Can ordinary domestic credit cards accept foreign currency remittances?

No. If you want to use a credit card to receive foreign currency remittances, UnionPay single-currency credit cards cannot be accepted. You can only apply for a dual-currency credit card to receive U.S. dollar remittances.

Introduction to credit cards:

Credit cards are divided into credit cards and quasi-credit cards. A credit card refers to a credit card in which the card-issuing bank gives the cardholder a certain credit limit, and the cardholder can consume within the credit limit first and repay later. A quasi-credit card refers to a credit card in which the cardholder first deposits a certain amount of reserve fund as required by the bank. When the reserve fund is insufficient to pay, the cardholder can overdraw within the credit limit specified by the card-issuing bank.

Introduction to dual-currency credit card:

Dual-currency credit card is a credit card with RMB and US dollar settlement accounts. Its functions are basically the same as single-currency credit cards. The dual-currency debit card also has RMB and US dollar settlement accounts, which can be used for savings, cash withdrawals and consumption in RMB and US dollars. It does not have an overdraft function. Therefore, many domestic banks have successively cooperated with international bank card organizations such as VISA and MasterCard to launch bank cards with RMB and US dollar settlement functions. RMB settlement can be achieved through UnionPay in China, and after going abroad, you can Payments and cash withdrawals can be made at merchants and bank ATMs that support VISA or MasterCard, and are settled in US dollars.

Definition of credit card overdraft:

Credit card overdraft is a short-term overdraft within the specified limit given by the credit card issuer to the cardholder when making purchases with the card. For credit cards, allowing "spend first, repay later" and overdraft are important features. For debit credit cards, "deposit first, then spend", but on the premise that it is determined to be a bona fide overdraft and repayment is guaranteed, cardholders are also allowed to overdraft an appropriate amount within a short period of time when they are in urgent need of funds. Overdraft interest is generally much higher than that of bank loans in the same period, and card issuers have a complete set of measures to prevent and pursue overdraft risk losses.

Definition of credit limit:

Credit limit, also known as "credit limit", refers to a certain amount of credit limit granted by a bank to its basic customers, that is, within a specified period of time, the enterprise This much amount can be recycled. On the one hand, it solves the short-term difficulties of enterprises, improves the speed of corporate capital circulation, and also improves the efficiency of corporate capital use.

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 "Ban", 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.)

What are the regulations or restrictions on foreign currency remittances of Bank of China?

Domestic individuals and overseas individuals are subject to annual total management (currently equivalent to US$50,000 per person per year). Foreign exchange settlement is within the individual's annual total. Personal foreign exchange settlement business that occupies the quota can be handled with his or her valid identity document; except for the individual In addition to valid identity documents, customers can also provide materials proving the authenticity of the transaction to handle personal foreign exchange settlement business that does not occupy the quota.

Note:

1. Individuals can entrust immediate family members to handle the foreign exchange settlement within the annual total, and the identity documents, authorization letters, and direct family relationship certificates of both parties must be provided; in other cases, , need to provide identity documents, authorization letters, and required supporting materials of both parties.

2. The annual total cannot be used across calendar years, and the unused or unused quota in the previous year cannot be transferred to the next year.

3. Products and services such as individual small currency exchanges and online reservations are only available at some branches. For specific information, please refer to the information provided by Bank of China business outlets in various locations.

Extended information:

Methods of cross-border remittance

1. Cash

For the amount of foreign currency that can be carried at one time, the National Foreign Exchange Administration If the limit specified by the bureau exceeds the limit, you must apply for a "Permit for Carrying Foreign Currency Out of the Country" and actively present it to the customs when leaving the country.

The "Permit for Carrying Foreign Currency Out of the Country" can be applied for at a bank, and a handling fee of approximately RMB 10 is charged for each "Permit". Carrying cash can be used for immediate payment and is low-cost, but this method is neither convenient nor safe. Once the cash is lost or stolen, it cannot be compensated. Therefore, in addition to carrying the necessary small amount of cash when studying abroad, it is best to carry large amounts of foreign currency through other methods such as remittances.

2. Telegraphic transfer

Telegraphic transfer has many currencies, is safe, fast, and can be transferred around the world. It can be transferred directly to the payee’s account, but the fee is relatively high, so it is more suitable for people who already know The name of the payee, account number and receiving bank information, and customers who have higher requirements on the time and security of the remittance.

The fee for wire transfer is divided into two parts. One part is related to the amount of wire transfer, that is, a handling fee of 1‰, and the other part has nothing to do with the amount of the wire transfer, but is related to the number of transactions, that is, it will be charged once for each transfer. Telecommunication charges.

