Analysis of credit card foreign exchange purchase and repayment

Exchanging RMB for foreign currency is called "foreign exchange purchase". The credit card or other type of bank card held by the cardholder has the function of overseas use (that is, a card that supports foreign currency). When the cardholder makes purchases abroad (mainly overdraft consumption), the cardholder can use RMB to repay the debt after returning to the country. This process is called Foreign exchange purchase and repayment.

The difference between foreign exchange purchase and repayment and foreign currency repayment

Foreign currency repayment means that you have US dollars in your hand or in your card and use US dollars to repay directly; Repayment means that if you do not have US dollars but have RMB, you must first exchange RMB for US dollars and then repay the loan. In fact, it is an additional procedure for exchanging foreign currency.

Are there any handling fees for credit card purchases and repayments?

Credit card fees for automatic foreign exchange purchase and repayment by credit card vary from bank to bank. Some banks charge a handling fee, while others only charge RMB based on the exchange rate on the day of repayment. Let’s take China Merchants Bank as an example. Overseas consumption with China Merchants Bank’s credit card through international lines will be settled in US dollars. If the consumption amount is non-US dollars, there will be an exchange fee between the two currencies. If the consumption amount is US dollars, there will be no exchange fee. There will be a foreign exchange settlement fee.

USD bills incurred when spending overseas or withdrawing foreign currency cash can be repaid using RMB to purchase foreign exchange. For the amount of foreign exchange purchased, you can choose to purchase foreign exchange in full or with the minimum repayment amount. According to foreign exchange management regulations, the amount of foreign exchange purchased cannot be higher than the current US dollar bill amount.

How to handle foreign exchange purchase and repayment with a Bank of China credit card?

For repayment of foreign exchange purchases, it is necessary to ensure that the RMB account has sufficient overpayments (i.e. excess deposits), and that the foreign currency account has arrears (bills have been issued). The foreign currency arrears are repaid by deducting the deposits in the People's Account. You can handle the foreign exchange purchase and repayment business through the "Bank of China Credit Card" WeChat official account, Colorful Life APP, personal online banking, Bank of China Credit Card customer service hotline 4006695566 and other channels.

The above content is for your reference, please refer to actual business regulations.

What is the business of foreign exchange purchase and repayment with Bank of China credit card?

Repayment of foreign currency purchases with Bank of China credit card:

1. If there is a debt in the foreign currency account of your main credit card or supplementary card, you must pay off the debt in the RMB account of the current bill. , you can use multiple deposits in the RMB account to purchase foreign exchange to repay the outstanding debts recorded in the foreign currency account.

2. Credit card purchases and repayments require that your card status is normal.

3. The amount of RMB foreign exchange that can be purchased on all cards under the same person’s name can be purchased and repaid in foreign currency accounts, but foreign exchange cannot be purchased and repaid between the main card and the supplementary card of the Bank of China series credit cards.

4. If your card has applied for cash installment business, the cash installment amount will be regarded as a cash transaction when it is not included in the bill. The amount deposited in the current period will be affected and cannot be transferred out in full. Please be informed!

The above content is for your reference, please refer to actual business regulations.

If you have any questions, you are welcome to consult the Bank of China online customer service or download and use the Bank of China mobile banking APP to consult and handle related services.

What is the operation path for foreign exchange purchase and repayment using the "Bank of China Credit Card" WeChat official account?

The operation path for purchasing foreign exchange and repaying through the "Bank of China Credit Card" WeChat official account is:

1. Click "Account Services" → "Bill_Repayment" in the lower left corner of the menu bar ” → “Foreign Exchange Purchase and Repayment”, jump to the “Foreign Exchange Purchase and Repayment” page.

2. After selecting the credit that requires foreign exchange purchase and repayment, the "repayment due date", "foreign exchange purchase currency", "exchange rate", "current bill amount", "minimum Repayment amount" and "remaining outstanding amount".

