Under normal circumstances, the time for foreign exchange payment to arrive is within 24 hours, unless it takes 1-3 days under special circumstances. In any place, regardless of whether it is a major market for foreign exchange exchange, general small-amount cash transactions and check cashing are almost entirely monopolized by banks. The main business of the bank's foreign exchange department is to transfer customer assets from commercial transactions to financial transactions. As with the conversion of liabilities from one currency to another, this conversion can be done as a spot transaction or a forward transaction.
1. Foreign exchange withdrawal methods
There are three main methods, namely wire transfer withdrawal, UnionPay withdrawal and credit card withdrawal. Choose different foreign exchange withdrawal methods, and the arrival time will be different.
Foreign exchange wire transfer withdrawal: Foreign exchange wire transfer withdrawal is the most troublesome and time-consuming method. The wire transfer withdrawal dealer will directly transfer money to a domestic bank through the bank. After the account is received, the investor needs to arrive. The bank handles the deposit. Foreign exchange wire transfer withdrawals usually take 5 to 7 working days to arrive in your account.
Forex UnionPay gold withdrawal: Foreign exchange UnionPay gold withdrawal is the fastest and most convenient way to withdraw money. The funds are directly transferred to the investor's UnionPay account through UnionPay. Foreign exchange UnionPay withdrawals will usually arrive in your account the next day, and no later than three working days. And there are no handling fees.
Withdrawal by foreign exchange credit card: Withdrawal by foreign exchange credit card is equivalent to a refund for credit card purchases, and the funds are directly refunded to our credit card limit. When using a credit card to withdraw money, you must ensure that the foreign exchange deposit is also made through a credit card. Foreign exchange credit card withdrawals usually require a repayment cycle to arrive in your account, usually about three working days. There is no handling fee.
2. Which bank can open a foreign exchange account?
Open a foreign exchange account. Basically all commercial banks can open a foreign exchange account, such as: Bank of China, ICBC, China Construction Bank, Bank of Communications, China Merchants Bank, etc. Many people will choose a bank with a low middle price, so that they can make more short-term differences. Foreign exchange speculation by banks, especially foreign exchange margin trading, is the most common.
Foreign exchange account opening process:
1. Apply for import and export rights: Before a company opens a foreign exchange account, it needs to apply for import and export rights. The most important thing is the enterprise's income and expenditure directory. Only after the import and export rights and other relevant procedures have been completed, the bank will accept the company to open a foreign exchange account.
2. Make an appointment with a foreign exchange account manager: Opening a foreign exchange account is not done at an ordinary public window. You usually need to make an appointment with a foreign exchange account manager first. After making an appointment, the bank will arrange for an account manager to handle the procedures with you.
3. Select currency: One currency corresponds to a foreign exchange account. Before a company opens a foreign exchange account, it needs to decide which currency to open? The currencies that many people open include US dollars, pounds, euros, etc. This depends on the business needs of the company.
4. Submit information: After selecting the currency, bring the company’s common documents (business license, etc.), import and export documents (operator registration, etc.), as well as the official seal, and go to the bank to open a foreign exchange account. .
5. Bank review: After receiving the information, the bank will review the company's information. If there is any missing information, the bank will notify company personnel to complete it.
6. Open an account after receiving foreign exchange: If the company does not have foreign exchange receipts and payments when opening an account, usually the bank will not help you open a foreign exchange account immediately. It will only help you when you receive and pay foreign exchange for the first time. You open a foreign exchange account.