Standards for individual foreign exchange settlement and sales

This standard is compiled in accordance with the national laws, regulations and methods on foreign exchange management (as of August 2005):

1. Individual foreign exchange settlement

One-time settlement of foreign exchange by residents If the amount of foreign exchange settlement is less than the equivalent of 10,000 US dollars (including 10,000 US dollars), it must be handled with a real identity certificate; if the one-time settlement amount is more than the equivalent of 10,000 US dollars (including 10,000 US dollars), it must be handled by the bank. In accordance with relevant regulations, the resident individual's true identity certificate and legal foreign exchange source certification materials will be processed after review; if the one-time foreign exchange settlement amount is more than the equivalent of 50,000 U.S. dollars, the resident individual should apply to the foreign exchange management department with the above materials and go through the local foreign exchange management department. After the department has verified the authenticity, it will be processed at the bank with the approval document from the local foreign exchange management department.

2. Personal foreign exchange purchase

For domestic residents holding private passports to travel overseas (including Hong Kong and Macao travel, excluding border travel), visit relatives, perform Hajj, and seek medical treatment abroad, The guideline limit for purchasing foreign exchange for actual outbound activities such as business inspections, employed jobs, overseas settlement, international exchanges, overseas training, and overseas labor assignments. If the overseas trip is less than half a year, the equivalent is 5,000 U.S. dollars; if the overseas trip is more than half a year, the foreign exchange purchase limit is Equivalent to US$8,000. The equivalent of US$5,000 is available for overseas immediate family members who have actual needs for foreign exchange, such as assistance, payment of membership fees to international organizations, overseas mail ordering, etc. but who have not left the country.

The tuition fee for self-financed study abroad shall be remitted in full according to the tuition amount listed on the overseas school’s admission notice or fee certificate, and living expenses shall not exceed the equivalent of US$20,000 per person per year.