The charging standards of different banks vary widely, so customers can make comparisons when choosing a remittance bank. It should be noted that since remittances are subject to intermediary bank deductions, and the amount of deductions during the remittance process cannot be predicted, the remitted tuition fees or deposits for studying abroad may not be received in full, affecting visa processing or registration.

Therefore, you need to remit as much as possible. Since remittance fees generally have a maximum limit, the larger the amount you remit each time, the more cost-effective it is. Therefore, if conditions permit, it is recommended to remit more at one time. Do not divide it too many times, otherwise you will need to pay a lot more handling fees. .

3. Foreign currency draft

For those who are going abroad for the first time, do not have an overseas account and carry a large amount of foreign currency funds, they can use foreign currency draft. Personal foreign currency bills can be issued in all foreign currency savings currencies established by the bank. Foreign currency bills are convenient and safe to carry and pay, with low handling fees. They can be reported as lost and refunded.

However, this method has an obvious shortcoming, which is that the funds arrive slowly, because bills of exchange need to be collected when withdrawing overseas, and the collection time must comply with the regulations of the overseas accepting bank. Therefore, people with ample time can choose this method.

4. Travelers' checks

In European and American countries, travelers' checks are widely used like cash and can be used for shopping, dining, paying insurance premiums, etc. Travelers' checks have the characteristics of cash and money orders, making them flexible and convenient to use.

Travelers' checks also have some disadvantages: if they are not exchanged at a free exchange point, you may need to pay a certain fee; when you buy them at a domestic bank, you have to pay a certain handling fee, which is usually 1 of the face value, plus more. No cap. In addition, some economically underdeveloped countries or regions may not accept travelers checks for direct consumption, so please inquire before choosing to use them.

5. Credit card

All major domestic banks have launched international credit cards, which have both RMB and specific foreign currency accounts, or special single foreign currency accounts, which can be used abroad. , some banks have also specially launched credit cards for international students, which can basically provide a rich selection of currencies in major study abroad countries and regions.

Therefore, if you need to carry more foreign currency funds, you can consider depositing part of the foreign currency into a credit card. However, credit card applications generally take some time, so you should apply in advance.

Bank of China-Personal Foreign Exchange Settlement

Baidu Encyclopedia-Cross-Border Remittance

What is the annual foreign exchange settlement limit for individuals?

According to the "Personal Foreign Exchange Management Measures", annual total management is implemented for personal foreign exchange settlement and domestic personal foreign exchange purchase. The annual total amount is the equivalent of US$50,000 per person per year, and the quota is valid from January 1 of each year. Until December 31st. (The annual total cannot be used across calendar years, and unused or unused quotas from the previous year cannot be transferred to the next year; the State Administration of Foreign Exchange may adjust the annual total based on the balance of payments). The cumulative total for the current year When the transaction amount of foreign exchange settlement and sale exceeds the equivalent amount of US$50,000, the foreign exchange settlement and sale business cannot be handled through electronic channels (when settling and selling foreign exchange through online banking channels, the online banking page will display the customer’s remaining foreign exchange purchase/settlement amount for the year, and the single settlement amount The limit on foreign exchange sales cannot exceed the remaining foreign exchange purchase/settlement amount for the year).

The following situations do not occupy the quota:

① Withdrawing cash overseas with a debit card does not occupy the customer's domestic personal foreign exchange quota;

② At the counter Purchasing foreign exchange and repaying credit card payments does not occupy the personal annual total quota equivalent to US$50,000;

③ Foreign exchange settlement and sales that occur through foreign currency exchange points;

④ Pay through bank counters Zero foreign exchange settlement, interest transfer settlement and other foreign exchange settlements less than the equivalent of 100 US dollars (including 100 US dollars);

⑤ Foreign exchange settlement for overseas consumption with foreign currency cards;

⑥ Withdrawal of RMB through self-service banking equipment with overseas cards Cash;

⑦ Domestic cards can be used overseas to purchase foreign exchange for repayment.

Response time: 2020-12-03. For the latest business changes, please refer to the official website of Ping An Bank.

