How does the company open a foreign exchange account?

How to open a foreign exchange account in a bank

Foreign exchange accounts are opened in banks, but the examination and approval authority for opening foreign exchange accounts is the State Administration of Foreign Exchange. Therefore, to open a foreign exchange account, all domestic institutions must first go through the examination and approval procedures with the State Administration of Foreign Exchange, and then open an account in a bank with the "Approval Document for Opening a Current Account (or Capital Account)" issued by the Administration of Foreign Exchange.

If an enterprise is involved in foreign trade business, it needs to open a foreign currency account to receive and pay foreign exchange payment, but the foreign exchange account is more troublesome than the general enterprise account. The following is the method of opening a company's foreign exchange account.

way

1, handle import and export rights

Before a company opens a foreign exchange account, it needs to apply for import and export rights, and the most important thing is the enterprise income and expenditure list. Only after handling the import and export rights and other related procedures, banks will accept enterprises to open foreign exchange accounts.

Appointment account manager

Opening a foreign exchange account is not in the ordinary enterprise window, and it is usually necessary to make an appointment with the foreign exchange account manager first. After the appointment, the bank will arrange an account manager in this field to go through the formalities with you.

Step 2 choose a currency

One currency corresponds to one foreign exchange account. Before opening a foreign exchange account, the company should decide which currency to open. Many people open dollars, pounds, euros and other currencies, depending on the business needs of enterprises.

Step 3 Submit information

After preparing the currency, bring the company's common documents (business license, etc.). ) and import and export documents (operators for the record, etc.). ), and the official seal, and open a foreign exchange account in the original bank.

4. Bank audit

After receiving the information, the bank will review the company's information, and if there is any missing information, it will notify the company's personnel to make it up.

5. Open an account after receiving foreign exchange.

If an enterprise does not have foreign exchange receipts and payments business when opening an account, usually the bank will not open a foreign exchange account for you immediately, but will only open a foreign exchange account for you when you need to receive and pay foreign exchange for the first time.

6. Open the account to be verified first.

Finally, if your enterprise is not a class A enterprise, it will not directly help you open a foreign exchange settlement account, but will help you open an account to be verified first. After checking the receipt of foreign exchange in the account, it can only enter its own settlement account after being audited by the bank, while Class A enterprises directly open foreign exchange settlement accounts.