3. Please select "RMB Repayment Account", enter the "Available Balance" and "Repayment Amount", get the SMS verification code and click "Repay" to proceed.

The above content is for your reference, please refer to actual business regulations.

What is credit card purchase of foreign exchange and repayment?

I just came back from abroad. I have a lot of overdraft on my credit card. My RMB account is enough to pay off the foreign currency account. I thought I could not use it. You are worried, but find that the money in the RMB account will not be automatically repaid. At this time, you need to open a credit card foreign exchange purchase service.

What is credit card purchase of foreign exchange?

As we all know, dual-currency credit cards have two accounts, one is a RMB account and the other is a foreign currency account. If you use a foreign currency account to spend or withdraw cash overseas, you cannot use RMB to automatically repay the foreign currency after you return home. You must Repayment is done by purchasing foreign exchange, which actually means using RMB to purchase foreign currency.

If the cardholder uses a dual-currency card to make purchases overseas and directly deposits RMB into the credit card for repayment, he cannot repay the debt in the foreign currency account. This is because the RMB and foreign currency bills of the dual-currency credit card are Separately, if you want to repay foreign currency debts directly in RMB, you must activate the automatic foreign exchange purchase business, so that the cardholder's RMB repayments can automatically purchase foreign exchange and convert it into US dollars to repay foreign currency debts. This is the so-called automatic foreign exchange purchase by credit card. Repayment.

If the cardholder does not activate automatic foreign exchange purchase and repayment, he can only repay the debt by directly depositing foreign currency. At the same time, when repaying foreign exchange to a credit card through online banking, you also need to activate the foreign exchange repayment function in advance

How to enable automatic foreign exchange repayment with a credit card?

There are many ways to activate credit card automatic foreign exchange purchase and repayment service, such as activating when filling in the application form, activating via customer service phone, activating via SMS application, etc. The details are as follows:

1 . Activation of application form: Most banks have opened the "automatic foreign exchange purchase" service. When applying for a dual-currency credit card, applicants only need to check this service on the application form to activate it.

2. Customer service hotline activation: Cardholders can use the reserved mobile phone number to call the card issuer’s 24-hour customer service hotline and be transferred to manual service activation. It will generally take effect within 3 working days after activation.

3. Apply for activation via text message: Cardholders can use the mobile phone number registered with the card-issuing bank to edit relevant text messages and send them to the fixed service number of the card-issuing bank to apply for activation, which will take effect immediately.

Are there any handling fees for automatic foreign exchange purchase and repayment?

After cardholders use the foreign currency account of a dual-currency credit card to make purchases, they must use RMB to purchase U.S. dollars, and then use U.S. dollars to transfer to the foreign currency account. In this way, they may face a foreign exchange fee of 1.3 to 1.7.

If automatic foreign exchange purchase and repayment is enabled, there is no need to charge currency exchange fees, which can provide certain repayment convenience for cardholders who use credit cards abroad. The above is some information I know about credit card purchases of foreign exchange. I hope it can be helpful to everyone.

How to purchase foreign exchange and repay with Bank of China Mobile Banking Credit Card?

How to purchase and repay foreign exchange with a credit card via mobile banking:

Please log in to mobile banking and operate in "Credit Card - Immediate Repayment".

Warm reminder: If you have a RMB account and a foreign currency account that can be transferred out on the same card, and meet the conditions for transfer out and in, the payment account and the collection account can be the same card. BOC series credit cards can support transfer out when there is a balance on the credit card (re-deposited funds when the credit card is not overdrafted). Currently, e-banking controls foreign exchange purchase and repayment not to exceed the amount of the bill issued; foreign exchange purchase and repayment is not supported until the bill is issued. There is no need to settle the RMB debt when purchasing foreign exchange for repayment.

The above content is for your reference, please refer to actual business regulations.

That’s it for the introduction of credit card purchases and repayments.