
Compensation of employees: employment contract and income certificate;
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(8)
Income from overseas investments: registration certificate of overseas forex investment, profit distribution resolution or bonus payment certificate, or other certificate of benefits;
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(9)
Other: relevant certificates and payment vouchers.
2. Current account holders in China must present the following evidence at a CMB branch in addition to their ID to conduct non-operating exchange sale below the annual quota:
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(1)
House rental: tenancy contract registered with house management authority, invoice or payment notice;
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(2)
Living expenses: contract or invoice;
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(3)
Expenditure on medical care and education: fees certificate issued by a medical (educational) institution;
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(4)
Other: relevant certificates and payment vouchers.
If the amount of a transaction exceeds USD 50,000, the CNY sales funds are directly transferred to the customer’s CNY account in China.
3. The sale of the forex under a capital account follows the provisions of “Administration of Personal Foreign Exchange under Capital Account” in the Rules for Personal Foreign Exchange.
Personal Exchange Purchase
1. Personal exchange purchases in China are subject to an annual quota of USD 50,000 (or equivalent). The State Administration of Foreign Exchange can make adjustments to the annual quota according to the international balance of payments. E Exchange purchases below the annual quote in China can be made at a branch on the presentation of your ID card. Current account holders in China can conduct non-operating exchange purchases above the annual quota by presenting their ID card and transaction amount evidence:
Exchange purchases above the annual quota for tuition or maintenance for self-financed study abroad require the following supporting documents:
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1)
Passport and valid visa (or permit);
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2)
Offer from a foreign educational institution (not required for the second semester and after);
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3)
Evidence of tuition or maintenance for the corresponding year or semester from the educational institution.
Exchange purchases above the annual quota for self-financed study abroad require following supporting documents:
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1)
Passport;
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2)
Offer from a foreign educational institution (not required for the second semester and after);
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3)
Evidence of tuition or maintenance for the corresponding year or semester from the educational institution.
Exchange purchases above the annual quota for health care abroad require the following supporting documents:
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1)
Passport and valid visa (or permit);
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2)
Certificate issued by a medical institution in China accompanied by advice from a doctor, and evidence of expenditure issued by a medical institution abroad.
Exchange purchases above the annual quota for training abroad require the following supporting documents:
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1)
Passport and valid visa (or permit)
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2)
Evidence of training costs.
Exchange purchases above the annual quota for the payment of membership fees to an international organization abroad require the following supporting documents:
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1)
Original identity certificate;
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2)
Payment notice given by the international organization abroad.
Exchange purchases above the annual quota to receive financial assistance from a direct family member abroad require the following supporting documents:
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1)
Original identity certificate;
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2)
Certificate of kinship issued by an authority or notarizing body; related evidence of assistance.
Exchange purchases above the annual quota for overseas mail order transactions require the following supporting documents are required:
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1)
Original identity certificate;
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2)
DM or purchase order or other receipt.
2. The exchange purchase with legitimate CNY individual income abroad under the current account and the change back of unused CNY funds shall be processed as follows:
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1)
The exchange purchase with legitimate CNY individual income in China under the current account and the change back of unused CNY funds shall be processed as follows:.
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2)
An exchange purchase involving unused CNY funds from previous exchanges requires your ID and the previous exchange slip. The term is 24 months as of the date of exchange.
3. Foreign exchange purchased by individuals can be remitted abroad, deposited into your forex saving account or taken abroad according to relevant regulations. You can make daily cash withdrawals of up to the equivalent of USD 10,000. For amounts over USD 10,000, you must first register your ID card and a certificate showing the purpose of the withdrawal with the SAFE branch of your bank. The bank will complete the withdrawal process based on your ID card and the form for Withdrawal of Foreign Currency in Cash issued by the SAFE branch.
CMB provides a special service of self-service exchange sales that enables customers to complete an exchange sale themselves without having to queue at a bank. Available channels include Internet personal banking (professional and general editions), wealth accounts, the call center, and self-service terminals. All-in-One account and wealth account holders can immediately activate this service without an application. Self-service transaction hours are as long as the work hours of the counter.
Note:
All the contents stated above are for your reference only. Please consult the local branch of China Merchants Bank for further information. China Merchants Bank reserves the ultimate right of interpretation for the contents in this page.