Bank of China will strictly follow the relevant regulations of the People's Bank of China and the State Administration of Foreign Exchange to handle different domestic foreign currency accounts (including spot exchange accounts and cash accounts, the same below) for individuals, as well as domestic foreign currency accounts for their immediate family members. Fund transfer business between accounts.

(1) Transfers and remittances between individual customers’ foreign exchange savings accounts must be handled with valid identity documents;

(2) Transfers between individual customers and their immediate family members’ foreign exchange savings accounts Remittances must be handled with valid identity documents and proof of direct family relationship between both parties;

(3) If the transfer and remittance between the individual customer and his immediate family member’s foreign exchange savings account involves one party being a domestic individual and the other party being an overseas individual, They are managed as cross-border transactions. Extended information

Freely convertible foreign exchange means that it is most used in international settlements, can be freely bought and sold in the international financial market, can be used to pay off claims and debts in international finance, and can be freely exchanged for other countries' currencies. of foreign exchange. For example, US dollars, Hong Kong dollars, Canadian dollars, etc.

Limited freely convertible foreign exchange refers to foreign exchange that cannot be freely converted into other currencies or paid to a third country without the approval of the currency issuing country. The International Monetary Fund stipulates that any currency that has certain restrictions on current international payments and fund transfers is a limited convertible currency. More than half of the world's national currencies are limited convertible currencies, including the RMB.

Accounted foreign exchange, also known as cleared foreign exchange or bilateral foreign exchange, refers to the foreign exchange recorded in the bank accounts designated by both parties. It cannot be converted into other currencies and cannot be paid to a third country.

Baidu Encyclopedia-Foreign Exchange