Designated banks refer to all kinds of commercial banks approved by the state to engage in foreign exchange business. ICBC, China Construction Bank, Bank of China, Bank of Communications, Agricultural Bank of China, China Merchants Bank, Shanghai Pudong Development Bank, China Everbright Bank and CITIC Bank are all foreign exchange banks.

Because it is a small amount of foreign currency exchange, it is directly converted into RMB at the counter according to the exchange rate at that time without any conditions.

It is illegal to exchange foreign currency in places other than designated foreign exchange banks and legal foreign exchange exchange points. If an individual needs a small amount of foreign exchange for overseas payment, he can buy foreign exchange in the bank.

Extended data:

The exchange process is as follows:

1, procedure

(1) The customer handles the exchange business with valid identity documents and other materials. Depending on your business, according to regulatory policies or bank anti-money laundering regulations, you may need to provide other materials to prove your identity and business authenticity.

(2) Banks handle foreign currency exchange and pay according to the real-time quotation published on the same day.

(3) Customers can handle foreign exchange settlement and sale business with accounts or cash.

2. Most outlets of China Bank can support foreign currency exchange. Generally, the business hours of outlets are from 9: 00 a.m. to 5: 00 p.m. In some areas, such as northwest China, due to the time difference, the processing time will be delayed as a whole.

3. Online channels such as Bank of China, mobile banking and online banking all support foreign currency exchange, cash reservation, etc. You can also handle it yourself through online channels. For details, please contact the official service hotline of China Bank at 95566.

Baidu encyclopedia-foreign exchange