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Subject to the limit of 50,000 US dollars in foreign exchange settlement, how to convert US dollars into RMB

1. Personal foreign exchange purchase/settlement amount limit: According to " The Measures for the Administration of Personal Foreign Exchange stipulates that the annual total amount of personal foreign exchange settlement and domestic personal foreign exchange purchase shall be managed, and the annual total amount shall be the equivalent of US$50,000 per person per year;

2. The quota is valid from January 1 of each year Until December 31 (the annual total cannot be used across calendar years, and the unused or unused quota in the previous year cannot be transferred to the next year for use; the State Administration of Foreign Exchange can make adjustments to the annual total based on the international balance of payments. Adjustment), when the annual cumulative foreign exchange settlement and sales transaction amount exceeds the equivalent of 50,000 US dollars, the foreign exchange settlement and sales business cannot be handled through electronic channels (when settling foreign exchange through online banking channels, the online banking page will display the customer's remaining foreign exchange purchases for the year/ The amount of foreign exchange settlement, the limit of a single foreign exchange settlement and sale cannot exceed the remaining foreign exchange purchase/settlement amount of the year);

3. There are no special requirements for minors, please refer to the foreign exchange settlement and sales policies for domestic and overseas residents;

4. Joint accounts can also handle foreign exchange settlement and sales, because the current foreign exchange settlement and sales system is currently uncontrolled. The certificate number entered on the first screen is used to transmit the registration quota of the State Administration of Foreign Exchange (it depends on whose certificate number is entered at the counter. No matter whose limit it is).

Our bank will not occupy the quota in the following situations:

1. Withdrawing cash overseas with a debit card will not occupy the customer's domestic personal foreign exchange quota;

2. Purchasing foreign exchange and repaying credit card payments at the counter does not occupy the personal annual total amount equivalent to US$50,000;

3. Foreign exchange settlement and sales through foreign currency exchange points;

4. Foreign exchange settlement of less than the equivalent of 100 US dollars (including 100 US dollars) through bank counter zero settlement, interest transfer settlement, etc.;

5. Foreign exchange settlement for overseas consumption with foreign currency cards;

6. Overseas cards can be used to withdraw RMB cash through self-service banking equipment;

7. Domestic cards can be used overseas to purchase foreign exchange for repayment.

Warm reminder: The above content is for reference only. For specific regulations, please refer to the latest announcement of the State Administration of Foreign Exchange.

Response time: 2021-10-15. For the latest business changes, please refer to the official website of Ping An Bank.

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The transaction limits for foreign exchange settlement and sales through Bank of China's personal online banking

The electronic banking channel only supports transactions within the quota occupied by the individual for the current year. Foreign exchange settlement and purchase operations. When conducting personal foreign exchange settlement and purchase transactions through personal online banking and mobile banking, the available quota for foreign exchange settlement and foreign exchange purchase for the current year for normal customers and pre-concerned objects who have signed the "Risk Warning Letter" is the equivalent of US$50,000 per person per year respectively.

1. Bank foreign exchange settlement and sales refer to the foreign exchange settlement and sales business handled by banks for their customers and themselves, including forward foreign exchange settlement and sales performance and option exercise data, excluding inter-bank foreign exchange market transaction data. The statistical time point for bank foreign exchange settlement and sales is when the exchange of RMB and foreign exchange occurs.

Among them, foreign exchange settlement refers to the sale of foreign exchange by foreign exchange owners to designated foreign exchange banks, and foreign exchange sales refers to the sale of foreign exchange by designated foreign exchange banks to foreign exchange users. The difference between foreign exchange settlement and sales is the difference between foreign exchange settlement and sales.

The difference formed by foreign exchange bank settlement and sales will be through bank transactions in the inter-bank foreign exchange market, which is a major source of changes in China's foreign exchange reserves, but it is not equal to the increase or decrease in foreign exchange reserves.

2. my country’s foreign exchange market is divided into two levels:

The first level is the retail market between customers and designated foreign exchange banks, also known as the bank settlement sales market;

The second level is the inter-bank market for buying and selling foreign exchange between banks, also known as the inter-bank foreign exchange market, including transactions between banks and between designated foreign exchange banks and the central bank.

The bank’s foreign exchange settlement and sales market is my country’s foreign exchange retail market. Under the foreign exchange settlement and sales system, the banks that handle foreign exchange settlement and sales business are designated foreign exchange banks. Designated foreign exchange banks determine the exchange rate within the prescribed range based on the benchmark exchange rate announced by the People's Bank of China, and handle foreign exchange settlement and sales for enterprises and individuals.

3. Trading limit refers to the commodity trading limit on the number of futures contracts that each person can buy and sell in the futures market every day.

The card-issuing bank gives the cardholder a transaction limit for each credit card used based on the cardholder's credit status. Business exceeding the transaction limit must be authorized by the issuing bank and handled by special merchants and business institutions. The transaction limits of each professional bank are stipulated separately according to different transaction types and cards. In a sense, the transaction limit is actually the authorization limit of a special merchant or commercial institution, that is, if a credit card transaction exceeds the authorization limit, authorization must be consulted.

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