How to settle foreign exchange with a credit card?

You can handle foreign exchange settlement business through mobile banking to convert the foreign exchange in the card into RMB.

Please log in to mobile banking, select the "Favorites - Investment and Financial Management - Foreign Exchange Settlement and Sales" function, and follow the page prompts to handle the foreign exchange settlement and sales business. The facilitation quota for personal foreign exchange settlement and domestic personal foreign exchange purchase is the equivalent of US$50,000 per person per year respectively. If the facilitation quota is not occupied, please bring relevant certification materials to the designated business outlets for processing. For specific materials, you can contact the branch in advance for details. In addition, you can also handle it through online banking and other channels.

Warm reminder:

1. Credit cards can only handle personal foreign exchange settlement and sales transactions with the currency exchange mark "Bai", and the card is required to support the selected currency for foreign exchange settlement and sales. Overdraft is supported for foreign exchange settlement and sales;

2. Electronic second-category accounts and electronic third-category accounts are not supported for foreign exchange settlement and sales.

(Answer time: September 22, 2021. In case of business changes, please refer to the actual situation.)

How to transfer U.S. dollars from a credit card to a bank card

Steps to transfer U.S. dollars from credit card to bank card:

1. Bind the associated bank account in Paypal: select the associated card or bank account - select the associated bank account: fill in the bank name, branch address, Account number (bank) and SWIFT code (call the bank to ask, the staff will send it to your mobile phone via text message). After filling it out, click Link to your account.

2. Link the bank account and the user will transfer foreign exchange to the personal bank card US dollar account.

3. Transfer money to your bank account in PAYPAL: Click the transfer button under the balance - choose to withdraw money to your bank account, and follow the prompts. After you complete the cash withdrawal operation, you will receive a call from bank staff within the next three working days, telling you to go to the mobile banking APP to fill in specific customer information collection. For transfer operations, PAYPAL will deduct a handling fee of US$35.

4. Log in to online banking or mobile banking APP, and you can check the U.S. dollars you hold on the foreign exchange page of financial management. Select foreign exchange settlement to directly convert U.S. dollars into RMB and automatically transfer it to the RMB account balance.

How to use US dollars with Bank of China credit card? Can I withdraw cash?

According to the regulations of the State Administration of Foreign Exchange, cardholders are not allowed to overdraft and withdraw foreign currency cash in the country. You can use the U.S. dollar amount within the credit limit through corresponding overseas VISA, MasterCard and other channels; such as your credit card If you have excess US dollars, you can withdraw them for free at the Bank of China counter.

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

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.

This concludes the introduction to credit card exchange settlement and credit card exchange limit. Have you found the information you need?