Foreign exchange settlement and sale---Denise Xia

As we all know, China has its policy on foreign exchange settlement and sale. Generally, the policy was divided to four parts, personal, trade of goods, trade of service, and capital fund. Hopefully the following brief policy introduction will help.

Personal Foreign exchange settlement and sale

Limited amount, USD50, 000 a year;

Deposited in foreign currency account, USD5, 000 a day;

Withdrawal from foreign currency account, USD10, 000 a day;

Transferred foreign cash to oversea account, USD10, 000 a day;

Transferred to oversea account through foreign currency account, USD50, 000 a day.

Trade of goods

Companies could Settle and sale foreign currency according to the contracts in the bank, no limited amount.

Trade of service

If the amount is below USD50, 000, the company could Settle and sale foreign currency according to the contracts in the bank.

If the amount is above USD50, 000, the company shall bring the contract and make a registration at the Tax Bureau first, and then make the transaction in the bank.

Capital fund (For foreign investor)

Make an application at the S.A.F.E office first, and then set up a capital account at the bank after approval. The limited amount of the account is according to the approval certificate.